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

Crescent Energy (NYSE:CRGY) declared a quarterly dividend on Monday, November 4th, Zacks reports. Investors of record on Monday, November 18th will be given a dividend of 0.12 per share on Monday, December 2nd. This represents a $0.48 annualized dividend and a yield of 3.56%. The ex-dividend date is Monday, November 18th.

Crescent Energy has a dividend payout ratio of 33.3% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Crescent Energy to earn $1.52 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 31.6%.

Crescent Energy Stock Up 4.0 %

NYSE CRGY traded up $0.52 during trading on Wednesday, reaching $13.47. 611,414 shares of the company’s stock were exchanged, compared to its average volume of 2,347,974. The company has a current ratio of 1.87, a quick ratio of 1.87 and a debt-to-equity ratio of 1.13. Crescent Energy has a fifty-two week low of $9.88 and a fifty-two week high of $13.85. The company’s fifty day simple moving average is $11.89 and its 200-day simple moving average is $11.79. The firm has a market capitalization of $2.39 billion, a PE ratio of 669.50 and a beta of 2.19.

Crescent Energy (NYSE:CRGY) last posted its quarterly earnings results on Monday, November 4th. The company reported $0.39 EPS for the quarter, topping the consensus estimate of $0.28 by $0.11. The business had revenue of $744.87 million during the quarter, compared to analysts’ expectations of $793.88 million. Crescent Energy had a net margin of 0.61% and a return on equity of 13.41%. During the same period last year, the company posted $0.35 earnings per share. Sell-side analysts predict that Crescent Energy will post 1.11 EPS for the current year.

Insider Buying and Selling at Crescent Energy

In other Crescent Energy news, Director Michael Duginski purchased 9,344 shares of the company’s stock in a transaction on Thursday, August 8th. The shares were bought at an average cost of $10.62 per share, with a total value of $99,233.28. Following the transaction, the director now directly owns 201,081 shares in the company, valued at approximately $2,135,480.22. This represents a 0.00 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders bought 12,294 shares of company stock worth $131,297 over the last ninety days. Company insiders own 13.20% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on CRGY. Truist Financial lowered their price target on shares of Crescent Energy from $19.00 to $15.00 and set a “buy” rating on the stock in a report on Monday, September 30th. Stephens boosted their target price on Crescent Energy from $15.00 to $16.00 and gave the company an “overweight” rating in a research note on Monday, October 28th. Mizuho raised their price target on Crescent Energy from $13.00 to $14.00 and gave the stock a “neutral” rating in a research note on Tuesday. JPMorgan Chase & Co. began coverage on Crescent Energy in a report on Wednesday, September 18th. They set a “neutral” rating and a $12.00 price target for the company. Finally, Evercore ISI restated an “outperform” rating and issued a $17.00 price objective on shares of Crescent Energy in a report on Tuesday, September 24th. Two research analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, Crescent Energy has an average rating of “Buy” and a consensus price target of $15.80.

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.