Crescent Energy (NYSE:CRGY) Announces 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 dividend on an annualized basis and a dividend yield of 4.71%. The ex-dividend date is Monday, August 19th.

Crescent Energy has a dividend payout ratio of 18.5% meaning its dividend is sufficiently covered by earnings. Equities 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 Price Performance

Shares of Crescent Energy stock remained flat at $10.19 during mid-day trading on Tuesday. The company’s stock had a trading volume of 4,496,679 shares, compared to its average volume of 2,024,946. The company has a fifty day moving average price of $12.06 and a 200-day moving average price of $11.59. Crescent Energy has a fifty-two week low of $9.88 and a fifty-two week high of $14.22. 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 quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 0.88.

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

Analysts Set New Price Targets

A number of equities analysts have commented on CRGY shares. Wells Fargo & Company increased their target price on Crescent Energy from $19.00 to $20.00 and gave the company an “overweight” rating in a report on Monday, April 22nd. KeyCorp assumed coverage on Crescent Energy in a research report on Thursday, June 27th. They issued an “overweight” rating and a $16.00 price target for the company. Stephens restated an “overweight” rating and issued a $20.00 price target on shares of Crescent Energy in a research report on Tuesday. Tudor, Pickering, Holt & Co. assumed coverage on Crescent Energy in a research report on Wednesday, April 10th. They issued a “buy” rating and a $18.00 price target for the company. Finally, Truist Financial dropped their price target on Crescent Energy from $20.00 to $19.00 and set a “buy” rating for the company in a research report on Monday, July 22nd. One equities research analyst has rated the stock with a hold rating, six have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Buy” and an average target price of $16.70.

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.