Zacks Investment Research upgraded shares of Crescent Point Energy (NYSE:CPG) (TSE:CPG) from a hold rating to a buy rating in a report published on Friday, December 29th. Zacks Investment Research currently has $8.50 target price 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. “
Other equities analysts have also issued research reports about the company. Scotiabank reiterated a buy rating and issued a $17.00 target price on shares of Crescent Point Energy in a research note on Tuesday, October 10th. ValuEngine upgraded Crescent Point Energy from a sell rating to a hold rating in a research note on Thursday, October 12th. Desjardins downgraded Crescent Point Energy from a buy rating to a hold rating in a report on Wednesday, October 11th. Royal Bank of Canada reissued a hold rating and issued a $14.00 price target on shares of Crescent Point Energy in a report on Monday, September 25th. Finally, Raymond James Financial downgraded Crescent Point Energy from an outperform rating to a market perform rating in a report on Thursday, December 14th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and three have given a buy rating to the company’s stock. The stock presently has an average rating of Hold and a consensus price target of $13.17.
Crescent Point Energy (CPG) opened at $9.01 on Friday. The company has a market capitalization of $4,960.00, a price-to-earnings ratio of -10.24, a PEG ratio of 14.78 and a beta of 1.52. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.72 and a current ratio of 0.72. Crescent Point Energy has a 52 week low of $6.42 and a 52 week high of $13.09.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CPG. Hexavest Inc. lifted its stake in shares of Crescent Point Energy by 83.3% in the 4th quarter. Hexavest Inc. now owns 796,621 shares of the oil and gas producer’s stock valued at $6,091,000 after purchasing an additional 362,136 shares during the last quarter. Guardian Capital Advisors LP lifted its stake in Crescent Point Energy by 6.1% during the 3rd quarter. Guardian Capital Advisors LP now owns 192,084 shares of the oil and gas producer’s stock worth $1,754,000 after acquiring an additional 10,969 shares in the last quarter. Point72 Asset Management L.P. acquired a new position in Crescent Point Energy during the 3rd quarter worth about $5,331,000. Jane Street Group LLC acquired a new position in Crescent Point Energy during the 3rd quarter worth about $490,000. Finally, Mackenzie Financial Corp lifted its stake in Crescent Point Energy by 7.5% during the 3rd quarter. Mackenzie Financial Corp now owns 15,154,711 shares of the oil and gas producer’s stock worth $121,995,000 after acquiring an additional 1,059,760 shares in the last quarter. 39.68% of the stock is currently owned by institutional investors.
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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, Colorado, and Utah.
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