Crescent Point Energy Corp. (CPG) Raised to Buy at Zacks Investment Research
Crescent Point Energy Corp. (NYSE:CPG) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Tuesday. The firm currently has a $15.00 target price on the stock. Zacks Investment Research’s price target would suggest a potential upside of 10.78% from the company’s previous close.
According to Zacks, “Crescent Point Energy Corp. is engaged in the acquisition, exploration and development of oil and natural gas properties in Western Canada. The Company’s operations consist of light and medium oil and natural gas assets strategically focused in core areas in southern Saskatchewan and central and southern Alberta. Crescent Point Energy Corp., formerly known as Crescent Point Energy Trust, is headquartered in Calgary, Canada. “
Other equities analysts also recently issued reports about the company. Canaccord Genuity restated a “buy” rating on shares of Crescent Point Energy Corp. in a research note on Friday, August 12th. TD Securities downgraded Crescent Point Energy Corp. to a “buy” rating and dropped their price target for the stock from $31.00 to $30.00 in a research note on Friday, August 12th. Barclays PLC upgraded Crescent Point Energy Corp. from an “equal weight” rating to an “overweight” rating and lifted their target price for the company from $23.00 to $28.00 in a research report on Friday, July 22nd. Finally, Dundee Securities downgraded Crescent Point Energy Corp. from a “buy” rating to a “neutral” rating in a research report on Friday, September 9th. Three equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Crescent Point Energy Corp. has a consensus rating of “Buy” and an average price target of $28.86.
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Shares of Crescent Point Energy Corp. (NYSE:CPG) remained flat at $13.54 during trading on Tuesday. The stock had a trading volume of 460,380 shares. The firm’s 50-day moving average price is $14.10 and its 200 day moving average price is $15.34. The company’s market capitalization is $6.87 billion. Crescent Point Energy Corp. has a 12-month low of $7.82 and a 12-month high of $18.95.
Crescent Point Energy Corp. (NYSE:CPG) last released its quarterly earnings results on Thursday, August 11th. The company reported $0.03 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.07) by $0.10. Crescent Point Energy Corp. had a positive return on equity of 2.78% and a negative net margin of 35.05%. On average, equities analysts anticipate that Crescent Point Energy Corp. will post ($0.44) EPS for the current fiscal year.
The firm also recently declared a dividend, which will be paid on Monday, October 17th. Shareholders of record on Friday, September 30th will be issued a dividend of $0.023 per share. The ex-dividend date of this dividend is Wednesday, September 28th. Crescent Point Energy Corp.’s dividend payout ratio is presently -20.00%.
A number of large investors have recently bought and sold shares of CPG. Marshall Wace LLP purchased a new stake in shares of Crescent Point Energy Corp. during the second quarter valued at about $183,000. M&T Bank Corp purchased a new stake in shares of Crescent Point Energy Corp. during the first quarter valued at about $168,000. AHL Partners LLP purchased a new stake in shares of Crescent Point Energy Corp. during the second quarter valued at about $194,000. Highbridge Capital Management LLC purchased a new stake in shares of Crescent Point Energy Corp. during the second quarter valued at about $221,000. Finally, Princeton Alpha Management LP purchased a new stake in shares of Crescent Point Energy Corp. during the second quarter valued at about $260,000. 40.02% of the stock is currently owned by institutional investors and hedge funds.
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