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

Crescent Energy (NYSE:CRGY) announced a quarterly dividend on Tuesday, May 7th, Wall Street Journal reports. Stockholders 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 dividend yield of 4.04%. The ex-dividend date is Monday, May 20th.

Crescent Energy has a dividend payout ratio of 26.7% indicating that its dividend is sufficiently covered by earnings. Equities 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 10.1 %

Shares of Crescent Energy stock traded up $1.09 during trading on Tuesday, hitting $11.87. 3,585,534 shares of the stock traded hands, compared to its average volume of 1,343,642. The stock has a market cap of $2.13 billion, a P/E ratio of 9.19 and a beta of 2.29. The company has a debt-to-equity ratio of 0.98, a quick ratio of 0.82 and a current ratio of 0.82. Crescent Energy has a twelve month low of $9.17 and a twelve month high of $14.22. The company has a fifty day moving average price of $11.23 and a two-hundred day moving average price of $11.48.

Crescent Energy (NYSE:CRGY) last posted its earnings results on Monday, March 4th. The company reported $0.58 earnings per share for the quarter, topping 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 firm had revenue of $657.73 million during the quarter, compared to analyst estimates of $584.12 million. Equities research analysts predict that Crescent Energy will post 1.28 EPS for the current fiscal year.

Insider Buying and Selling at Crescent Energy

In other Crescent Energy news, major shareholder Energy Aggregator Independence sold 13,800,000 shares of the company’s stock in a transaction 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 sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Company insiders own 13.20% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. Wells Fargo & Company upped their price target on Crescent Energy from $19.00 to $20.00 and gave the stock an “overweight” rating in a report on Monday, April 22nd. Raymond James cut their price target on Crescent Energy from $16.00 to $15.00 and set a “strong-buy” rating for the company in a report on Wednesday, January 24th. Mizuho reiterated a “neutral” rating and set a $13.00 price target (down from $14.00) on shares of Crescent Energy in a report on Friday, March 22nd. TheStreet upgraded Crescent Energy from a “d” rating to a “c-” rating in a research note on Wednesday, February 14th. Finally, Truist Financial cut their target price on Crescent Energy from $23.00 to $19.00 and set a “buy” rating for the company in a research note on Friday, April 5th. One analyst has rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Crescent Energy currently has a consensus rating of “Buy” and a consensus price target of $16.38.

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.