Crescent Energy (NYSE:CRGY) Sees Significant Decline in Short Interest

Crescent Energy (NYSE:CRGY) saw a significant decrease in short interest in August. As of August 31st, there was short interest totalling 12,150,000 shares, a decrease of 14.8% from the August 15th total of 14,260,000 shares. Approximately 8.0% of the shares of the stock are sold short. Based on an average daily volume of 2,790,000 shares, the short-interest ratio is presently 4.4 days.

Insider Buying and Selling at Crescent Energy

In other news, Director Michael Duginski acquired 9,344 shares of the business’s stock in a transaction dated Thursday, August 8th. The stock was acquired at an average price of $10.62 per share, with a total value of $99,233.28. Following the completion of the transaction, the director now directly owns 201,081 shares in the company, valued at approximately $2,135,480.22. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders have acquired 12,294 shares of company stock valued at $131,297 over the last quarter. Corporate insiders own 13.20% of the company’s stock.

Institutional Investors Weigh In On Crescent Energy

Large investors have recently made changes to their positions in the business. Jupiter Asset Management Ltd. purchased a new position in shares of Crescent Energy in the first quarter valued at $2,877,000. Vanguard Group Inc. boosted its stake in shares of Crescent Energy by 6.9% in the fourth quarter. Vanguard Group Inc. now owns 8,171,426 shares of the company’s stock valued at $107,945,000 after purchasing an additional 530,199 shares during the period. GSA Capital Partners LLP boosted its stake in shares of Crescent Energy by 901.7% in the first quarter. GSA Capital Partners LLP now owns 100,681 shares of the company’s stock valued at $1,198,000 after purchasing an additional 90,630 shares during the period. Janney Montgomery Scott LLC purchased a new position in shares of Crescent Energy in the fourth quarter valued at $1,393,000. Finally, Moody National Bank Trust Division purchased a new position in shares of Crescent Energy in the second quarter valued at $769,000. Institutional investors and hedge funds own 52.11% of the company’s stock.

Crescent Energy Trading Up 1.0 %

Shares of Crescent Energy stock traded up $0.11 during trading hours on Wednesday, hitting $11.10. The company’s stock had a trading volume of 2,631,557 shares, compared to its average volume of 2,068,120. Crescent Energy has a 1-year low of $9.88 and a 1-year high of $13.85. The business has a fifty day moving average of $11.39 and a 200 day moving average of $11.58. The company has a market capitalization of $1.97 billion, a PE ratio of -55.65 and a beta of 2.26. The company has a quick ratio of 1.87, a current ratio of 1.87 and a debt-to-equity ratio of 1.13.

Crescent Energy (NYSE:CRGY) last released its quarterly earnings data on Monday, August 5th. The company reported $0.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.26 by $0.05. Crescent Energy had a net margin of 0.61% and a return on equity of 13.41%. The company had revenue of $653.28 million during the quarter, compared to analyst estimates of $619.00 million. As a group, equities analysts forecast that Crescent Energy will post 1.31 EPS for the current year.

Crescent Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 3rd. Stockholders of record on Monday, August 19th were given a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 4.32%. The ex-dividend date was Monday, August 19th. Crescent Energy’s payout ratio is currently -240.00%.

Analyst Ratings Changes

CRGY has been the subject of a number of analyst reports. KeyCorp initiated coverage on shares of Crescent Energy in a research report on Thursday, June 27th. They issued an “overweight” rating and a $16.00 price objective for the company. Wells Fargo & Company boosted their price objective on shares of Crescent Energy from $20.00 to $21.00 and gave the company an “overweight” rating in a research report on Thursday, September 5th. JPMorgan Chase & Co. assumed coverage on shares of Crescent Energy in a research report on Wednesday. They set a “neutral” rating and a $12.00 price target for the company. Truist Financial dropped their price target on shares of Crescent Energy from $20.00 to $19.00 and set a “buy” rating for the company in a research report on Monday, July 22nd. Finally, Wolfe Research assumed coverage on shares of Crescent Energy in a research report on Thursday, July 18th. They set an “outperform” rating and a $16.00 price target for the company. Two investment analysts have rated the stock with a hold rating, six have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $16.27.

About Crescent Energy

Crescent Energy Company acquires, develops, and produces crude oil, natural gas, and natural gas liquids (NGLs) reserves. Its portfolio of assets comprises mid-cycle unconventional and conventional assets in the Eagle Ford and Uinta Basins. It also owns and operates various midstream assets, which provide services to customers.