Crescent Point Energy Corp (CPG) Sees Significant Drop in Short Interest

Crescent Point Energy Corp (NYSE:CPG) (TSE:CPG) was the recipient of a large decline in short interest in January. As of January 31st, there was short interest totalling 3,062,646 shares, a decline of 68.7% from the January 15th total of 9,793,728 shares. Based on an average daily volume of 2,292,955 shares, the days-to-cover ratio is currently 1.3 days.

A number of analysts recently weighed in on CPG shares. BMO Capital Markets restated an “average” rating and set a $5.00 target price on shares of Crescent Point Energy in a research note on Monday, January 7th. Zacks Investment Research raised Crescent Point Energy from a “hold” rating to a “buy” rating and set a $3.75 target price on the stock in a research report on Wednesday, January 16th. Canaccord Genuity cut Crescent Point Energy to a “buy” rating in a report on Thursday, January 10th. TD Securities raised Crescent Point Energy from a “hold” rating to a “buy” rating in a research report on Monday, January 7th. Finally, Raymond James restated a “hold” rating on shares of Crescent Point Energy in a research note on Wednesday, January 16th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $4.38.

Several hedge funds and other institutional investors have recently modified their holdings of the company. Franklin Resources Inc. grew its stake in shares of Crescent Point Energy by 15.8% during the third quarter. Franklin Resources Inc. now owns 33,361,414 shares of the oil and gas producer’s stock worth $212,163,000 after purchasing an additional 4,558,402 shares during the period. Lincluden Management Ltd. lifted its holdings in shares of Crescent Point Energy by 29.3% during the 4th quarter. Lincluden Management Ltd. now owns 10,022,476 shares of the oil and gas producer’s stock worth $30,393,000 after acquiring an additional 2,270,934 shares during the last quarter. Morgan Stanley increased its position in shares of Crescent Point Energy by 93.0% during the third quarter. Morgan Stanley now owns 4,618,575 shares of the oil and gas producer’s stock valued at $29,328,000 after buying an additional 2,225,693 shares during the period. FIL Ltd grew its holdings in shares of Crescent Point Energy by 8.6% during the third quarter. FIL Ltd now owns 25,454,550 shares of the oil and gas producer’s stock valued at $161,991,000 after buying an additional 2,023,430 shares during the last quarter. Finally, Toronto Dominion Bank raised its position in shares of Crescent Point Energy by 52.4% during the 4th quarter. Toronto Dominion Bank now owns 4,109,698 shares of the oil and gas producer’s stock valued at $12,477,000 after purchasing an additional 1,412,256 shares during the period. 37.83% of the stock is currently owned by institutional investors and hedge funds.

Shares of Crescent Point Energy stock opened at $2.76 on Thursday. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.48 and a current ratio of 0.48. Crescent Point Energy has a 52 week low of $2.43 and a 52 week high of $9.20. The company has a market capitalization of $1.50 billion, a price-to-earnings ratio of 19.71 and a beta of 0.99.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, April 1st. Stockholders of record on Friday, March 15th will be issued a $0.007 dividend. The ex-dividend date of this dividend is Thursday, March 14th. This represents a $0.03 annualized dividend and a dividend yield of 1.01%. Crescent Point Energy’s dividend payout ratio (DPR) is 192.86%.

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About Crescent Point Energy

Crescent Point Energy Corp. acquires, explores, develops, and produces light and medium oil and natural gas properties in Western Canada and the United States. The company's crude oil and natural gas properties, and related assets are located in the provinces of Saskatchewan, Alberta, British Columbia, and Manitoba; and the states of North Dakota, Montana, and Utah.

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