Crescent Energy (NYSE:CRGY) Trading Up 5.8% After Dividend Announcement

Crescent Energy (NYSE:CRGY)’s share price traded up 5.8% during mid-day trading on Tuesday following a dividend announcement from the company. The stock traded as high as $11.47 and last traded at $11.40. 365,580 shares traded hands during trading, a decline of 72% from the average session volume of 1,316,234 shares. The stock had previously closed at $10.78.

The newly announced dividend which will be paid on Friday, June 7th. Stockholders of record on Tuesday, May 21st will be given a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 3.82%. The ex-dividend date of this dividend is Monday, May 20th. Crescent Energy’s dividend payout ratio (DPR) is currently 37.21%.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on CRGY. Tudor, Pickering, Holt & Co. started coverage on shares of Crescent Energy in a research note on Wednesday, April 10th. They issued a “buy” rating and a $18.00 price objective for the company. Truist Financial decreased their price objective on Crescent Energy from $23.00 to $19.00 and set a “buy” rating on the stock in a research note on Friday, April 5th. Wells Fargo & Company increased their price objective on Crescent Energy from $19.00 to $20.00 and gave the stock an “overweight” rating in a report on Monday, April 22nd. TheStreet raised Crescent Energy from a “d” rating to a “c-” rating in a report on Wednesday, February 14th. Finally, Mizuho reissued a “neutral” rating and issued a $13.00 price target (down from $14.00) on shares of Crescent Energy in a report on Friday, March 22nd. One equities research analyst has rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $16.38.

Crescent Energy Stock Up 1.9 %

The company has a debt-to-equity ratio of 0.98, a current ratio of 0.82 and a quick ratio of 0.82. The company has a fifty day moving average price of $11.30 and a 200 day moving average price of $11.49. The company has a market cap of $2.26 billion, a PE ratio of 9.74 and a beta of 2.29.

Crescent Energy (NYSE:CRGY) last released its quarterly earnings results on Monday, March 4th. The company reported $0.58 EPS for the quarter, topping analysts’ consensus estimates of $0.21 by $0.37. The business had revenue of $657.73 million during 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%. As a group, analysts anticipate that Crescent Energy will post 1.28 EPS for the current year.

Insider Buying and Selling

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

Institutional Trading of Crescent Energy

Institutional investors have recently added to or reduced their stakes in the business. GAMMA Investing LLC boosted its stake in shares of Crescent Energy by 186.5% during the first quarter. GAMMA Investing LLC now owns 4,507 shares of the company’s stock valued at $54,000 after purchasing an additional 2,934 shares during the period. Amalgamated Bank boosted its position in Crescent Energy by 58.5% during the 4th quarter. Amalgamated Bank now owns 7,444 shares of the company’s stock valued at $98,000 after buying an additional 2,748 shares during the period. J.W. Cole Advisors Inc. bought a new stake in Crescent Energy in the 4th quarter worth $136,000. Raymond James Financial Services Advisors Inc. purchased a new position in shares of Crescent Energy in the fourth quarter valued at about $139,000. Finally, SG Americas Securities LLC bought a new position in shares of Crescent Energy during the third quarter valued at about $140,000. 52.11% of the stock is currently owned by hedge funds and other institutional investors.

Crescent Energy Company Profile

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.