Crescent Energy (NYSE:CRGY) Stock Price Up 5.8% After Dividend Announcement

Crescent Energy (NYSE:CRGY) shares were up 5.8% on Tuesday after the company announced a dividend. The stock traded as high as $11.47 and last traded at $11.40. Approximately 365,580 shares traded hands during trading, a decline of 72% from the average daily volume of 1,316,234 shares. The stock had previously closed at $10.78.

The newly announced dividend which will be paid on Friday, June 7th. Investors of record on Tuesday, May 21st will be given a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 3.82%. The ex-dividend date is Monday, May 20th. Crescent Energy’s payout ratio is currently 37.21%.

Wall Street Analysts Forecast Growth

CRGY has been the topic of a number of recent analyst reports. Tudor, Pickering, Holt & Co. initiated coverage on Crescent Energy in a research report on Wednesday, April 10th. They issued a “buy” rating and a $18.00 price target on the stock. Truist Financial decreased their price target on Crescent Energy from $23.00 to $19.00 and set a “buy” rating on the stock in a research report on Friday, April 5th. Wells Fargo & Company raised their price target on Crescent Energy from $19.00 to $20.00 and gave the stock an “overweight” rating in a research report on Monday, April 22nd. Stephens reaffirmed an “overweight” rating and issued a $17.00 price objective on shares of Crescent Energy in a research note on Tuesday, March 5th. Finally, Mizuho reaffirmed a “neutral” rating and issued a $13.00 price objective (down from $14.00) on shares of Crescent Energy in a research note on Friday, March 22nd. One equities research analyst has rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $16.38.

Crescent Energy Price Performance

The stock has a market cap of $2.26 billion, a P/E ratio of 9.74 and a beta of 2.29. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.98. The company’s 50 day moving average price is $11.30 and its 200-day moving average price is $11.49.

Crescent Energy (NYSE:CRGY) last issued its quarterly 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 the consensus estimate of $584.12 million. Crescent Energy had a net margin of 2.84% and a return on equity of 13.30%. As a group, sell-side analysts expect that Crescent Energy will post 1.28 earnings per share for the current year.

Insider Transactions at Crescent Energy

In other news, major shareholder Energy Aggregator Independence sold 13,800,000 shares of the business’s stock in a transaction that occurred on Monday, March 11th. The shares were sold at an average price of $9.87, for a total value of $136,206,000.00. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 13.20% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of CRGY. GAMMA Investing LLC lifted its position in shares of Crescent Energy by 186.5% during the 1st quarter. GAMMA Investing LLC now owns 4,507 shares of the company’s stock valued at $54,000 after acquiring an additional 2,934 shares during the period. Amalgamated Bank raised its holdings in Crescent Energy by 58.5% during the fourth quarter. Amalgamated Bank now owns 7,444 shares of the company’s stock worth $98,000 after buying an additional 2,748 shares during the last quarter. J.W. Cole Advisors Inc. acquired a new position in Crescent Energy during the fourth quarter worth $136,000. Raymond James Financial Services Advisors Inc. acquired a new position in Crescent Energy during the fourth quarter worth $139,000. Finally, SG Americas Securities LLC acquired a new position in Crescent Energy during the third quarter worth $140,000. Institutional investors and hedge funds own 52.11% of the company’s stock.

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.