Crescent Point Energy Corp. (CPG) Downgraded to “Sell” at Zacks Investment Research
Crescent Point Energy Corp. (NYSE:CPG) was downgraded by Zacks Investment Research from a “buy” rating to a “sell” rating in a research note issued on Wednesday.
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. “
CPG has been the subject of a number of other research reports. Dundee Securities cut shares of Crescent Point Energy Corp. from a “buy” rating to a “neutral” rating in a research note on Friday, September 9th. Canaccord Genuity reiterated a “buy” rating on shares of Crescent Point Energy Corp. in a research note on Friday, August 12th. TD Securities cut shares of Crescent Point Energy Corp. to a “buy” rating and cut their target price for the company from $31.00 to $30.00 in a research note on Friday, August 12th. Finally, Barclays PLC upgraded shares of 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 note on Friday, July 22nd. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and seven have issued a buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $28.86.
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Shares of Crescent Point Energy Corp. (NYSE:CPG) traded down 3.55% during midday trading on Wednesday, hitting $13.06. The stock had a trading volume of 759,094 shares. The stock’s market cap is $6.63 billion. The stock has a 50-day moving average of $14.02 and a 200 day moving average of $15.32. Crescent Point Energy Corp. has a 52 week low of $7.82 and a 52 week high of $18.95.
Crescent Point Energy Corp. (NYSE:CPG) last posted its earnings results on Thursday, August 11th. The company reported $0.03 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.10. Crescent Point Energy Corp. had a negative net margin of 35.05% and a positive return on equity of 2.78%. Analysts anticipate that Crescent Point Energy Corp. will post ($0.44) EPS for the current fiscal year.
The business also recently declared 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 currently -20.00%.
Several hedge funds have recently modified their holdings of the stock. M&T Bank Corp bought a new stake in shares of Crescent Point Energy Corp. during the first quarter worth $168,000. Marshall Wace LLP acquired a new stake in Crescent Point Energy Corp. during the second quarter worth approximately $183,000. AHL Partners LLP acquired a new stake in Crescent Point Energy Corp. during the second quarter worth approximately $194,000. Highbridge Capital Management LLC acquired a new stake in Crescent Point Energy Corp. during the second quarter worth approximately $221,000. Finally, NN Investment Partners Holdings N.V. acquired a new stake in Crescent Point Energy Corp. during the first quarter worth approximately $252,000. 40.02% of the stock is owned by institutional investors and hedge funds.
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