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

Crescent Energy (NYSE:CRGY - Get Free Report) announced a quarterly dividend on Wednesday, February 26th, Wall Street Journal reports. Shareholders 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 4.14%. The ex-dividend date is Wednesday, March 12th.

Crescent Energy has a dividend payout ratio of 23.6% indicating that 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 8.2 %

Shares of CRGY traded down $1.03 during midday trading on Monday, reaching $11.59. The company had a trading volume of 5,321,032 shares, compared to its average volume of 2,583,878. Crescent Energy has a 1-year low of $9.88 and a 1-year high of $16.94. The stock has a market cap of $2.65 billion, a PE ratio of 18.69 and a beta of 2.16. The firm has a 50 day simple moving average of $15.02 and a 200-day simple moving average of $13.52. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 1.12.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on CRGY shares. Truist Financial raised their target price on Crescent Energy from $18.00 to $21.00 and gave the stock a "buy" rating in a research note on Monday, January 13th. Stephens reaffirmed an "overweight" rating and issued a $17.00 target price on shares of Crescent Energy in a research note on Monday. Siebert Williams Shank assumed coverage on Crescent Energy in a research note on Monday, February 3rd. They issued a "buy" rating for the company. Mizuho raised 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. Finally, Raymond James raised their price objective on Crescent Energy from $22.00 to $23.00 and gave the stock a "strong-buy" rating in a research report on Thursday, January 23rd. Two analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Buy" and an average target price of $17.60.

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.