Zacks Investment Research Downgrades Crescent Point Energy Corp. (CPG) to Sell
Crescent Point Energy Corp. (NYSE:CPG) was downgraded by Zacks Investment Research from a “buy” rating to a “sell” rating in a research report issued to clients and investors 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. “
Other research analysts have also issued research reports about the stock. TD Securities upgraded shares of Crescent Point Energy Corp. to a “buy” rating and raised their price target for the stock from $27.00 to $31.00 in a report on Thursday, June 30th. Canaccord Genuity restated a “buy” rating on shares of Crescent Point Energy Corp. in a report on Friday, August 12th. Dundee Securities lowered shares of Crescent Point Energy Corp. from a “buy” rating to a “neutral” rating in a report on Friday, September 9th. Finally, Barclays PLC upgraded shares of Crescent Point Energy Corp. from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $23.00 to $28.00 in a report on Friday, July 22nd. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have issued a buy rating to the company’s stock. The company currently 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) traded down 3.55% on Wednesday, reaching $13.06. 759,094 shares of the company traded hands. The company’s market capitalization is $6.63 billion. Crescent Point Energy Corp. has a one year low of $7.82 and a one year high of $18.95. The firm has a 50-day moving average price of $14.02 and a 200 day moving average price of $15.32.
Crescent Point Energy Corp. (NYSE:CPG) last issued its quarterly earnings data 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%. Equities analysts forecast 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. Investors of record on Friday, September 30th will be given a $0.023 dividend. The ex-dividend date is Wednesday, September 28th. Crescent Point Energy Corp.’s payout ratio is currently -20.00%.
Hedge funds have recently bought and sold shares of the stock. M&T Bank Corp acquired a new stake in Crescent Point Energy Corp. during the first quarter valued at about $168,000. Marshall Wace LLP purchased a new position in Crescent Point Energy Corp. during the second quarter worth about $183,000. AHL Partners LLP purchased a new position in Crescent Point Energy Corp. during the second quarter worth about $194,000. Highbridge Capital Management LLC purchased a new position in Crescent Point Energy Corp. during the second quarter worth about $221,000. Finally, NN Investment Partners Holdings N.V. purchased a new position in Crescent Point Energy Corp. during the first quarter worth about $252,000. 40.02% of the stock is owned by institutional investors and hedge funds.
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