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

Crescent Energy (NYSE:CRGY) was the recipient of 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. Based on an average daily volume of 3,610,000 shares, the short-interest ratio is currently 5.0 days. Approximately 9.9% of the shares of the stock are sold short.

Analysts Set New Price Targets

A number of analysts have recently weighed in on CRGY shares. JPMorgan Chase & Co. reduced their target price on shares of Crescent Energy from $18.00 to $12.00 and set a “neutral” rating on the stock in a report on Thursday, March 13th. Truist Financial boosted their target price on shares of Crescent Energy from $18.00 to $21.00 and gave the stock a “buy” rating in a report on Monday, January 13th. Mizuho boosted their target price on shares of Crescent Energy from $16.00 to $17.00 and gave the stock a “neutral” rating in a report on Tuesday, January 14th. Citigroup cut shares of Crescent Energy to a “reduce” rating in a research note on Wednesday, March 5th. Finally, Siebert Williams Shank initiated coverage on shares of Crescent Energy in a research note on Monday, February 3rd. They set 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 assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $17.45.

Insider Activity

In other Crescent Energy news, major shareholder Energy Aggregator Independence sold 2,948,723 shares of Crescent Energy stock in a transaction on 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 SEC, which can be accessed through this link. Also, Director Michael Duginski purchased 4,000 shares of Crescent Energy stock in a transaction on Tuesday, March 11th. The stock was bought 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. The trade was a 1.74 % increase in their position. The disclosure for this purchase can be found here. Insiders own 13.20% of the company’s stock.

Institutional Investors Weigh In On Crescent Energy

A number of hedge funds have recently added to or reduced their stakes in CRGY. Amalgamated Bank raised its position in Crescent Energy by 86.4% in the third quarter. Amalgamated Bank now owns 4,903 shares of the company’s stock worth $54,000 after acquiring an additional 2,272 shares in the last quarter. Victory Capital Management Inc. lifted its holdings in shares of Crescent Energy by 7.0% during the 3rd quarter. Victory Capital Management Inc. now owns 708,205 shares of the company’s stock valued at $7,755,000 after buying an additional 46,448 shares during the last quarter. Quest Partners LLC acquired a new stake in Crescent Energy in the 3rd quarter worth approximately $189,000. Meeder Asset Management Inc. acquired a new stake in Crescent Energy in the 3rd quarter worth approximately $161,000. Finally, Phocas Financial Corp. acquired a new position in shares of Crescent Energy during the third quarter worth approximately $3,400,000. 52.11% of the stock is currently owned by institutional investors.

Crescent Energy Price Performance

Shares of NYSE:CRGY traded up $0.33 on Wednesday, reaching $11.53. 511,106 shares of the company were exchanged, compared to its average volume of 3,014,055. Crescent Energy has a 1-year low of $9.88 and a 1-year high of $16.94. The firm has a market cap of $2.98 billion, a price-to-earnings ratio of 18.60 and a beta of 2.18. The company has a 50-day moving average of $14.20 and a 200-day moving average of $13.48. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 1.12.

Crescent Energy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, March 26th. Stockholders of record on Wednesday, March 12th will be given a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 4.16%. The ex-dividend date of this dividend is Wednesday, March 12th. Crescent Energy’s payout ratio is currently -69.57%.

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.