Short Interest in Crescent Energy (NYSE:CRGY) Rises By 29.4%

Crescent Energy (NYSE:CRGY) saw a large increase in short interest in the month of October. As of October 15th, there was short interest totalling 19,850,000 shares, an increase of 29.4% from the September 30th total of 15,340,000 shares. Based on an average daily volume of 3,540,000 shares, the days-to-cover ratio is currently 5.6 days. Approximately 13.0% of the company’s shares are short sold.

Insider Activity

In other Crescent Energy news, Director Michael Duginski acquired 9,344 shares of the company’s stock in a transaction that occurred on Thursday, August 8th. The shares were acquired at an average price of $10.62 per share, with a total value of $99,233.28. Following the purchase, the director now owns 201,081 shares of the company’s stock, valued at $2,135,480.22. This represents a 0.00 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders have purchased a total of 12,294 shares of company stock valued at $131,297 in the last 90 days. 13.20% of the stock is owned by company insiders.

Institutional Trading of Crescent Energy

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. CWM LLC increased its position in Crescent Energy by 618.9% during the second quarter. CWM LLC now owns 2,128 shares of the company’s stock worth $25,000 after buying an additional 1,832 shares during the last quarter. Allspring Global Investments Holdings LLC acquired a new position in Crescent Energy during the second quarter worth approximately $32,000. Spirit of America Management Corp NY acquired a new position in Crescent Energy during the second quarter worth approximately $36,000. Equitec Proprietary Markets LLC acquired a new position in Crescent Energy during the second quarter worth approximately $107,000. Finally, Principal Financial Group Inc. acquired a new position in Crescent Energy during the second quarter worth approximately $125,000. Institutional investors and hedge funds own 52.11% of the company’s stock.

Crescent Energy Price Performance

NYSE:CRGY opened at $12.30 on Monday. The company has a debt-to-equity ratio of 1.13, a quick ratio of 1.87 and a current ratio of 1.87. The stock’s 50-day simple moving average is $11.71 and its 200 day simple moving average is $11.74. The company has a market cap of $2.18 billion, a P/E ratio of -61.50 and a beta of 2.19. Crescent Energy has a 52-week low of $9.88 and a 52-week high of $13.85.

Crescent Energy (NYSE:CRGY) last released its earnings results on Monday, August 5th. The company reported $0.31 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.26 by $0.05. The business had revenue of $653.28 million for the quarter, compared to the consensus estimate of $619.00 million. Crescent Energy had a return on equity of 13.41% and a net margin of 0.61%. As a group, sell-side analysts forecast that Crescent Energy will post 1.27 EPS for the current fiscal year.

Crescent Energy Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 3rd. Investors of record on Monday, August 19th were given a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 3.90%. The ex-dividend date was Monday, August 19th. Crescent Energy’s dividend payout ratio is currently -240.00%.

Wall Street Analyst Weigh In

Several research firms have weighed in on CRGY. Evercore ISI reiterated an “outperform” rating and set a $17.00 target price on shares of Crescent Energy in a report on Tuesday, September 24th. Pickering Energy Partners began coverage on Crescent Energy in a report on Monday. They set an “outperform” rating on the stock. Wells Fargo & Company reduced their target price on Crescent Energy from $20.00 to $19.00 and set an “overweight” rating on the stock in a report on Monday, October 21st. JPMorgan Chase & Co. assumed coverage on Crescent Energy in a report on Wednesday, September 18th. They set a “neutral” rating and a $12.00 target price on the stock. Finally, Mizuho cut their price target on Crescent Energy from $14.00 to $13.00 and set a “neutral” rating on the stock in a report on Monday, September 16th. Two investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, Crescent Energy presently has an average rating of “Buy” and a consensus price target of $16.10.

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.