Crescent Point Energy (NYSE:CPG) (TSE:CPG) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Tuesday, Zacks.com reports. The brokerage currently has a $5.00 target price on the oil and gas producer’s stock. Zacks Investment Research‘s price objective indicates a potential upside of 21.07% from the stock’s previous close.
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. “
Several other equities analysts also recently issued reports on the stock. TD Securities raised shares of Crescent Point Energy from a “hold” rating to a “buy” rating in a report on Monday, January 7th. Canaccord Genuity downgraded shares of Crescent Point Energy to a “buy” rating in a report on Thursday, January 10th. BMO Capital Markets reissued an “average” rating and set a $5.00 price target on shares of Crescent Point Energy in a report on Monday, January 7th. Macquarie downgraded shares of Crescent Point Energy from an “outperform” rating to a “neutral” rating in a report on Friday, January 18th. Finally, Raymond James restated a “hold” rating on shares of Crescent Point Energy in a research report on Wednesday, January 16th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the stock. Crescent Point Energy presently has an average rating of “Hold” and an average target price of $4.69.
Crescent Point Energy (NYSE:CPG) (TSE:CPG) last announced its quarterly earnings results on Thursday, March 7th. The oil and gas producer reported ($0.02) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.09 by ($0.11). Crescent Point Energy had a negative net margin of 68.90% and a positive return on equity of 2.79%. The firm had revenue of $599.03 million for the quarter, compared to the consensus estimate of $741.38 million. During the same period in the prior year, the business earned ($0.06) earnings per share. On average, equities research analysts expect that Crescent Point Energy will post 0.15 EPS for the current fiscal year.
A number of institutional investors and hedge funds have recently bought and sold shares of the business. Barometer Capital Management Inc. acquired a new stake in Crescent Point Energy in the 1st quarter valued at about $2,913,000. Virtu Financial LLC increased its position in Crescent Point Energy by 363.8% in the 1st quarter. Virtu Financial LLC now owns 85,617 shares of the oil and gas producer’s stock valued at $277,000 after acquiring an additional 67,157 shares in the last quarter. Tibra Equities Europe Ltd acquired a new stake in Crescent Point Energy in the 1st quarter valued at about $2,177,000. Deutsche Bank AG increased its position in Crescent Point Energy by 152.2% in the 4th quarter. Deutsche Bank AG now owns 2,940,219 shares of the oil and gas producer’s stock valued at $8,878,000 after acquiring an additional 1,774,421 shares in the last quarter. Finally, Norges Bank acquired a new stake in Crescent Point Energy in the 4th quarter valued at about $21,929,000. Hedge funds and other institutional investors own 37.75% of the company’s stock.
Crescent Point Energy Company Profile
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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