Short Interest in Crescent Energy (NYSE:CRGY) Grows By 13.9%

Crescent Energy (NYSE:CRGY) was the recipient of a significant increase in short interest during the month of June. As of June 15th, there was short interest totalling 14,180,000 shares, an increase of 13.9% from the May 31st total of 12,450,000 shares. Based on an average daily trading volume, of 2,200,000 shares, the days-to-cover ratio is currently 6.4 days. Currently, 14.0% of the company’s stock are short sold.

Institutional Trading of Crescent Energy

Hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its position in shares of Crescent Energy by 13.9% during the 1st quarter. Vanguard Group Inc. now owns 9,308,793 shares of the company’s stock valued at $110,775,000 after buying an additional 1,137,367 shares in the last quarter. Teacher Retirement System of Texas lifted its holdings in Crescent Energy by 0.4% during the fourth quarter. Teacher Retirement System of Texas now owns 8,029,515 shares of the company’s stock valued at $106,069,000 after purchasing an additional 34,631 shares in the last quarter. The Manufacturers Life Insurance Company lifted its holdings in Crescent Energy by 22,968.6% during the fourth quarter. The Manufacturers Life Insurance Company now owns 3,658,443 shares of the company’s stock valued at $48,328,000 after purchasing an additional 3,642,584 shares in the last quarter. Hotchkis & Wiley Capital Management LLC boosted its position in shares of Crescent Energy by 21.2% in the fourth quarter. Hotchkis & Wiley Capital Management LLC now owns 1,668,560 shares of the company’s stock worth $22,042,000 after purchasing an additional 291,990 shares during the period. Finally, Bridgeway Capital Management LLC increased its stake in shares of Crescent Energy by 63.0% in the first quarter. Bridgeway Capital Management LLC now owns 1,590,748 shares of the company’s stock worth $18,930,000 after purchasing an additional 614,969 shares in the last quarter. Institutional investors own 52.11% of the company’s stock.

Wall Street Analysts Forecast Growth

CRGY has been the topic of several analyst reports. Stephens reaffirmed an “overweight” rating and issued a $17.00 price objective on shares of Crescent Energy in a research report on Tuesday, March 5th. Mizuho increased their price objective on Crescent Energy from $13.00 to $14.00 and gave the company a “neutral” rating in a research report on Monday, May 13th. Wells Fargo & Company boosted their target price on Crescent Energy from $19.00 to $20.00 and gave the stock an “overweight” rating in a research report on Monday, April 22nd. Truist Financial raised their price target on shares of Crescent Energy from $19.00 to $20.00 and gave the company a “buy” rating in a report on Thursday, May 23rd. Finally, KeyCorp initiated coverage on shares of Crescent Energy in a report on Thursday, June 27th. They set an “overweight” rating and a $16.00 price objective for the company. One equities research analyst has rated the stock with a hold rating, five have given a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Crescent Energy presently has a consensus rating of “Buy” and a consensus target price of $16.56.

Crescent Energy Stock Performance

Shares of NYSE:CRGY traded up $0.32 during trading on Wednesday, hitting $12.36. The company’s stock had a trading volume of 860,117 shares, compared to its average volume of 1,764,957. The company has a debt-to-equity ratio of 0.88, a current ratio of 0.75 and a quick ratio of 0.75. The company has a 50-day moving average of $11.88 and a 200-day moving average of $11.65. Crescent Energy has a 12 month low of $9.74 and a 12 month high of $14.22.

Crescent Energy (NYSE:CRGY) last released its quarterly earnings results on Monday, May 6th. The company reported $0.46 earnings per share for the quarter, topping the consensus estimate of $0.18 by $0.28. Crescent Energy had a negative net margin of 0.67% and a positive return on equity of 12.90%. The business had revenue of $657.47 million for the quarter, compared to the consensus estimate of $579.44 million. On average, sell-side analysts anticipate that Crescent Energy will post 1.68 earnings per share for the current year.

Crescent Energy Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 7th. Investors of record on Tuesday, May 21st were given a dividend of $0.12 per share. The ex-dividend date was Monday, May 20th. This represents a $0.48 annualized dividend and a yield of 3.88%. Crescent Energy’s dividend payout ratio (DPR) is presently -239.99%.

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.