Short Interest in Crescent Energy (NYSE:CRGY) Grows By 13.9%

Crescent Energy (NYSE:CRGY) was the recipient of a significant increase in short interest in the month of June. As of June 15th, there was short interest totalling 14,180,000 shares, an increase of 13.9% from the May 31st total of 12,450,000 shares. Based on an average daily volume of 2,200,000 shares, the days-to-cover ratio is currently 6.4 days. Approximately 14.0% of the shares of the company are short sold.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. raised its stake in shares of Crescent Energy by 94.1% during the 3rd quarter. Vanguard Group Inc. now owns 7,641,227 shares of the company’s stock worth $96,585,000 after buying an additional 3,705,389 shares during the last quarter. Janney Montgomery Scott LLC purchased a new stake in Crescent Energy during the 4th quarter worth about $1,393,000. Northside Capital Management LLC purchased a new stake in Crescent Energy during the 1st quarter worth about $4,453,000. Hotchkis & Wiley Capital Management LLC increased its position in Crescent Energy by 21.2% during the 4th quarter. Hotchkis & Wiley Capital Management LLC now owns 1,668,560 shares of the company’s stock worth $22,042,000 after purchasing an additional 291,990 shares in the last quarter. Finally, Adage Capital Partners GP L.L.C. purchased a new stake in Crescent Energy during the 3rd quarter worth about $6,320,000. Institutional investors and hedge funds own 52.11% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the company. Mizuho increased their price target on Crescent Energy from $13.00 to $14.00 and gave the stock a “neutral” rating in a report on Monday, May 13th. Truist Financial increased their price target on Crescent Energy from $19.00 to $20.00 and gave the stock a “buy” rating in a report on Thursday, May 23rd. KeyCorp assumed coverage on Crescent Energy in a report on Thursday, June 27th. They set an “overweight” rating and a $16.00 price target for the company. Wells Fargo & Company increased their price target on Crescent Energy from $19.00 to $20.00 and gave the stock an “overweight” rating in a report on Monday, April 22nd. Finally, Stephens reissued an “overweight” rating and issued a $17.00 target price on shares of Crescent Energy in a report on Tuesday, March 5th. One analyst has rated the stock with a hold rating, five have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Buy” and an average price target of $16.56.

Crescent Energy Price Performance

Crescent Energy stock traded up $0.31 during midday trading on Wednesday, reaching $12.35. The company’s stock had a trading volume of 985,067 shares, compared to its average volume of 1,765,750. The company has a debt-to-equity ratio of 0.88, a current ratio of 0.75 and a quick ratio of 0.75. Crescent Energy has a fifty-two week low of $9.74 and a fifty-two week high of $14.22. The stock’s 50 day simple moving average is $11.88 and its 200 day simple moving average is $11.65.

Crescent Energy (NYSE:CRGY) last released its quarterly earnings results on Monday, May 6th. The company reported $0.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.18 by $0.28. The business had revenue of $657.47 million during the quarter, compared to the consensus estimate of $579.44 million. Crescent Energy had a positive return on equity of 12.90% and a negative net margin of 0.67%. On average, equities analysts forecast that Crescent Energy will post 1.68 EPS for the current fiscal year.

Crescent Energy Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, June 7th. Stockholders of record on Tuesday, May 21st were paid a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 3.89%. The ex-dividend date was Monday, May 20th. Crescent Energy’s dividend payout ratio (DPR) is presently -239.99%.

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.