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

Crescent Energy (NYSE:CRGY) announced a quarterly dividend on Thursday, February 27th, 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 yield of 3.76%. The ex-dividend date is Wednesday, March 12th.

Crescent Energy has a dividend payout ratio of 22.9% 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

CRGY stock traded down $0.71 during trading hours on Thursday, hitting $12.77. 5,923,608 shares of the stock were exchanged, compared to its average volume of 2,455,199. The firm has a market capitalization of $2.91 billion, a P/E ratio of 20.59 and a beta of 2.16. Crescent Energy has a 12 month low of $9.88 and a 12 month high of $16.94. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 1.12. The company has a 50-day simple moving average of $15.09 and a two-hundred day simple moving average of $13.48.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on CRGY. Mizuho lifted their price target on Crescent Energy from $16.00 to $17.00 and gave the company a “neutral” rating in a research note 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 research note on Thursday, January 23rd. Truist Financial upped their target price on Crescent Energy from $18.00 to $21.00 and gave the stock a “buy” rating in a research report on Monday, January 13th. Finally, Siebert Williams Shank started coverage on Crescent Energy in a 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 issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, Crescent Energy presently has a consensus rating of “Buy” and an average price target of $17.50.

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.