Crescent Energy Company (NYSE:CRGY) Shares to Pay Quarterly Dividend of $0.12

Key Points

• Crescent Energy declared a quarterly dividend of $0.12 per share, payable November 30 to shareholders of record November 16. The dividend implies an annualized payout of $0.48 and a 3.6% yield.
• The company reported quarterly EPS of $0.77, beating the $0.59 analyst estimate, while revenue reached $1.35 billion versus expectations of $1.24 billion. Its 31.4% payout ratio suggests the dividend is well covered by earnings.
• Analysts maintain a consensus “Moderate Buy” rating with an average price target of $17.14, above the stock’s reported $13.48 opening price.

Crescent Energy Company (NYSE:CRGY - Get Free Report) declared a quarterly dividend on Monday, November 2nd. Investors of record on Monday, November 16th will be paid a dividend of $0.12 per share on Monday, November 30th. This represents a $0.48 annualized dividend and a yield of 3.6%. The ex-dividend date is Monday, November 16th.

Crescent Energy has a payout ratio of 31.4% indicating that its dividend is sufficiently covered by earnings. Analysts expect Crescent Energy to earn $2.74 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 17.5%.

Crescent Energy Trading Down 5.0%

CRGY opened at $13.48 on Tuesday. The stock's fifty day moving average is $13.62 and its two-hundred day moving average is $11.98. The company has a market capitalization of $5.70 billion, a P/E ratio of -269.65 and a beta of 1.60. Crescent Energy has a 52 week low of $7.68 and a 52 week high of $15.47. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 1.00.

Crescent Energy (NYSE:CRGY - Get Free Report) last issued its earnings results on Monday, November 2nd. The company reported $0.77 earnings per share for the quarter, beating analysts' consensus estimates of $0.59 by $0.18. Crescent Energy had a return on equity of 10.52% and a net margin of 1.27%. The business had revenue of $1.35 billion during the quarter, compared to analyst estimates of $1.24 billion. Analysts forecast that Crescent Energy will post 2.03 earnings per share for the current year.

Analysts Set New Price Targets

Several research firms recently weighed in on CRGY. Raymond James Financial restated a "strong-buy" rating on shares of Crescent Energy in a report on Thursday, September 10th. Wall Street Zen upgraded shares of Crescent Energy from a "buy" rating to a "strong-buy" rating in a report on Saturday, September 19th. Weiss Ratings upgraded shares of Crescent Energy from a "sell (d)" rating to a "hold (c)" rating in a report on Monday, August 17th. Mizuho raised their target price on shares of Crescent Energy from $15.00 to $16.00 and gave the company a "neutral" rating in a research report on Tuesday, August 4th. Finally, UBS Group reduced their price target on shares of Crescent Energy from $19.00 to $18.00 and set a "buy" rating for the company in a report on Monday, October 12th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Crescent Energy presently has a consensus rating of "Moderate Buy" and an average price target of $17.14.

Crescent Energy Company Profile

Crescent Energy Company is an independent energy company focused on the acquisition, development and operation of oil and natural gas properties in the United States. Its activities include exploration and production, well development, production optimization and management of mature and unconventional oil and gas assets.

The company's portfolio is concentrated in onshore U.S. basins, including the Eagle Ford in South Texas and the Uinta Basin in Utah, along with other producing properties.

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