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

Crescent Energy (NYSE:CRGY) declared a quarterly dividend on Monday, November 4th,Zacks Dividends reports. Stockholders of record on Monday, November 18th will be paid a dividend of 0.12 per share on Monday, December 2nd. This represents a $0.48 dividend on an annualized basis and a dividend yield of 3.49%. The ex-dividend date of this dividend is Monday, November 18th.

Crescent Energy has a dividend payout ratio of 30.4% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Crescent Energy to earn $1.48 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 32.4%.

Crescent Energy Price Performance

Shares of NYSE:CRGY opened at $13.77 on Friday. 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 50-day moving average price of $12.25 and a 200 day moving average price of $11.94. Crescent Energy has a 52 week low of $9.88 and a 52 week high of $14.18. The company has a market cap of $2.44 billion, a P/E ratio of 22.21 and a beta of 2.19.

Crescent Energy (NYSE:CRGY) last posted its quarterly earnings results on Monday, November 4th. The company reported $0.39 earnings per share for the quarter, beating analysts’ consensus estimates of $0.28 by $0.11. Crescent Energy had a return on equity of 12.53% and a net margin of 2.17%. The firm had revenue of $744.87 million for the quarter, compared to the consensus estimate of $793.88 million. During the same period in the previous year, the business earned $0.35 earnings per share. Research analysts predict that Crescent Energy will post 0.97 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the stock. Evercore ISI reaffirmed an “outperform” rating and set a $17.00 price target on shares of Crescent Energy in a research note on Tuesday, September 24th. Stephens upped their target price on shares of Crescent Energy from $15.00 to $16.00 and gave the stock an “overweight” rating in a research report on Monday, October 28th. Pickering Energy Partners started coverage on shares of Crescent Energy in a research report on Monday, October 28th. They set an “outperform” rating for the company. Truist Financial lowered their price target on Crescent Energy from $19.00 to $15.00 and set a “buy” rating on the stock in a report on Monday, September 30th. Finally, JPMorgan Chase & Co. began coverage on Crescent Energy in a research note on Wednesday, September 18th. They issued a “neutral” rating and a $12.00 price objective for the company. Two equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, Crescent Energy presently has an average rating of “Buy” and an average target price of $15.80.

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.