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

Crescent Energy (NYSE:CRGY) was the target of a significant decline in short interest in the month of October. As of October 31st, there was short interest totalling 17,730,000 shares, a decline of 10.7% from the October 15th total of 19,850,000 shares. Based on an average daily trading volume, of 3,100,000 shares, the short-interest ratio is presently 5.7 days. Currently, 11.6% of the shares of the company are sold short.

Analysts Set New Price Targets

Several analysts have recently commented on the stock. Truist Financial dropped their price objective on shares of Crescent Energy from $19.00 to $15.00 and set a “buy” rating on the stock in a report on Monday, September 30th. Pickering Energy Partners assumed coverage on shares of Crescent Energy in a report on Monday, October 28th. They issued an “outperform” rating for the company. Stephens increased their price objective on Crescent Energy from $15.00 to $16.00 and gave the stock an “overweight” rating in a research report on Monday, October 28th. Mizuho boosted their price objective on shares of Crescent Energy from $13.00 to $14.00 and gave the company a “neutral” rating in a report on Tuesday, November 5th. Finally, Evercore ISI reaffirmed an “outperform” rating and issued a $17.00 target price on shares of Crescent Energy in a research report on Tuesday, September 24th. Two equities research analysts have rated the stock with a hold rating, seven have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $15.80.

Crescent Energy Stock Up 1.4 %

Shares of Crescent Energy stock traded up $0.20 on Tuesday, hitting $14.31. 2,140,795 shares of the company’s stock traded hands, compared to its average volume of 2,341,900. The stock has a market cap of $3.27 billion, a P/E ratio of 22.76 and a beta of 2.19. The firm’s 50-day moving average is $12.32 and its 200 day moving average is $11.99. 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 has a 52-week low of $9.88 and a 52-week high of $14.32.

Crescent Energy (NYSE:CRGY) last announced its quarterly earnings data on Monday, November 4th. The company reported $0.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.28 by $0.11. The company had revenue of $744.87 million for the quarter, compared to analysts’ expectations of $793.88 million. Crescent Energy had a net margin of 2.17% and a return on equity of 12.53%. During the same quarter in the previous year, the company posted $0.35 EPS. Equities analysts anticipate that Crescent Energy will post 0.97 earnings per share for the current year.

Crescent Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Monday, November 18th will be issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 3.35%. The ex-dividend date of this dividend is Monday, November 18th. Crescent Energy’s dividend payout ratio is currently 77.42%.

Institutional Trading of Crescent Energy

A number of hedge funds have recently modified their holdings of CRGY. Vanguard Group Inc. boosted its position in 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 acquiring an additional 1,137,367 shares during the last quarter. American Century Companies Inc. increased its holdings in Crescent Energy by 444.8% in the 2nd quarter. American Century Companies Inc. now owns 7,775,940 shares of the company’s stock worth $92,145,000 after purchasing an additional 6,348,598 shares in the last quarter. State Street Corp boosted its holdings in Crescent Energy by 78.6% in the third quarter. State Street Corp now owns 6,783,997 shares of the company’s stock valued at $74,285,000 after acquiring an additional 2,986,468 shares during the last quarter. The Manufacturers Life Insurance Company boosted its holdings in shares of Crescent Energy by 0.9% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 3,698,678 shares of the company’s stock worth $40,501,000 after buying an additional 33,626 shares in the last quarter. Finally, Geode Capital Management LLC increased its holdings in shares of Crescent Energy by 53.2% during the third quarter. Geode Capital Management LLC now owns 3,354,700 shares of the company’s stock valued at $36,741,000 after acquiring an additional 1,164,306 shares in the last quarter. 52.11% of the stock is currently owned by institutional investors and hedge funds.

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.