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

Crescent Energy (NYSE:CRGY) announced a quarterly dividend on Monday, November 4th, Zacks reports. Stockholders 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 dividend yield of 3.60%. The ex-dividend date is Monday, November 18th.

Crescent Energy has a dividend payout ratio of 33.3% meaning its dividend is sufficiently covered by earnings. Equities 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 3.0 %

Shares of CRGY stock traded up $0.39 during trading hours on Wednesday, hitting $13.34. 351,896 shares of the company were exchanged, compared to its average volume of 2,346,767. The stock has a market capitalization of $2.37 billion, a price-to-earnings ratio of 648.00 and a beta of 2.19. Crescent Energy has a one year low of $9.88 and a one year high of $13.85. The business’s 50-day simple moving average is $11.86 and its two-hundred day simple moving average is $11.78. The company has a debt-to-equity ratio of 1.13, a quick ratio of 1.87 and a current ratio of 1.87.

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

Analyst Ratings Changes

Several analysts have weighed in on CRGY shares. Evercore ISI reiterated an “outperform” rating and set a $17.00 target price on shares of Crescent Energy in a research note on Tuesday, September 24th. Mizuho increased their price objective on shares of 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 shares of Crescent Energy in a research note on Wednesday, September 18th. They set a “neutral” rating and a $12.00 price objective on the stock. Truist Financial cut their target price on Crescent Energy from $19.00 to $15.00 and set a “buy” rating on the stock in a research note on Monday, September 30th. Finally, Pickering Energy Partners initiated coverage on shares of Crescent Energy in a research note on Monday, October 28th. They set an “outperform” rating for the company. Two equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $15.80.

Insider Activity at Crescent Energy

In other news, Director Michael Duginski acquired 9,344 shares of the company’s stock in a transaction dated Thursday, August 8th. The shares were bought at an average price of $10.62 per share, with a total value of $99,233.28. Following the purchase, the director now owns 201,081 shares of the company’s stock, valued at approximately $2,135,480.22. This represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders have purchased 12,294 shares of company stock worth $131,297 over the last quarter. 13.20% of the stock is currently owned by company insiders.

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.