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

Crescent Energy Company (NYSE:CRGY) announced a quarterly dividend on Monday, November 3rd. Stockholders of record on Monday, November 17th will be given a dividend of 0.12 per share on Monday, December 1st. This represents a c) annualized dividend and a dividend yield of 5.8%. The ex-dividend date is Monday, November 17th.

Crescent Energy has a payout ratio of 31.4% meaning its dividend is sufficiently covered by earnings. Equities 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 Performance

NYSE:CRGY traded down $0.33 during mid-day trading on Tuesday, reaching $8.21. 5,434,832 shares of the stock were exchanged, compared to its average volume of 3,930,481. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.75. The stock has a market capitalization of $2.09 billion, a P/E ratio of -45.47 and a beta of 1.89. Crescent Energy has a 1 year low of $6.83 and a 1 year high of $16.94. The company has a 50 day simple moving average of $8.77 and a 200-day simple moving average of $8.89.

Crescent Energy (NYSE:CRGY) last released its quarterly earnings results on Monday, August 4th. The company reported $0.43 earnings per share for the quarter, topping analysts’ consensus estimates of $0.23 by $0.20. The business had revenue of $897.98 million for the quarter, compared to analysts’ expectations of $868.34 million. Crescent Energy had a return on equity of 13.35% and a net margin of 0.67%. Analysts anticipate that Crescent Energy will post 0.77 earnings per share for the current fiscal year.

Analyst Ratings Changes

CRGY has been the topic of a number of recent research reports. Wall Street Zen raised Crescent Energy from a “hold” rating to a “buy” rating in a research note on Saturday, August 9th. Raymond James Financial set a $17.00 target price on Crescent Energy and gave the company a “strong-buy” rating in a research note on Wednesday, August 27th. Mizuho set a $11.00 price objective on shares of Crescent Energy in a research note on Tuesday. William Blair began coverage on Crescent Energy in a report on Monday, August 25th. They set an “outperform” rating on the stock. Finally, Wells Fargo & Company decreased their target price on shares of Crescent Energy from $20.00 to $15.00 and set an “overweight” rating for the company in a research note on Friday, October 17th. Two analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating, two have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $15.33.

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.