Short Interest in Crescent Energy (NYSE:CRGY) Drops By 13.3%

Crescent Energy (NYSE:CRGY - Get Free Report) was the target of a large decline in short interest in February. As of February 28th, there was short interest totalling 18,050,000 shares, a decline of 13.3% from the February 13th total of 20,820,000 shares. Based on an average daily trading volume, of 3,610,000 shares, the days-to-cover ratio is presently 5.0 days. Approximately 9.9% of the shares of the stock are sold short.

Insider Buying and Selling at Crescent Energy

In related news, major shareholder Energy Aggregator Independence sold 2,948,723 shares of the stock in a transaction on Monday, March 10th. The stock was sold at an average price of $9.91, for a total value of $29,221,844.93. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Michael Duginski acquired 20,000 shares of the company's stock in a transaction that occurred on Thursday, March 13th. The shares were acquired at an average cost of $10.57 per share, with a total value of $211,400.00. Following the purchase, the director now directly 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 disclosure for this purchase can be found here. Insiders purchased 24,932 shares of company stock valued at $263,219 in the last quarter. 13.20% of the stock is currently owned by corporate insiders.

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Institutional Investors Weigh In On Crescent Energy

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Public Employees Retirement System of Ohio increased its stake 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. Jones Financial Companies Lllp increased its stake in shares of Crescent Energy by 206.7% in the fourth quarter. Jones Financial Companies Lllp now owns 3,527 shares of the company's stock worth $52,000 after buying an additional 2,377 shares during the period. Amalgamated Bank increased its stake in shares of Crescent Energy by 86.4% in the third quarter. Amalgamated Bank now owns 4,903 shares of the company's stock worth $54,000 after buying an additional 2,272 shares during the period. Quarry LP raised its holdings in Crescent Energy by 263.4% during the 4th quarter. Quarry LP now owns 4,353 shares of the company's stock valued at $64,000 after buying an additional 3,155 shares during the last quarter. Finally, GAMMA Investing LLC boosted its position in Crescent Energy by 48.3% during the 4th quarter. GAMMA Investing LLC now owns 4,978 shares of the company's stock valued at $73,000 after buying an additional 1,621 shares during the period. Institutional investors own 52.11% of the company's stock.

Analyst Ratings Changes

A number of analysts have recently issued reports on CRGY shares. Stephens reiterated an "overweight" rating and set a $17.00 price target on shares of Crescent Energy in a research report on Monday, March 3rd. Williams Trading set a $16.00 target price on shares of Crescent Energy in a research note on Wednesday, March 5th. Mizuho lifted their target price on shares of Crescent Energy from $16.00 to $17.00 and gave the company a "neutral" rating in a research report on Tuesday, January 14th. Siebert Williams Shank began coverage on shares of Crescent Energy in a report on Monday, February 3rd. They issued a "buy" rating on the stock. Finally, JPMorgan Chase & Co. lowered their price objective on shares of Crescent Energy from $18.00 to $12.00 and set a "neutral" rating on the stock in a research report on Thursday, March 13th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, eight have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $17.45.

Crescent Energy Trading Down 1.8 %

Shares of CRGY stock traded down $0.22 on Friday, hitting $11.44. 15,314,590 shares of the company's stock traded hands, compared to its average volume of 2,925,377. The stock has a market capitalization of $2.96 billion, a price-to-earnings ratio of 18.44 and a beta of 2.18. The company's fifty day simple moving average is $13.95 and its 200 day simple moving average is $13.48. Crescent Energy has a one year low of $9.88 and a one year high of $16.94. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.93 and a current ratio of 0.93.

Crescent Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 26th. Stockholders of record on Wednesday, March 12th will be issued a $0.12 dividend. The ex-dividend date is Wednesday, March 12th. This represents a $0.48 annualized dividend and a dividend yield of 4.20%. Crescent Energy's dividend payout ratio is currently -69.57%.

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.