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

Crescent Energy (NYSE:CRGY) declared a quarterly dividend on Monday, May 6th, Wall Street Journal reports. Shareholders 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 annualized dividend and a yield of 3.96%. The ex-dividend date is Monday, May 20th.

Crescent Energy has a dividend payout ratio of 26.7% meaning 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 Price Performance

Shares of NYSE CRGY traded up $0.24 during mid-day trading on Wednesday, reaching $12.11. The company had a trading volume of 287,594 shares, compared to its average volume of 1,339,833. 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 one year low of $9.17 and a one year high of $14.22. The firm has a market cap of $2.18 billion, a price-to-earnings ratio of 9.20 and a beta of 2.29. The business’s 50-day simple moving average is $11.25 and its 200 day simple moving average is $11.48.

Crescent Energy (NYSE:CRGY) last issued its quarterly earnings results on Monday, March 4th. The company reported $0.58 EPS 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 company had revenue of $657.73 million for the quarter, compared to analysts’ expectations of $584.12 million. On average, research analysts predict that Crescent Energy will post 1.28 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the company. TheStreet upgraded Crescent Energy from a “d” rating to a “c-” rating in a research report on Wednesday, February 14th. Tudor, Pickering, Holt & Co. assumed coverage on Crescent Energy in a report on Wednesday, April 10th. They set a “buy” rating and a $18.00 price target on the stock. Raymond James reduced their price target on Crescent Energy from $16.00 to $15.00 and set a “strong-buy” rating on the stock in a report on Wednesday, January 24th. Mizuho restated 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. Finally, Truist Financial reduced their target price on Crescent Energy from $23.00 to $19.00 and set a “buy” rating on the stock in a report on Friday, April 5th. One research 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, the company presently has an average rating of “Buy” and a consensus 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 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 13.20% of the stock is owned by 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.