BMO Capital Markets upgraded shares of Crescent Point Energy (NYSE:CPG) (TSE:CPG) from a market perform rating to an outperform rating in a report published on Monday morning, Briefing.com Automated Import reports. The firm currently has $8.00 price objective on the oil and gas producer’s stock, up from their previous price objective of $6.00.
Other equities research analysts have also recently issued research reports about the company. Raymond James set a $7.00 price target on Crescent Point Energy and gave the stock a hold rating in a report on Wednesday, September 4th. Zacks Investment Research cut Crescent Point Energy from a buy rating to a hold rating in a report on Wednesday, July 17th. Finally, Royal Bank of Canada restated a hold rating and issued a $6.00 price target on shares of Crescent Point Energy in a report on Thursday, July 18th. Three research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. The stock presently has a consensus rating of Buy and a consensus target price of $5.81.
CPG opened at $4.57 on Monday. The stock has a market cap of $2.44 billion, a P/E ratio of 13.85 and a beta of 1.06. The company has a debt-to-equity ratio of 0.55, a current ratio of 0.59 and a quick ratio of 0.59. The stock’s 50 day simple moving average is $3.36 and its 200 day simple moving average is $3.40. Crescent Point Energy has a 1-year low of $2.43 and a 1-year high of $6.68.
Crescent Point Energy (NYSE:CPG) (TSE:CPG) last released its quarterly earnings results on Thursday, July 25th. The oil and gas producer reported $0.20 earnings per share for the quarter, topping analysts’ consensus estimates of $0.16 by $0.04. The business had revenue of $706.64 million for the quarter, compared to analysts’ expectations of $724.48 million. Crescent Point Energy had a positive return on equity of 5.15% and a negative net margin of 58.40%. During the same quarter in the prior year, the firm posted $0.19 EPS. Research analysts expect that Crescent Point Energy will post 0.47 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Sunday, September 15th will be paid a $0.008 dividend. The ex-dividend date is Thursday, September 12th. This represents a $0.03 dividend on an annualized basis and a yield of 0.70%. This is a positive change from Crescent Point Energy’s previous quarterly dividend of $0.01. Crescent Point Energy’s dividend payout ratio is presently 9.09%.
A number of hedge funds have recently bought and sold shares of CPG. Stratos Wealth Partners LTD. purchased a new stake in Crescent Point Energy in the 1st quarter valued at approximately $32,000. TD Asset Management Inc. lifted its stake in Crescent Point Energy by 10.0% in the 1st quarter. TD Asset Management Inc. now owns 4,266,373 shares of the oil and gas producer’s stock valued at $13,828,000 after buying an additional 388,312 shares in the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp purchased a new stake in Crescent Point Energy in the 1st quarter valued at approximately $4,211,000. Scheer Rowlett & Associates Investment Management Ltd. lifted its stake in Crescent Point Energy by 2.3% in the 1st quarter. Scheer Rowlett & Associates Investment Management Ltd. now owns 6,260,751 shares of the oil and gas producer’s stock valued at $20,292,000 after buying an additional 137,957 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its stake in Crescent Point Energy by 77.1% in the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 7,636,608 shares of the oil and gas producer’s stock valued at $24,751,000 after buying an additional 3,323,404 shares in the last quarter. 31.72% of the stock is currently owned by hedge funds and other institutional investors.
About Crescent Point Energy
Crescent Point Energy Corp. explores, develops, and produces light and medium crude oil and natural gas reserves 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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