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

Shares of Crescent Energy (NYSE:CRGY) shot up 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. 365,580 shares were traded during mid-day 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 issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 3.82%. The ex-dividend date of this dividend is Monday, May 20th. Crescent Energy’s payout ratio is currently 37.21%.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the stock. Tudor, Pickering, Holt & Co. started coverage on shares of Crescent Energy in a research report on Wednesday, April 10th. They issued a “buy” rating and a $18.00 price objective on the stock. Mizuho reiterated a “neutral” rating and set a $13.00 price target (down from $14.00) on shares of Crescent Energy in a research note on Friday, March 22nd. Truist Financial lowered their price objective on Crescent Energy from $23.00 to $19.00 and set a “buy” rating on the stock in a report on Friday, April 5th. Wells Fargo & Company increased their target price on Crescent Energy from $19.00 to $20.00 and gave the stock an “overweight” rating in a research note on Monday, April 22nd. Finally, Stephens restated an “overweight” rating and issued a $17.00 price target on shares of Crescent Energy in a research note on Tuesday, March 5th. One analyst has rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of $16.38.

Crescent Energy Stock Up 1.9 %

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

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

Insider Activity at Crescent Energy

In other news, major shareholder Energy Aggregator Independence sold 13,800,000 shares of the company’s stock in a transaction 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 filing with the SEC, which is available through this link. 13.20% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Crescent Energy

Several institutional investors and hedge funds have recently modified their holdings of CRGY. GAMMA Investing LLC raised its holdings in Crescent Energy by 186.5% in the 1st quarter. GAMMA Investing LLC now owns 4,507 shares of the company’s stock valued at $54,000 after acquiring an additional 2,934 shares during the last quarter. Amalgamated Bank grew its position in shares of Crescent Energy by 58.5% in the fourth quarter. Amalgamated Bank now owns 7,444 shares of the company’s stock valued at $98,000 after purchasing an additional 2,748 shares during the period. J.W. Cole Advisors Inc. acquired a new position in Crescent Energy in the fourth quarter valued at $136,000. Raymond James Financial Services Advisors Inc. purchased a new position in Crescent Energy during the fourth quarter worth about $139,000. Finally, SG Americas Securities LLC acquired a new stake in Crescent Energy in the 3rd quarter worth about $140,000. Hedge funds and other institutional investors 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.