Crescent Energy (CRGY) To Go Ex-Dividend on May 20th

Crescent Energy (NYSE:CRGY) declared a quarterly dividend on Monday, May 6th, Wall Street Journal reports. Stockholders of record on Tuesday, May 21st will be paid a dividend of 0.12 per share on Friday, June 7th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 3.91%. The ex-dividend date is Monday, May 20th.

Crescent Energy has a dividend payout ratio of 26.7% meaning its dividend is sufficiently covered by earnings. Research analysts expect Crescent Energy to earn $2.08 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 23.1%.

Crescent Energy Price Performance

Shares of CRGY traded up $0.41 during trading hours on Wednesday, hitting $12.28. 654,145 shares of the company were exchanged, compared to its average volume of 1,344,142. The firm’s fifty day moving average is $11.25 and its 200 day moving average is $11.48. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.98. Crescent Energy has a fifty-two week low of $9.17 and a fifty-two week high of $14.22. The company has a market cap of $2.21 billion, a price-to-earnings ratio of 9.20 and a beta of 2.29.

Crescent Energy (NYSE:CRGY) last issued its quarterly earnings data on Monday, March 4th. The company reported $0.58 earnings per share for the quarter, topping the consensus estimate of $0.21 by $0.37. The company had revenue of $657.73 million for the quarter, compared to analysts’ expectations of $584.12 million. Crescent Energy had a net margin of 2.84% and a return on equity of 13.30%. On average, equities analysts anticipate that Crescent Energy will post 1.28 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on CRGY shares. Wells Fargo & Company increased their target price on shares of Crescent Energy from $19.00 to $20.00 and gave the stock an “overweight” rating in a research note on Monday, April 22nd. Mizuho reiterated a “neutral” rating and issued a $13.00 price objective (down previously from $14.00) on shares of Crescent Energy in a report on Friday, March 22nd. Stephens reissued an “overweight” rating and set a $17.00 price objective on shares of Crescent Energy in a research report on Tuesday, March 5th. Tudor, Pickering, Holt & Co. initiated coverage on Crescent Energy in a research report on Wednesday, April 10th. They set a “buy” rating and a $18.00 price target on the stock. Finally, TheStreet upgraded shares of Crescent Energy from a “d” rating to a “c-” rating in a report on Wednesday, February 14th. One research analyst has rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $16.38.

Insider Buying and Selling at Crescent Energy

In other news, major shareholder Energy Aggregator Independence sold 13,800,000 shares of Crescent Energy stock in a transaction that occurred on Monday, March 11th. The shares were sold at an average price of $9.87, for a total transaction of $136,206,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 13.20% of the company’s stock.

About Crescent Energy

Crescent Energy Company, an energy company, acquires, develops, and produces crude oil, natural gas, and natural gas liquids (NGLs) reserves. The company holds a portfolio of oil and natural gas assets in key proven regions, including Eagle Ford and Uinta basins. The company is based in Houston, Texas.