Crescent Energy (NYSE:CRGY – Get Free Report) 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
Crescent Energy (NYSE:CRGY – Get Free Report) 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.
Read Our Latest Research Report on CRGY
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.
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