Crescent Energy Announces Quarterly Dividend of $0.12 (NYSE:CRGY)

Crescent Energy (NYSE:CRGY) announced a quarterly dividend on Monday, May 6th, Wall Street Journal reports. Investors of record on Tuesday, May 21st will be paid a dividend of 0.12 per share on Friday, June 7th. This represents a $0.48 annualized dividend and a yield of 3.96%. The ex-dividend date of this dividend is Monday, May 20th.

Crescent Energy has a dividend payout ratio of 26.7% indicating that its dividend is sufficiently covered by earnings. Analysts expect Crescent Energy to earn $2.08 per share next year, which means the company should continue to be able to cover its $0.48 annual dividend with an expected future payout ratio of 23.1%.

Crescent Energy Trading Up 2.0 %

Crescent Energy stock traded up $0.24 during mid-day trading on Wednesday, hitting $12.11. 287,594 shares of the company’s stock were exchanged, compared to its average volume of 1,339,833. The firm has a market capitalization of $2.18 billion, a P/E ratio of 9.20 and a beta of 2.29. The company’s 50 day simple moving average is $11.25 and its 200-day simple moving average is $11.48. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.98. Crescent Energy has a fifty-two week low of $9.17 and a fifty-two week high of $14.22.

Crescent Energy (NYSE:CRGY) last announced its quarterly earnings data on Monday, March 4th. The company reported $0.58 earnings per share for the quarter, beating the consensus estimate of $0.21 by $0.37. Crescent Energy had a return on equity of 13.30% and a net margin of 2.84%. The company had revenue of $657.73 million during the quarter, compared to analysts’ expectations of $584.12 million. On average, equities analysts anticipate that Crescent Energy will post 1.28 earnings per share for the current year.

Analysts Set New Price Targets

Several equities research analysts have issued reports on CRGY shares. Truist Financial cut their price objective on shares of Crescent Energy from $23.00 to $19.00 and set a “buy” rating for the company in a research report on Friday, April 5th. Raymond James dropped their price target on shares of Crescent Energy from $16.00 to $15.00 and set a “strong-buy” rating for the company in a research report on Wednesday, January 24th. Wells Fargo & Company lifted their price target on shares of Crescent Energy from $19.00 to $20.00 and gave the company an “overweight” rating in a research report on Monday, April 22nd. Tudor, Pickering, Holt & Co. initiated coverage on shares of Crescent Energy in a research report on Wednesday, April 10th. They issued a “buy” rating and a $18.00 price target for the company. Finally, Mizuho reiterated a “neutral” rating and issued a $13.00 price target (down from $14.00) on shares of Crescent Energy in a research report on Friday, March 22nd. One investment analyst has rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $16.38.

Insiders Place Their Bets

In related news, major shareholder Energy Aggregator Independence sold 13,800,000 shares of the firm’s stock in a transaction dated Monday, March 11th. The shares were sold at an average price of $9.87, for a total value of $136,206,000.00. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 13.20% of the company’s stock.

Crescent Energy Company Profile

Crescent Energy Company, an energy company, acquires, develops, and produces crude oil, natural gas, and natural gas liquids (NGLs) reserves. The company holds a portfolio of oil and natural gas assets in key proven regions, including Eagle Ford and Uinta basins. The company is based in Houston, Texas.