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

Crescent Energy (NYSE:CRGY) rose 5.8% during trading on Tuesday following a dividend announcement from the company. The company traded as high as $11.47 and last traded at $11.40. Approximately 365,580 shares traded hands during trading, a decline of 72% from the average daily 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. Shareholders of record on Tuesday, May 21st will be issued a dividend of $0.12 per share. The ex-dividend date is Monday, May 20th. This represents a $0.48 annualized dividend and a yield of 3.82%. Crescent Energy’s dividend payout ratio is presently 37.21%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on CRGY shares. Stephens reiterated an “overweight” rating and issued a $17.00 price target on shares of Crescent Energy in a report on Tuesday, March 5th. Mizuho reiterated 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. 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 objective for the company. TheStreet upgraded Crescent Energy from a “d” rating to a “c-” rating in a research report on Wednesday, February 14th. Finally, Raymond James reduced their price objective on Crescent Energy from $16.00 to $15.00 and set a “strong-buy” rating for the company in a research report on Wednesday, January 24th. One equities research analyst has rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $16.38.

Crescent Energy Stock Up 1.9 %

The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.98. The stock has a 50-day simple moving average of $11.30 and a 200-day simple moving average of $11.49. The company has a market cap of $2.26 billion, a price-to-earnings ratio of 9.74 and a beta of 2.29.

Crescent Energy (NYSE:CRGY) last announced its earnings results on Monday, March 4th. The company reported $0.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.21 by $0.37. The company had revenue of $657.73 million for the quarter, compared to analyst estimates of $584.12 million. Crescent Energy had a return on equity of 13.30% and a net margin of 2.84%. As a group, analysts predict that Crescent Energy will post 1.28 EPS for the current year.

Insider Transactions at Crescent Energy

In related news, major shareholder Energy Aggregator Independence sold 13,800,000 shares of the firm’s stock in a transaction on Monday, March 11th. The stock was sold at an average price of $9.87, for a total transaction of $136,206,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 13.20% of the stock is currently owned by corporate insiders.

Institutional Trading of Crescent Energy

Several hedge funds have recently added to or reduced their stakes in CRGY. GAMMA Investing LLC grew its holdings in Crescent Energy by 186.5% during the first quarter. GAMMA Investing LLC now owns 4,507 shares of the company’s stock worth $54,000 after purchasing an additional 2,934 shares during the period. Amalgamated Bank lifted its stake in Crescent Energy by 58.5% during the fourth quarter. Amalgamated Bank now owns 7,444 shares of the company’s stock worth $98,000 after purchasing an additional 2,748 shares during the last quarter. J.W. Cole Advisors Inc. bought a new position in shares of Crescent Energy in the 4th quarter valued at $136,000. Raymond James Financial Services Advisors Inc. bought a new position in Crescent Energy during the 4th quarter worth $139,000. Finally, SG Americas Securities LLC bought a new position in Crescent Energy during the 3rd quarter worth $140,000. Institutional investors and hedge funds own 52.11% 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.