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

Crescent Energy (NYSE:CRGY - Get Free Report) announced a quarterly dividend on Tuesday, May 7th, Wall Street Journal reports. Shareholders 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 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. 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 Performance

Shares of NYSE CRGY traded up $1.09 during trading on Tuesday, reaching $11.87. The stock had a trading volume of 3,586,885 shares, compared to its average volume of 1,353,385. The company has a debt-to-equity ratio of 0.98, a quick ratio of 0.82 and a current ratio of 0.82. The stock has a market cap of $2.13 billion, a PE ratio of 9.19 and a beta of 2.29. Crescent Energy has a one year low of $9.17 and a one year high of $14.22. The firm's 50 day moving average price is $11.23 and its two-hundred day moving average price is $11.48.

Crescent Energy (NYSE:CRGY - Get Free Report) last issued its earnings results on Monday, March 4th. The company reported $0.58 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.21 by $0.37. The firm had revenue of $657.73 million for the quarter, compared to analysts' expectations of $584.12 million. Crescent Energy had a net margin of 2.84% and a return on equity of 13.30%. On average, research analysts forecast that Crescent Energy will post 1.28 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

CRGY has been the topic of several analyst reports. Wells Fargo & Company increased their target price on Crescent Energy from $19.00 to $20.00 and gave the stock an "overweight" rating in a research report on Monday, April 22nd. Tudor, Pickering, Holt & Co. started coverage on shares of Crescent Energy in a research note on Wednesday, April 10th. They set a "buy" rating and a $18.00 target price for the company. TheStreet raised Crescent Energy from a "d" rating to a "c-" rating in a report on Wednesday, February 14th. Mizuho reissued a "neutral" rating and issued a $13.00 price objective (down from $14.00) on shares of Crescent Energy in a report on Friday, March 22nd. Finally, Raymond James reduced their price target on 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. One investment analyst has rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Buy" and a consensus price target of $16.38.

Insider Buying and Selling at Crescent Energy

In related news, major shareholder Energy Aggregator Independence sold 13,800,000 shares of Crescent Energy stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $9.87, for a total transaction of $136,206,000.00. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 13.20% of the stock is currently owned by corporate insiders.

About Crescent Energy

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.