Crescent Energy (NYSE:CRGY) Short Interest Update

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

Wall Street Analyst Weigh In

CRGY has been the topic of several recent analyst reports. Stephens reissued an “overweight” rating and set a $17.00 price objective on shares of Crescent Energy in a research note on Monday, March 3rd. Truist Financial increased their price target on Crescent Energy from $18.00 to $21.00 and gave the stock a “buy” rating in a research note on Monday, January 13th. Mizuho lifted their price objective on Crescent Energy from $16.00 to $17.00 and gave the company a “neutral” rating in a research report on Tuesday, January 14th. Raymond James increased their target price on Crescent Energy from $22.00 to $23.00 and gave the stock a “strong-buy” rating in a research report on Thursday, January 23rd. Finally, Siebert Williams Shank assumed coverage on Crescent Energy in a report on Monday, February 3rd. They issued a “buy” rating for the company. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, eight have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $17.45.

Crescent Energy Price Performance

CRGY opened at $11.64 on Friday. Crescent Energy has a 52-week low of $9.88 and a 52-week high of $16.94. The company has a 50 day moving average of $14.04 and a two-hundred day moving average of $13.45. The company has a market cap of $3.01 billion, a P/E ratio of 18.77 and a beta of 2.18. 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 Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, March 26th. Investors of record on Wednesday, March 12th will be given a dividend of $0.12 per share. The ex-dividend date of this dividend is Wednesday, March 12th. This represents a $0.48 dividend on an annualized basis and a yield of 4.13%. Crescent Energy’s dividend payout ratio (DPR) is -69.57%.

Insider Activity

In related news, major shareholder Energy Aggregator Independence sold 2,948,723 shares of the business’s stock in a transaction dated 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 filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Michael Duginski bought 4,000 shares of Crescent Energy stock in a transaction on Tuesday, March 11th. The stock was purchased at an average price of $10.38 per share, for a total transaction of $41,520.00. Following the completion of the acquisition, the director now owns 233,607 shares in the company, valued at $2,424,840.66. This represents a 1.74 % increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders purchased 24,932 shares of company stock worth $263,219. Company insiders own 13.20% of the company’s stock.

Institutional Inflows and Outflows

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

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.