Zacks Investment Research Lowers Crescent Point Energy (NYSE:CPG) to Hold

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Zacks Investment Research lowered shares of Crescent Point Energy (NYSE:CPG) (TSE:CPG) from a buy rating to a hold rating in a research note issued to investors on Wednesday morning, Zacks.com reports.

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. CIBC raised Crescent Point Energy from a neutral rating to a sector outperform rating in a report on Thursday, May 9th. Canaccord Genuity reaffirmed a hold rating and issued a $20.00 price target (down from $29.00) on shares of Sailpoint Technologies in a report on Thursday, May 9th. Macquarie raised Husky Energy from an underperform rating to a neutral rating in a report on Thursday, April 11th. Finally, Raymond James reaffirmed a buy rating on shares of Canadian Natural Resources in a report on Friday, May 10th. One analyst has rated the stock with a sell rating, four have given a hold rating and four have issued a buy rating to the company. Crescent Point Energy presently has a consensus rating of Hold and an average price target of $4.77.

NYSE:CPG opened at $3.12 on Wednesday. Crescent Point Energy has a 1 year low of $2.43 and a 1 year high of $7.41. The stock has a fifty day moving average price of $3.19. The company has a quick ratio of 0.59, a current ratio of 0.59 and a debt-to-equity ratio of 0.62. The stock has a market capitalization of $1.67 billion, a P/E ratio of 9.45 and a beta of 1.08.

Crescent Point Energy (NYSE:CPG) (TSE:CPG) last posted its quarterly earnings results on Thursday, May 9th. The oil and gas producer reported $0.22 EPS for the quarter, topping the Zacks’ consensus estimate of $0.02 by $0.20. Crescent Point Energy had a positive return on equity of 4.22% and a negative net margin of 67.99%. The firm had revenue of $671.24 million during the quarter, compared to analyst estimates of $621.98 million. During the same period last year, the company earned $0.12 earnings per share. Analysts forecast that Crescent Point Energy will post 0.36 EPS for the current year.

The business also recently declared a quarterly dividend, which was paid on Tuesday, July 2nd. Stockholders of record on Saturday, June 15th were issued a $0.007 dividend. This represents a $0.03 dividend on an annualized basis and a dividend yield of 0.90%. The ex-dividend date of this dividend was Thursday, June 13th. Crescent Point Energy’s payout ratio is currently 9.09%.

Large investors have recently bought and sold shares of the stock. Stratos Wealth Partners LTD. bought a new stake in Crescent Point Energy during the first quarter valued at $32,000. Jane Street Group LLC bought a new stake in Crescent Point Energy during the fourth quarter valued at $70,000. HRT Financial LLC bought a new stake in Crescent Point Energy during the fourth quarter valued at $74,000. Gotham Asset Management LLC bought a new stake in Crescent Point Energy during the fourth quarter valued at $86,000. Finally, NumerixS Investment Technologies Inc boosted its stake in Crescent Point Energy by 832.0% during the first quarter. NumerixS Investment Technologies Inc now owns 46,600 shares of the oil and gas producer’s stock valued at $150,000 after buying an additional 41,600 shares during the period. 32.35% of the stock is owned by institutional investors.

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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