Crescent Energy (NYSE:CRGY) Short Interest Down 35.7% in August

Crescent Energy (NYSE:CRGY) was the recipient of a large drop in short interest in the month of August. As of August 15th, there was short interest totalling 14,260,000 shares, a drop of 35.7% from the July 31st total of 22,190,000 shares. Approximately 9.7% of the company’s shares are short sold. Based on an average daily volume of 2,810,000 shares, the short-interest ratio is currently 5.1 days.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. KeyCorp assumed coverage on shares of Crescent Energy in a research note on Thursday, June 27th. They set an “overweight” rating and a $16.00 target price for the company. Mizuho lifted their target price on shares of Crescent Energy from $13.00 to $14.00 and gave the company a “neutral” rating in a research note on Monday, May 13th. Truist Financial decreased their target price on shares of Crescent Energy from $20.00 to $19.00 and set a “buy” rating for the company in a research note on Monday, July 22nd. Stephens reissued an “overweight” rating and set a $20.00 target price on shares of Crescent Energy in a research note on Tuesday, August 6th. Finally, Wolfe Research assumed coverage on shares of Crescent Energy in a research note on Thursday, July 18th. They set an “outperform” rating and a $16.00 target price for the company. One analyst has rated the stock with a hold rating, six have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, Crescent Energy currently has an average rating of “Buy” and an average target price of $16.70.

Crescent Energy Stock Performance

CRGY traded up $0.55 during trading on Thursday, hitting $12.07. The stock had a trading volume of 2,338,685 shares, compared to its average volume of 2,032,144. The firm has a market cap of $2.14 billion, a PE ratio of -60.35 and a beta of 2.32. Crescent Energy has a 12 month low of $9.88 and a 12 month high of $14.22. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 0.88. The company has a 50 day simple moving average of $11.65 and a 200-day simple moving average of $11.58.

Crescent Energy (NYSE:CRGY) last posted 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 negative net margin of 0.67% and a positive return on equity of 12.90%. The company had revenue of $653.28 million for the quarter, compared to the consensus estimate of $619.00 million. Analysts expect that Crescent Energy will post 1.53 EPS for the current year.

Crescent Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 3rd. Investors of record on Monday, August 19th will be paid a $0.12 dividend. The ex-dividend date is Monday, August 19th. This represents a $0.48 dividend on an annualized basis and a yield of 3.98%. Crescent Energy’s payout ratio is currently -240.00%.

Insider Buying and Selling

In other news, Director Michael Duginski acquired 9,344 shares of the firm’s stock in a transaction that occurred on Thursday, August 8th. The stock was purchased 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 approximately $2,135,480.22. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In the last 90 days, insiders bought 11,344 shares of company stock valued at $120,723. Company insiders own 13.20% of the company’s stock.

Institutional Trading of Crescent Energy

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CRGY. Vanguard Group Inc. boosted its position in Crescent Energy by 13.9% in the first quarter. Vanguard Group Inc. now owns 9,308,793 shares of the company’s stock valued at $110,775,000 after buying an additional 1,137,367 shares in the last quarter. Teacher Retirement System of Texas raised its stake in shares of Crescent Energy by 0.4% during the fourth quarter. Teacher Retirement System of Texas now owns 8,029,515 shares of the company’s stock worth $106,069,000 after buying an additional 34,631 shares during the last quarter. American Century Companies Inc. raised its stake in shares of Crescent Energy by 444.8% during the second quarter. American Century Companies Inc. now owns 7,775,940 shares of the company’s stock worth $92,145,000 after buying an additional 6,348,598 shares during the last quarter. The Manufacturers Life Insurance Company raised its stake in shares of Crescent Energy by 22,968.6% during the fourth quarter. The Manufacturers Life Insurance Company now owns 3,658,443 shares of the company’s stock worth $48,328,000 after buying an additional 3,642,584 shares during the last quarter. Finally, Marshall Wace LLP raised its stake in shares of Crescent Energy by 286.7% during the second quarter. Marshall Wace LLP now owns 2,830,118 shares of the company’s stock worth $33,537,000 after buying an additional 2,098,303 shares during the last quarter. Institutional investors own 52.11% of the company’s stock.

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.