Zacks Investment Research upgraded shares of Crescent Point Energy Corporation (NYSE:CPG) (TSE:CPG) from a hold rating to a strong-buy rating in a research report released on Tuesday. The firm currently has $9.00 price target on the oil and gas producer’s stock.
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 research firms have also commented on CPG. BidaskClub lowered shares of Crescent Point Energy Corporation from a sell rating to a strong sell rating in a report on Sunday, August 6th. Royal Bank Of Canada reiterated a hold rating and set a $14.00 price target on shares of Crescent Point Energy Corporation in a report on Monday, September 25th. Scotiabank reiterated a buy rating and set a $17.00 price target on shares of Crescent Point Energy Corporation in a report on Tuesday. Finally, ValuEngine upgraded shares of Crescent Point Energy Corporation from a sell rating to a hold rating in a report on Tuesday, July 11th. Two research analysts have rated the stock with a sell rating, two have issued a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has an average rating of Hold and an average price target of $13.33.
Crescent Point Energy Corporation (NYSE:CPG) (TSE:CPG) last posted its quarterly earnings results on Thursday, July 27th. The oil and gas producer reported $0.05 EPS for the quarter, beating the Zacks’ consensus estimate of ($0.03) by $0.08. Crescent Point Energy Corporation had a negative net margin of 13.80% and a positive return on equity of 1.83%. The company had revenue of $605.03 million during the quarter, compared to analyst estimates of $602.04 million. During the same period in the prior year, the business posted $0.03 EPS. On average, equities research analysts predict that Crescent Point Energy Corporation will post $0.21 EPS for the current year.
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The business also recently disclosed a monthly dividend, which will be paid on Monday, October 16th. Shareholders of record on Saturday, September 30th will be issued a $0.025 dividend. The ex-dividend date is Thursday, September 28th. This is a positive change from Crescent Point Energy Corporation’s previous monthly dividend of $0.02. This represents a $0.30 annualized dividend and a yield of 3.85%. Crescent Point Energy Corporation’s dividend payout ratio is -51.72%.
A number of hedge funds and other institutional investors have recently modified their holdings of CPG. Bank of New York Mellon Corp raised its holdings in Crescent Point Energy Corporation by 6.9% in the 1st quarter. Bank of New York Mellon Corp now owns 719,867 shares of the oil and gas producer’s stock worth $7,789,000 after purchasing an additional 46,778 shares in the last quarter. Parametric Portfolio Associates LLC raised its holdings in Crescent Point Energy Corporation by 24.8% in the 1st quarter. Parametric Portfolio Associates LLC now owns 109,681 shares of the oil and gas producer’s stock worth $1,187,000 after purchasing an additional 21,795 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in Crescent Point Energy Corporation by 1.6% in the 1st quarter. JPMorgan Chase & Co. now owns 460,257 shares of the oil and gas producer’s stock worth $4,979,000 after purchasing an additional 7,246 shares in the last quarter. Dynamic Technology Lab Private Ltd bought a new position in Crescent Point Energy Corporation in the 1st quarter worth $187,000. Finally, Alliancebernstein L.P. raised its holdings in Crescent Point Energy Corporation by 59.7% in the 1st quarter. Alliancebernstein L.P. now owns 71,302 shares of the oil and gas producer’s stock worth $771,000 after purchasing an additional 26,665 shares in the last quarter. Institutional investors and hedge funds own 38.99% of the company’s stock.
About Crescent Point Energy Corporation
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, Colorado, and Utah.
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