Crescent Point Energy Corporation (CPG) Lifted to “Strong-Buy” at Zacks Investment Research
Crescent Point Energy Corporation (NYSE:CPG) (TSE:CPG) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research report issued to clients and investors on Tuesday. The firm currently has a $8.25 price target on the oil and gas producer’s stock. Zacks Investment Research‘s target price indicates a potential upside of 16.03% from the stock’s current price.
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 also recently issued reports on CPG. AltaCorp Capital reaffirmed an “outperform” rating on shares of Crescent Point Energy Corporation in a report on Tuesday, May 9th. ValuEngine raised shares of Crescent Point Energy Corporation from a “sell” rating to a “hold” rating in a report on Tuesday. Two equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $22.35.
Crescent Point Energy Corporation (NYSE CPG) traded down 0.97% during mid-day trading on Tuesday, reaching $7.11. The company had a trading volume of 1,581,943 shares. The stock’s market capitalization is $3.87 billion. The stock has a 50 day moving average price of $8.75 and a 200-day moving average price of $10.82. Crescent Point Energy Corporation has a 12-month low of $6.97 and a 12-month high of $17.22.
Crescent Point Energy Corporation (NYSE:CPG) (TSE:CPG) last issued its quarterly earnings data on Thursday, April 27th. The oil and gas producer reported $0.09 EPS for the quarter, topping analysts’ consensus estimates of ($0.25) by $0.34. The company had revenue of $609.29 million during the quarter, compared to the consensus estimate of $607.80 million. Crescent Point Energy Corporation had a negative net margin of 25.42% and a positive return on equity of 1.57%. During the same quarter in the previous year, the firm posted ($0.01) earnings per share. Equities analysts anticipate that Crescent Point Energy Corporation will post $0.17 EPS for the current fiscal year.
The business also recently declared a dividend, which will be paid on Monday, July 17th. Investors of record on Friday, June 30th will be given a dividend of $0.022 per share. The ex-dividend date is Wednesday, June 28th. Crescent Point Energy Corporation’s dividend payout ratio (DPR) is presently -25.96%.
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A number of hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its stake in Crescent Point Energy Corporation by 2.0% in the first quarter. Vanguard Group Inc. now owns 12,339,008 shares of the oil and gas producer’s stock worth $133,508,000 after buying an additional 242,451 shares during the last quarter. Mackenzie Financial Corp increased its stake in Crescent Point Energy Corporation by 9.8% in the first quarter. Mackenzie Financial Corp now owns 12,311,553 shares of the oil and gas producer’s stock worth $133,211,000 after buying an additional 1,101,347 shares during the last quarter. Sentry Investments Corp. increased its stake in Crescent Point Energy Corporation by 26.8% in the first quarter. Sentry Investments Corp. now owns 9,249,737 shares of the oil and gas producer’s stock worth $132,919,000 after buying an additional 1,952,850 shares during the last quarter. Norges Bank acquired a new stake in Crescent Point Energy Corporation during the fourth quarter worth approximately $76,566,000. Finally, Wellington Management Group LLP increased its stake in Crescent Point Energy Corporation by 18.0% in the first quarter. Wellington Management Group LLP now owns 4,105,026 shares of the oil and gas producer’s stock worth $44,232,000 after buying an additional 626,506 shares during the last quarter. Institutional investors own 42.35% of the company’s stock.
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