Crescent Energy (CRGY) to Issue Quarterly Dividend of $0.12 on December 2nd

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

Crescent Energy has a payout ratio of 33.3% indicating that its dividend is sufficiently covered by earnings. 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 mid-day trading on Wednesday, hitting $13.47. The company had a trading volume of 611,414 shares, compared to its average volume of 2,347,974. Crescent Energy has a 1 year low of $9.88 and a 1 year high of $13.85. The business has a fifty day simple moving average of $11.89 and a 200-day simple moving average of $11.79. The company has a current ratio of 1.87, a quick ratio of 1.87 and a debt-to-equity ratio of 1.13. The firm has a market capitalization of $2.39 billion, a price-to-earnings ratio of 669.50 and a beta of 2.19.

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

Insider Activity

In other Crescent Energy news, Director Michael Duginski bought 9,344 shares of the company’s stock in a transaction that occurred on Thursday, August 8th. The shares were acquired at an average cost of $10.62 per share, for a total transaction of $99,233.28. Following the acquisition, the director now directly owns 201,081 shares of the company’s stock, valued at $2,135,480.22. This trade represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this link. In the last ninety days, insiders have bought 12,294 shares of company stock worth $131,297. 13.20% of the stock is owned by company insiders.

Analyst Ratings Changes

CRGY has been the topic of several recent analyst reports. Wells Fargo & Company cut their price target on shares of Crescent Energy from $20.00 to $19.00 and set an “overweight” rating on the stock in a report on Monday, October 21st. Mizuho increased their price target on shares of Crescent Energy from $13.00 to $14.00 and gave the stock a “neutral” rating in a research report on Tuesday. Truist Financial reduced their target price on Crescent Energy from $19.00 to $15.00 and set a “buy” rating on the stock in a report on Monday, September 30th. JPMorgan Chase & Co. assumed coverage on shares of Crescent Energy in a report on Wednesday, September 18th. They set a “neutral” rating and a $12.00 target price on the stock. Finally, Stephens increased their target price on Crescent Energy from $15.00 to $16.00 and gave the stock an “overweight” rating in a research report on Monday, October 28th. Two analysts have rated the stock with a hold rating, seven have given a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Crescent Energy presently has a consensus rating of “Buy” and an average target price of $15.80.

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.