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

Crescent Energy (NYSE:CRGY) declared a quarterly dividend on Wednesday, February 26th, Wall Street Journal reports. Investors of record on Wednesday, March 12th will be given a dividend of 0.12 per share on Wednesday, March 26th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 3.76%. The ex-dividend date of this dividend is Wednesday, March 12th.

Crescent Energy has a dividend payout ratio of 22.9% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Crescent Energy to earn $2.21 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 21.7%.

Crescent Energy Stock Down 5.2 %

CRGY stock traded down $0.71 during trading on Thursday, reaching $12.77. The stock had a trading volume of 5,923,615 shares, compared to its average volume of 2,455,200. Crescent Energy has a one year low of $9.88 and a one year high of $16.94. The company’s 50 day moving average is $15.09 and its two-hundred day moving average is $13.48. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 1.12. The company has a market capitalization of $2.91 billion, a price-to-earnings ratio of 20.59 and a beta of 2.16.

Wall Street Analyst Weigh In

A number of analysts recently commented on the company. Raymond James increased their price target on Crescent Energy from $22.00 to $23.00 and gave the company a “strong-buy” rating in a research report on Thursday, January 23rd. Mizuho raised their target price on Crescent Energy from $16.00 to $17.00 and gave the company a “neutral” rating in a research report on Tuesday, January 14th. Truist Financial lifted their target price on Crescent Energy from $18.00 to $21.00 and gave the stock a “buy” rating in a research note on Monday, January 13th. Finally, Siebert Williams Shank assumed coverage on shares of Crescent Energy in a research report on Monday, February 3rd. They set a “buy” rating for the company. Two equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $17.50.

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.