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

Crescent Energy (NYSE:CRGY - Get Free Report) was the recipient of a significant decrease in short interest during the month of March. As of March 31st, there was short interest totalling 13,710,000 shares, a decrease of 18.5% from the March 15th total of 16,820,000 shares. Based on an average trading volume of 3,550,000 shares, the days-to-cover ratio is presently 3.9 days. Approximately 7.5% of the shares of the stock are sold short.

Analysts Set New Price Targets

Several brokerages recently weighed in on CRGY. Williams Trading set a $16.00 price objective on shares of Crescent Energy in a research note on Wednesday, March 5th. Siebert Williams Shank started coverage on Crescent Energy in a research note on Monday, February 3rd. They issued a "buy" rating for the company. JPMorgan Chase & Co. cut their price objective on Crescent Energy from $18.00 to $12.00 and set a "neutral" rating on the stock in a research note on Thursday, March 13th. Wells Fargo & Company decreased their target price on shares of Crescent Energy from $21.00 to $20.00 and set an "overweight" rating for the company in a research report on Monday, March 24th. Finally, Mizuho raised their price target 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. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $16.80.

Crescent Energy Stock Up 2.7 %

Shares of CRGY stock traded up $0.23 on Friday, reaching $8.73. 1,665,961 shares of the company were exchanged, compared to its average volume of 3,236,698. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.93 and a quick ratio of 0.93. The company has a 50-day moving average of $10.56 and a 200-day moving average of $13.04. The company has a market cap of $2.26 billion, a price-to-earnings ratio of 14.08 and a beta of 1.88. Crescent Energy has a one year low of $6.83 and a one year high of $16.94.

Crescent Energy Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, March 26th. Stockholders of record on Wednesday, March 12th were given a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 5.50%. The ex-dividend date of this dividend was Wednesday, March 12th. Crescent Energy's payout ratio is -69.57%.

Insider Transactions at Crescent Energy

In other Crescent Energy news, major shareholder Energy Aggregator Independence sold 2,948,723 shares of the stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $9.91, for a total value of $29,221,844.93. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Michael Duginski purchased 20,000 shares of Crescent Energy stock in a transaction dated Thursday, March 13th. The shares were purchased at an average price of $10.57 per share, for a total transaction of $211,400.00. Following the completion of the acquisition, the director now owns 259,607 shares of the company's stock, valued at approximately $2,744,045.99. The trade was a 8.35 % increase in their position. The disclosure for this purchase can be found here. Over the last 90 days, insiders purchased 24,932 shares of company stock valued at $263,219. 13.20% of the stock is currently owned by insiders.

Institutional Trading of Crescent Energy

Hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. grew its holdings in shares of Crescent Energy by 26.4% during the fourth quarter. Vanguard Group Inc. now owns 20,749,509 shares of the company's stock valued at $303,150,000 after buying an additional 4,332,831 shares during the last quarter. American Century Companies Inc. boosted its stake in Crescent Energy by 12.7% during the 4th quarter. American Century Companies Inc. now owns 12,700,925 shares of the company's stock valued at $185,561,000 after purchasing an additional 1,436,084 shares during the last quarter. Pacer Advisors Inc. bought a new stake in Crescent Energy during the 4th quarter worth approximately $170,905,000. Bank of New York Mellon Corp increased its holdings in Crescent Energy by 55.5% during the 4th quarter. Bank of New York Mellon Corp now owns 9,261,876 shares of the company's stock worth $135,316,000 after purchasing an additional 3,305,833 shares in the last quarter. Finally, Jennison Associates LLC raised its stake in shares of Crescent Energy by 234.4% in the fourth quarter. Jennison Associates LLC now owns 4,785,326 shares of the company's stock worth $69,914,000 after purchasing an additional 3,354,362 shares during the last quarter. Institutional investors and hedge funds own 52.11% of the company's stock.

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.