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

Crescent Energy (NYSE:CRGY) announced a quarterly dividend on Monday, August 5th, NASDAQ reports. Stockholders of record on Monday, August 19th will be given a dividend of 0.12 per share on Tuesday, September 3rd. This represents a $0.48 annualized dividend and a dividend yield of 4.71%. The ex-dividend date is Monday, August 19th.

Crescent Energy has a payout ratio of 18.5% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Crescent Energy to earn $2.72 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 17.6%.

Crescent Energy Stock Performance

Shares of NYSE CRGY remained flat at $10.19 during midday trading on Tuesday. 4,496,679 shares of the stock traded hands, compared to its average volume of 2,024,946. The company has a 50-day moving average price of $12.06 and a two-hundred day moving average price of $11.59. The stock has a market capitalization of $1.81 billion, a PE ratio of -52.00 and a beta of 2.32. The company has a debt-to-equity ratio of 0.88, a current ratio of 0.75 and a quick ratio of 0.75. Crescent Energy has a 12-month low of $9.88 and a 12-month high of $14.22.

Crescent Energy (NYSE:CRGY) last announced its quarterly earnings data on Monday, May 6th. The company reported $0.46 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.18 by $0.28. The company had revenue of $657.47 million during the quarter, compared to the consensus estimate of $579.44 million. Crescent Energy had a positive return on equity of 12.90% and a negative net margin of 0.67%. On average, equities analysts anticipate that Crescent Energy will post 1.53 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on CRGY shares. KeyCorp started coverage on Crescent Energy in a research note on Thursday, June 27th. They set an “overweight” rating and a $16.00 price objective for the company. Wolfe Research started coverage on Crescent Energy in a research note on Thursday, July 18th. They set an “outperform” rating and a $16.00 price objective for the company. Stephens reiterated an “overweight” rating and set a $20.00 price objective on shares of Crescent Energy in a research note on Tuesday. Wells Fargo & Company boosted their price objective on Crescent Energy from $19.00 to $20.00 and gave the company an “overweight” rating in a research note on Monday, April 22nd. Finally, Tudor, Pickering, Holt & Co. initiated coverage on Crescent Energy in a research note on Wednesday, April 10th. They issued a “buy” rating and a $18.00 price target for the company. One investment analyst has rated the stock with a hold rating, six have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, Crescent Energy currently has a consensus rating of “Buy” and an average price target of $16.70.

Crescent Energy Company Profile

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.