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

Crescent Energy (NYSE:CRGY) declared a quarterly dividend on Monday, August 5th, NASDAQ reports. Investors of record on Monday, August 19th will be paid 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 dividend payout ratio of 18.5% meaning 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 Price Performance

CRGY remained flat at $10.19 during trading on Tuesday. 4,496,679 shares of the company’s stock were exchanged, compared to its average volume of 2,024,946. The stock has a market capitalization of $1.81 billion, a P/E ratio of -52.00 and a beta of 2.32. Crescent Energy has a 1 year low of $9.88 and a 1 year high of $14.22. The company has a debt-to-equity ratio of 0.88, a quick ratio of 0.75 and a current ratio of 0.75. The company’s 50 day moving average price is $12.06 and its two-hundred day moving average price is $11.59.

Crescent Energy (NYSE:CRGY) last posted its quarterly earnings data on Monday, May 6th. The company reported $0.46 EPS for the quarter, beating the consensus estimate of $0.18 by $0.28. The business had revenue of $657.47 million for the quarter, compared to analysts’ expectations of $579.44 million. Crescent Energy had a negative net margin of 0.67% and a positive return on equity of 12.90%. As a group, sell-side analysts predict that Crescent Energy will post 1.53 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on CRGY. Wells Fargo & Company upped their price objective on Crescent Energy from $19.00 to $20.00 and gave the stock an “overweight” rating in a research report on Monday, April 22nd. KeyCorp started coverage on shares of Crescent Energy in a report on Thursday, June 27th. They issued an “overweight” rating and a $16.00 price objective on the stock. Stephens restated an “overweight” rating and set a $20.00 target price on shares of Crescent Energy in a report on Tuesday. Mizuho boosted 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 Monday, May 13th. Finally, Truist Financial reduced their price objective on shares of Crescent Energy from $20.00 to $19.00 and set a “buy” rating for the company in a research note on Monday, July 22nd. One equities research analyst has rated the stock with a hold rating, six 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 a consensus 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.