Crescent Point Energy Corp. (CPG) Rating Increased 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 research report issued on Tuesday. The firm currently has a $15.00 price target 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. “
A number of other brokerages have also recently weighed in on CPG. TD Securities cut Crescent Point Energy Corp. to a “buy” rating and lowered their price target for the company from $31.00 to $30.00 in a research report on Friday, August 12th. Canaccord Genuity reissued a “buy” rating on shares of Crescent Point Energy Corp. in a research note on Friday, August 12th. Dundee Securities lowered Crescent Point Energy Corp. from a “buy” rating to a “neutral” rating in a research note on Friday, September 9th. Finally, Barclays PLC raised Crescent Point Energy Corp. from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $23.00 to $28.00 in a research note on Friday, July 22nd. Three equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price of $28.86.
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Shares of Crescent Point Energy Corp. (NYSE:CPG) remained flat at $13.54 during midday trading on Tuesday. 460,380 shares of the stock traded hands. Crescent Point Energy Corp. has a 52 week low of $7.82 and a 52 week high of $18.95. The stock’s market capitalization is $6.87 billion. The stock has a 50 day moving average price of $14.10 and a 200 day moving average price of $15.34.
Crescent Point Energy Corp. (NYSE:CPG) last issued its quarterly earnings results on Thursday, August 11th. The company reported $0.03 EPS for the quarter, topping the Thomson Reuters’ 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%. Equities research analysts anticipate that Crescent Point Energy Corp. will post ($0.44) earnings per share for the current fiscal year.
The business also recently disclosed a dividend, which will be paid on Monday, October 17th. Investors of record on Friday, September 30th will be issued a $0.023 dividend. 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 added to or reduced their stakes in the stock. HBK Investments L P increased its stake in Crescent Point Energy Corp. by 32.8% in the first quarter. HBK Investments L P now owns 178,300 shares of the company’s stock worth $2,468,000 after buying an additional 44,000 shares in the last quarter. Wellington Management Group LLP increased its stake in Crescent Point Energy Corp. by 10.3% in the first quarter. Wellington Management Group LLP now owns 4,072,171 shares of the company’s stock worth $56,607,000 after buying an additional 378,782 shares in the last quarter. Goldman Sachs Group Inc. increased its stake in Crescent Point Energy Corp. by 120.8% in the first quarter. Goldman Sachs Group Inc. now owns 1,023,366 shares of the company’s stock worth $14,163,000 after buying an additional 559,790 shares in the last quarter. Sentry Investments Corp. increased its stake in Crescent Point Energy Corp. by 156.2% in the first quarter. Sentry Investments Corp. now owns 1,286,587 shares of the company’s stock worth $23,133,000 after buying an additional 784,500 shares in the last quarter. Finally, PCJ Investment Counsel Ltd. increased its stake in Crescent Point Energy Corp. by 22.9% in the first quarter. PCJ Investment Counsel Ltd. now owns 3,377,338 shares of the company’s stock worth $46,948,000 after buying an additional 628,790 shares in the last quarter. Institutional investors and hedge funds own 40.02% of the company’s stock.
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