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

Crescent Energy (NYSE:CRGY) was the recipient of a large drop in short interest in 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. Currently, 9.9% of the shares of the company are short sold. Based on an average daily trading volume, of 3,610,000 shares, the days-to-cover ratio is presently 5.0 days.

Insiders Place Their Bets

In related news, Director Michael Duginski purchased 20,000 shares of the stock in a transaction that occurred on Thursday, March 13th. The shares were bought at an average price of $10.57 per share, with a total value of $211,400.00. Following the acquisition, the director now owns 259,607 shares of the company’s stock, valued at $2,744,045.99. This trade represents a 8.35 % increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, major shareholder Energy Aggregator Independence sold 2,948,723 shares of Crescent Energy stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $9.91, for a total transaction of $29,221,844.93. The disclosure for this sale can be found here. Insiders have bought a total of 24,932 shares of company stock valued at $263,219 in the last 90 days. 13.20% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Crescent Energy

Institutional investors and hedge funds have recently made changes to their positions in the company. Public Employees Retirement System of Ohio grew its position in Crescent Energy by 35.3% in the 4th quarter. Public Employees Retirement System of Ohio now owns 2,704 shares of the company’s stock worth $40,000 after purchasing an additional 705 shares during the period. Hsbc Holdings PLC grew its position in Crescent Energy by 4.3% in the 4th quarter. Hsbc Holdings PLC now owns 18,902 shares of the company’s stock worth $276,000 after purchasing an additional 785 shares during the period. Harbor Capital Advisors Inc. grew its position in Crescent Energy by 2.4% in the 4th quarter. Harbor Capital Advisors Inc. now owns 37,831 shares of the company’s stock worth $553,000 after purchasing an additional 897 shares during the period. Dark Forest Capital Management LP grew its position in Crescent Energy by 4.0% in the 4th quarter. Dark Forest Capital Management LP now owns 33,350 shares of the company’s stock worth $487,000 after purchasing an additional 1,282 shares during the period. Finally, GAMMA Investing LLC grew its position in Crescent Energy by 48.3% in the 4th quarter. GAMMA Investing LLC now owns 4,978 shares of the company’s stock worth $73,000 after purchasing an additional 1,621 shares during the period. Institutional investors own 52.11% of the company’s stock.

Analysts Set New Price Targets

CRGY has been the subject of a number of recent analyst reports. Citigroup lowered shares of Crescent Energy to a “reduce” rating in a research report on Wednesday, March 5th. JPMorgan Chase & Co. reduced their price target on shares of Crescent Energy from $18.00 to $12.00 and set a “neutral” rating for the company in a research report on Thursday, March 13th. Stephens reiterated an “overweight” rating and issued a $17.00 target price on shares of Crescent Energy in a research report on Monday, March 3rd. Truist Financial upped their target price on shares of Crescent Energy from $18.00 to $21.00 and gave the stock a “buy” rating in a research report on Monday, January 13th. Finally, Williams Trading set a $16.00 price target on shares of Crescent Energy in a research note on Wednesday, March 5th. One analyst has rated the stock with a sell rating, two have assigned a hold rating, eight have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $17.45.

Crescent Energy Stock Down 0.6 %

Shares of NYSE CRGY traded down $0.08 on Thursday, reaching $11.65. 1,785,966 shares of the company’s stock traded hands, compared to its average volume of 2,852,869. Crescent Energy has a 12 month low of $9.88 and a 12 month high of $16.94. The business’s 50 day simple moving average is $14.12 and its two-hundred day simple moving average is $13.47. The company has a market cap of $3.01 billion, a price-to-earnings 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 announced a quarterly dividend, which will be paid on Wednesday, March 26th. Shareholders of record on Wednesday, March 12th will be paid a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 4.12%. The ex-dividend date of this dividend is Wednesday, March 12th. Crescent Energy’s dividend payout ratio is -69.57%.

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.