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

Crescent Energy (NYSE:CRGY) declared a quarterly dividend on Monday, May 6th, Wall Street Journal reports. Investors of record on Tuesday, May 21st will be given a dividend of 0.12 per share on Friday, June 7th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 3.91%. The ex-dividend date is Monday, May 20th.

Crescent Energy has a payout ratio of 26.7% indicating that its dividend is sufficiently covered by earnings. Research 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 Stock Up 3.5 %

Shares of CRGY traded up $0.41 on Wednesday, reaching $12.28. The company’s stock had a trading volume of 654,145 shares, compared to its average volume of 1,344,142. The stock has a market capitalization of $2.21 billion, a PE ratio of 9.20 and a beta of 2.29. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.98. Crescent Energy has a twelve month low of $9.17 and a twelve month high of $14.22. The firm has a fifty day moving average of $11.25 and a 200-day moving average of $11.48.

Crescent Energy (NYSE:CRGY) last announced its earnings results on Monday, March 4th. The company reported $0.58 earnings per share for the quarter, topping analysts’ consensus estimates of $0.21 by $0.37. Crescent Energy had a return on equity of 13.30% and a net margin of 2.84%. The firm had revenue of $657.73 million for the quarter, compared to the consensus estimate of $584.12 million. Equities analysts predict that Crescent Energy will post 1.28 EPS for the current year.

Wall Street Analyst Weigh In

Several research firms recently commented on CRGY. Tudor, Pickering, Holt & Co. began coverage on Crescent Energy in a research note on Wednesday, April 10th. They issued a “buy” rating and a $18.00 price objective on the stock. Raymond James lowered their price target on shares of Crescent Energy from $16.00 to $15.00 and set a “strong-buy” rating on the stock in a research report on Wednesday, January 24th. TheStreet upgraded shares of Crescent Energy from a “d” rating to a “c-” rating in a research note on Wednesday, February 14th. Truist Financial decreased their price objective on Crescent Energy from $23.00 to $19.00 and set a “buy” rating on the stock in a research note on Friday, April 5th. Finally, Wells Fargo & Company upped their price target on Crescent Energy from $19.00 to $20.00 and gave the company an “overweight” rating in a research report on Monday, April 22nd. One equities research 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 has a consensus rating of “Buy” and an average target price of $16.38.

Insider Transactions at Crescent Energy

In related news, major shareholder Energy Aggregator Independence sold 13,800,000 shares of the business’s stock in a transaction that occurred on Monday, March 11th. The stock was sold at an average price of $9.87, for a total value of $136,206,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company 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.