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

Crescent Energy (NYSE:CRGY) announced a quarterly dividend on Thursday, February 27th, Wall Street Journal reports. Stockholders 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 payout ratio of 22.9% meaning its dividend is sufficiently covered by earnings. 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 %

NYSE:CRGY traded down $0.71 during trading hours on Thursday, hitting $12.77. The company’s stock had a trading volume of 5,923,608 shares, compared to its average volume of 2,455,199. The stock has a market capitalization of $2.91 billion, a P/E ratio of 20.59 and a beta of 2.16. The stock has a fifty day moving average of $15.09 and a 200-day moving average of $13.48. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 1.12. Crescent Energy has a 52-week low of $9.88 and a 52-week high of $16.94.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on CRGY. Siebert Williams Shank assumed coverage on Crescent Energy in a report on Monday, February 3rd. They set a “buy” rating on the stock. Mizuho lifted their price objective on Crescent Energy from $16.00 to $17.00 and gave the stock a “neutral” rating in a research report on Tuesday, January 14th. Raymond James boosted their price target on Crescent Energy from $22.00 to $23.00 and gave the company a “strong-buy” rating in a report on Thursday, January 23rd. Finally, Truist Financial upped their price objective on Crescent Energy from $18.00 to $21.00 and gave the stock a “buy” rating in a report on Monday, January 13th. Two investment analysts have rated the stock with a hold rating, eight have issued a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, Crescent Energy presently 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.