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

Crescent Energy (NYSE:CRGY) announced a quarterly dividend on Wednesday, February 26th, Wall Street Journal reports. Shareholders 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 annualized dividend and a yield of 3.76%. The ex-dividend date of this dividend is Wednesday, March 12th.

Crescent Energy has a payout ratio of 23.6% meaning its dividend is sufficiently covered by earnings. Research 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 Down 5.2 %

Crescent Energy stock opened at $12.77 on Friday. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 1.12. Crescent Energy has a 1-year low of $9.88 and a 1-year high of $16.94. The firm’s fifty day simple moving average is $15.08 and its 200-day simple moving average is $13.48. The company has a market capitalization of $2.91 billion, a P/E ratio of 20.59 and a beta of 2.16.

Analysts Set New Price Targets

A number of brokerages have weighed in on CRGY. Siebert Williams Shank assumed coverage on Crescent Energy in a research report on Monday, February 3rd. They issued a “buy” rating for the company. Mizuho lifted their price target on shares of Crescent Energy from $16.00 to $17.00 and gave the company a “neutral” rating in a research report on Tuesday, January 14th. Truist Financial upped their price objective on shares of Crescent Energy from $18.00 to $21.00 and gave the stock a “buy” rating in a report on Monday, January 13th. Finally, Raymond James raised their target price on shares of Crescent Energy from $22.00 to $23.00 and gave the company a “strong-buy” rating in a research note on Thursday, January 23rd. Two research analysts have rated the stock with a hold rating, eight have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Buy” and a consensus 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.