Crescent Energy (NYSE:CRGY) Sees Large Increase in Short Interest

Crescent Energy (NYSE:CRGY) was the recipient of a large increase in short interest in the month of September. As of September 15th, there was short interest totalling 13,240,000 shares, an increase of 9.0% from the August 31st total of 12,150,000 shares. Based on an average daily volume of 2,770,000 shares, the days-to-cover ratio is currently 4.8 days. Currently, 8.7% of the shares of the company are short sold.

Insider Activity at Crescent Energy

In other news, Director Michael Duginski acquired 9,344 shares of the firm’s stock in a transaction dated Thursday, August 8th. The stock was acquired at an average cost of $10.62 per share, with a total value of $99,233.28. Following the completion of the acquisition, the director now owns 201,081 shares of the company’s stock, valued at $2,135,480.22. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Insiders bought a total of 12,294 shares of company stock valued at $131,297 in the last three months. 13.20% of the stock is currently owned by company insiders.

Institutional Trading of Crescent Energy

A number of institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. raised its stake in shares of Crescent Energy by 13.9% during the 1st quarter. Vanguard Group Inc. now owns 9,308,793 shares of the company’s stock worth $110,775,000 after buying an additional 1,137,367 shares during the last quarter. American Century Companies Inc. increased its holdings in Crescent Energy by 444.8% during the 2nd quarter. American Century Companies Inc. now owns 7,775,940 shares of the company’s stock valued at $92,145,000 after acquiring an additional 6,348,598 shares in the last quarter. The Manufacturers Life Insurance Company raised its position in 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 acquiring an additional 3,642,584 shares during the last quarter. Marshall Wace LLP lifted its holdings in shares of Crescent Energy by 286.7% in the second quarter. Marshall Wace LLP now owns 2,830,118 shares of the company’s stock valued at $33,537,000 after purchasing an additional 2,098,303 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its holdings in shares of Crescent Energy by 85.7% in the second quarter. Dimensional Fund Advisors LP now owns 2,656,222 shares of the company’s stock valued at $31,477,000 after purchasing an additional 1,226,027 shares in the last quarter. 52.11% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on CRGY. KeyCorp assumed coverage on Crescent Energy in a report on Thursday, June 27th. They set an “overweight” rating and a $16.00 price target on the stock. JPMorgan Chase & Co. initiated coverage on Crescent Energy in a report on Wednesday, September 18th. They issued a “neutral” rating and a $12.00 target price on the stock. Evercore ISI reaffirmed an “outperform” rating and set a $17.00 price target on shares of Crescent Energy in a report on Tuesday, September 24th. Wolfe Research started coverage on shares of Crescent Energy in a research report on Thursday, July 18th. They issued an “outperform” rating and a $16.00 price objective on the stock. Finally, Stephens restated an “overweight” rating and set a $20.00 price objective on shares of Crescent Energy in a research report on Tuesday, August 6th. Two analysts have rated the stock with a hold rating, six have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, Crescent Energy currently has an average rating of “Buy” and an average target price of $16.20.

Crescent Energy Price Performance

Shares of NYSE CRGY traded up $0.22 during trading on Tuesday, hitting $11.17. 2,714,154 shares of the company were exchanged, compared to its average volume of 2,105,341. The company has a debt-to-equity ratio of 1.13, a current ratio of 1.87 and a quick ratio of 1.87. Crescent Energy has a 1 year low of $9.88 and a 1 year high of $13.85. The company has a market cap of $1.98 billion, a price-to-earnings ratio of -55.85 and a beta of 2.26. The firm’s fifty day moving average price is $11.19 and its 200 day moving average price is $11.60.

Crescent Energy (NYSE:CRGY) last issued its earnings results on Monday, August 5th. The company reported $0.31 earnings per share for the quarter, topping the consensus estimate of $0.26 by $0.05. Crescent Energy had a net margin of 0.61% and a return on equity of 13.41%. The company had revenue of $653.28 million for the quarter, compared to analyst estimates of $619.00 million. On average, sell-side analysts expect that Crescent Energy will post 1.5 earnings per share for the current fiscal year.

Crescent Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 3rd. Investors of record on Monday, August 19th were paid a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 4.30%. The ex-dividend date of this dividend was Monday, August 19th. Crescent Energy’s payout ratio is currently -240.00%.

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.