Crescent Energy (NYSE:CRGY) Sees Large Decrease in Short Interest

Crescent Energy (NYSE:CRGY) saw a large decline in short interest in the month of February. As of February 28th, there was short interest totalling 18,050,000 shares, a decline of 13.3% from the February 13th total of 20,820,000 shares. Currently, 9.9% of the company’s shares are sold short. Based on an average daily trading volume, of 3,610,000 shares, the short-interest ratio is currently 5.0 days.

Crescent Energy Stock Performance

Shares of NYSE:CRGY traded down $0.08 during midday trading on Thursday, reaching $11.65. The company’s stock had a trading volume of 1,785,966 shares, compared to its average volume of 2,852,869. The firm has a market capitalization of $3.01 billion, a PE ratio of 18.77 and a beta of 2.18. Crescent Energy has a twelve month low of $9.88 and a twelve month high of $16.94. The stock has a fifty day moving average of $14.12 and a 200 day moving average of $13.47. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 1.12.

Crescent Energy Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, March 26th. Investors of record on Wednesday, March 12th will be issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 4.12%. The ex-dividend date is Wednesday, March 12th. Crescent Energy’s dividend payout ratio (DPR) is presently -69.57%.

Insider Buying and Selling at Crescent Energy

In other news, major shareholder Energy Aggregator Independence sold 2,948,723 shares of the company’s stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $9.91, for a total value of $29,221,844.93. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Michael Duginski purchased 4,000 shares of the stock in a transaction dated Tuesday, March 11th. The stock was acquired at an average cost of $10.38 per share, with a total value of $41,520.00. Following the transaction, the director now directly owns 233,607 shares in the company, valued at approximately $2,424,840.66. This trade represents a 1.74 % increase in their position. The disclosure for this purchase can be found here. Insiders purchased a total of 24,932 shares of company stock valued at $263,219 in the last three months. Company insiders own 13.20% of the company’s stock.

Institutional Trading of Crescent Energy

Hedge funds have recently added to or reduced their stakes in the company. Public Employees Retirement System of Ohio lifted its holdings in Crescent Energy by 35.3% during the fourth quarter. Public Employees Retirement System of Ohio now owns 2,704 shares of the company’s stock valued at $40,000 after purchasing an additional 705 shares in the last quarter. Jones Financial Companies Lllp lifted its holdings in Crescent Energy by 206.7% during the fourth quarter. Jones Financial Companies Lllp now owns 3,527 shares of the company’s stock valued at $52,000 after purchasing an additional 2,377 shares in the last quarter. Amalgamated Bank lifted its holdings in Crescent Energy by 86.4% during the third quarter. Amalgamated Bank now owns 4,903 shares of the company’s stock valued at $54,000 after purchasing an additional 2,272 shares in the last quarter. Quarry LP lifted its stake in shares of Crescent Energy by 263.4% in the fourth quarter. Quarry LP now owns 4,353 shares of the company’s stock worth $64,000 after buying an additional 3,155 shares in the last quarter. Finally, GAMMA Investing LLC lifted its stake in shares of Crescent Energy by 48.3% in the fourth quarter. GAMMA Investing LLC now owns 4,978 shares of the company’s stock worth $73,000 after buying an additional 1,621 shares in the last quarter. 52.11% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on CRGY shares. Truist Financial upped their price target on shares of Crescent Energy from $18.00 to $21.00 and gave the stock a “buy” rating in a research report on Monday, January 13th. Williams Trading set a $16.00 target price on shares of Crescent Energy in a research report on Wednesday, March 5th. JPMorgan Chase & Co. decreased their target price on shares of Crescent Energy from $18.00 to $12.00 and set a “neutral” rating for the company in a research report on Thursday, March 13th. Siebert Williams Shank started coverage on shares of Crescent Energy in a research report on Monday, February 3rd. They set a “buy” rating for the company. Finally, Raymond James increased their target price on shares of Crescent Energy from $22.00 to $23.00 and gave the company a “strong-buy” rating in a research report on Thursday, January 23rd. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, eight have given a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Crescent Energy has an average rating of “Moderate Buy” and an average target price of $17.45.

Crescent Energy Company Profile

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.