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

Crescent Energy (NYSE:CRGY) announced a quarterly dividend on Wednesday, February 26th, Wall Street Journal reports. Stockholders of record on Wednesday, March 12th will be paid 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% 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 Trading Down 5.2 %

Crescent Energy stock traded down $0.71 during mid-day trading on Thursday, reaching $12.77. 5,923,615 shares of the company traded hands, compared to its average volume of 2,455,200. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.93 and a quick ratio of 0.93. Crescent Energy has a 52-week low of $9.88 and a 52-week high of $16.94. The firm has a market capitalization of $2.91 billion, a price-to-earnings ratio of 20.59 and a beta of 2.16. The firm’s 50 day moving average price is $15.09 and its 200 day moving average price is $13.48.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on CRGY shares. Mizuho increased their target price 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 increased their price objective on Crescent Energy from $22.00 to $23.00 and gave the stock a “strong-buy” rating in a report on Thursday, January 23rd. Truist Financial raised their price objective on Crescent Energy from $18.00 to $21.00 and gave the company a “buy” rating in a research report on Monday, January 13th. Finally, Siebert Williams Shank began coverage on shares of Crescent Energy in a research report on Monday, February 3rd. They issued a “buy” rating on the stock. Two research analysts have rated the stock with a hold rating, eight have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Buy” and an average target price 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.