Crescent Energy (NYSE:CRGY) Short Interest Down 10.7% in October

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

Analyst Ratings Changes

Several brokerages have recently issued reports on CRGY. Truist Financial reduced their price objective on Crescent Energy from $19.00 to $15.00 and set a “buy” rating on the stock in a research note on Monday, September 30th. Stephens raised their price target on Crescent Energy from $15.00 to $16.00 and gave the company an “overweight” rating in a research note on Monday, October 28th. JPMorgan Chase & Co. started coverage on Crescent Energy in a research note on Wednesday, September 18th. They issued a “neutral” rating and a $12.00 price target on the stock. Evercore ISI restated an “outperform” rating and issued a $17.00 price target on shares of Crescent Energy in a research note on Tuesday, September 24th. Finally, Wells Fargo & Company cut their price target on Crescent Energy from $20.00 to $19.00 and set an “overweight” rating on the stock in a research note on Monday, October 21st. Two analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $15.80.

Hedge Funds Weigh In On Crescent Energy

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. grew its holdings in shares of Crescent Energy by 13.9% during the first 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. grew its holdings in shares of Crescent Energy by 444.8% during the second quarter. American Century Companies Inc. now owns 7,775,940 shares of the company’s stock worth $92,145,000 after buying an additional 6,348,598 shares during the last quarter. State Street Corp grew its holdings in shares of Crescent Energy by 78.6% during the third quarter. State Street Corp now owns 6,783,997 shares of the company’s stock worth $74,285,000 after buying an additional 2,986,468 shares during the last quarter. The Manufacturers Life Insurance Company grew its holdings in shares of Crescent Energy by 0.9% during the third 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 during the last quarter. Finally, Geode Capital Management LLC boosted its holdings in Crescent Energy by 53.2% in the 3rd quarter. Geode Capital Management LLC now owns 3,354,700 shares of the company’s stock valued at $36,741,000 after purchasing an additional 1,164,306 shares in the last quarter. Hedge funds and other institutional investors own 52.11% of the company’s stock.

Crescent Energy Stock Performance

Shares of CRGY traded down $0.23 during midday trading on Friday, reaching $13.76. 1,234,674 shares of the stock were exchanged, compared to its average volume of 1,913,587. The business’s 50-day moving average price is $12.25 and its 200 day moving average price is $11.96. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.93 and a quick ratio of 0.93. Crescent Energy has a twelve month low of $9.88 and a twelve month high of $14.18. The company has a market capitalization of $3.14 billion, a price-to-earnings ratio of 22.19 and a beta of 2.19.

Crescent Energy (NYSE:CRGY) last posted its earnings results on Monday, November 4th. The company reported $0.39 EPS for the quarter, topping analysts’ consensus estimates of $0.28 by $0.11. Crescent Energy had a return on equity of 12.53% and a net margin of 2.17%. The business had revenue of $744.87 million for the quarter, compared to analysts’ expectations of $793.88 million. During the same quarter in the previous year, the firm earned $0.35 earnings per share. On average, sell-side analysts expect that Crescent Energy will post 0.97 EPS for the current fiscal year.

Crescent Energy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Investors 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 dividend yield of 3.49%. The ex-dividend date is Monday, November 18th. Crescent Energy’s dividend payout ratio is currently 77.42%.

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.