Short Interest in Crescent Energy (NYSE:CRGY) Declines By 10.7%

Crescent Energy (NYSE:CRGY - Get Free Report) was the target of a large decrease in short interest in October. As of October 31st, there was short interest totalling 17,730,000 shares, a decrease of 10.7% from the October 15th total of 19,850,000 shares. Based on an average daily 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.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. CWM LLC boosted its position in shares of Crescent Energy by 618.9% during the second quarter. CWM LLC now owns 2,128 shares of the company's stock worth $25,000 after buying an additional 1,832 shares during the period. Allspring Global Investments Holdings LLC purchased a new position in shares of Crescent Energy during the second quarter worth $32,000. Farther Finance Advisors LLC boosted its position in shares of Crescent Energy by 15,675.0% during the third quarter. Farther Finance Advisors LLC now owns 3,155 shares of the company's stock worth $35,000 after buying an additional 3,135 shares during the period. Spirit of America Management Corp NY purchased a new position in shares of Crescent Energy during the second quarter worth $36,000. Finally, Amalgamated Bank boosted its position in shares of Crescent Energy by 86.4% during 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. 52.11% of the stock is currently owned by hedge funds and other institutional investors.

Crescent Energy Price Performance

Shares of Crescent Energy stock traded down $0.23 during mid-day trading on Friday, reaching $13.76. 1,234,674 shares of the stock traded hands, compared to its average volume of 1,913,587. The business has a 50-day moving average of $12.25 and a 200 day moving average of $11.96. Crescent Energy has a fifty-two week low of $9.88 and a fifty-two week high of $14.18. The stock has a market capitalization of $3.14 billion, a PE ratio of 22.19 and a beta of 2.19. 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 (NYSE:CRGY - Get Free Report) last posted its quarterly earnings results on Monday, November 4th. The company reported $0.39 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.28 by $0.11. The business had revenue of $744.87 million during the quarter, compared to analyst estimates of $793.88 million. Crescent Energy had a return on equity of 12.53% and a net margin of 2.17%. During the same period in the prior year, the business earned $0.35 earnings per share. On average, analysts predict that Crescent Energy will post 0.97 EPS for the current year.

Crescent Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Monday, November 18th will be given a $0.12 dividend. The ex-dividend date is Monday, November 18th. This represents a $0.48 annualized dividend and a yield of 3.49%. Crescent Energy's payout ratio is 77.42%.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the company. Pickering Energy Partners assumed coverage on Crescent Energy in a research report on Monday, October 28th. They issued an "outperform" rating on the stock. 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 for the company. Truist Financial reduced their price target on Crescent Energy from $19.00 to $15.00 and set a "buy" rating for the company in a report on Monday, September 30th. Stephens upped their price target on Crescent Energy from $15.00 to $16.00 and gave the stock an "overweight" rating in a report on Monday, October 28th. Finally, Mizuho upped their price target on Crescent Energy from $13.00 to $14.00 and gave the stock a "neutral" rating in a report on Tuesday, November 5th. Two analysts have rated the stock with a hold rating, seven have issued a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat.com, Crescent Energy has an average rating of "Buy" and an average target price of $15.80.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.