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

Key Points

• Crescent Energy Company has announced a quarterly dividend of $0.12 per share, which will be paid on September 2nd to shareholders of record as of August 18th.
• The company reported $0.43 EPS for the last quarter, exceeding analysts' expectations of $0.23, and achieved revenues of $897.98 million, surpassing consensus estimates.
• Analyst ratings for Crescent Energy show a mix of recommendations, with an average target price of $16.10, indicating a general outlook of moderate buy among multiple analysts.

Crescent Energy Company (NYSE:CRGY - Get Free Report) announced a quarterly dividend on Tuesday, August 5th, Wall Street Journal reports. Shareholders of record on Monday, August 18th will be given a dividend of 0.12 per share on Tuesday, September 2nd. This represents a c) dividend on an annualized basis and a yield of 5.1%. The ex-dividend date is Monday, August 18th.

Crescent Energy has a dividend payout ratio of 31.4% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Crescent Energy to earn $2.21 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 21.7%.

Crescent Energy Stock Up 5.3%

Shares of CRGY traded up $0.47 during midday trading on Tuesday, reaching $9.35. 6,817,564 shares of the stock were exchanged, compared to its average volume of 3,475,183. Crescent Energy has a 52 week low of $6.83 and a 52 week high of $16.94. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.10. The company's 50 day moving average is $9.02 and its two-hundred day moving average is $10.44. The company has a market capitalization of $2.39 billion, a P/E ratio of -20.78 and a beta of 1.86.

Crescent Energy (NYSE:CRGY - Get Free Report) last released its earnings results on Monday, August 4th. The company reported $0.43 EPS for the quarter, topping analysts' consensus estimates of $0.23 by $0.20. The firm had revenue of $897.98 million during the quarter, compared to the consensus estimate of $868.34 million. Crescent Energy had a positive return on equity of 14.21% and a negative net margin of 2.88%. On average, sell-side analysts anticipate that Crescent Energy will post 0.77 earnings per share for the current year.

Analyst Ratings Changes

Several analysts have commented on CRGY shares. KeyCorp dropped their price objective on Crescent Energy from $18.00 to $14.00 and set an "overweight" rating on the stock in a report on Monday, April 21st. Wells Fargo & Company dropped their price target on Crescent Energy from $20.00 to $19.00 and set an "overweight" rating on the stock in a research note on Monday, June 16th. Piper Sandler increased their target price on Crescent Energy from $14.00 to $15.00 and gave the stock an "overweight" rating in a research note on Thursday, July 17th. Finally, Mizuho cut their price target on Crescent Energy from $13.00 to $12.00 and set a "neutral" rating for the company in a report on Tuesday, May 13th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Crescent Energy presently has an average rating of "Moderate Buy" and an average target price of $16.10.

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.

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