Crescent Point Energy (NYSE:CPG) Shares Gap Up to $3.35

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Crescent Point Energy Corp (NYSE:CPG) (TSE:CPG)’s share price gapped up before the market opened on Wednesday . The stock had previously closed at $3.27, but opened at $3.35. Crescent Point Energy shares last traded at $3.46, with a volume of 2,118,400 shares trading hands.

Several research analysts recently commented on the stock. BMO Capital Markets raised shares of Crescent Point Energy from a “market perform” rating to an “outperform” rating and raised their price objective for the stock from $6.00 to $8.00 in a report on Monday, September 16th. ValuEngine downgraded shares of Crescent Point Energy from a “sell” rating to a “strong sell” rating in a report on Friday, November 1st. National Bank Financial reaffirmed an “outperform overweight” rating and issued a $9.50 price objective on shares of Crescent Point Energy in a report on Monday, October 21st. Raymond James reaffirmed a “hold” rating and issued a $5.50 price objective on shares of Crescent Point Energy in a report on Friday, November 1st. Finally, Zacks Investment Research downgraded shares of Crescent Point Energy from a “buy” rating to a “hold” rating in a report on Tuesday, November 5th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and five have issued a buy rating to the company. Crescent Point Energy currently has a consensus rating of “Hold” and an average price target of $6.34.

The company’s fifty day moving average is $3.85 and its 200 day moving average is $3.56. The company has a market capitalization of $1.92 billion, a P/E ratio of 10.48 and a beta of 1.11. The company has a current ratio of 1.63, a quick ratio of 1.63 and a debt-to-equity ratio of 0.55.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its holdings in Crescent Point Energy by 3.9% in the 2nd quarter. Vanguard Group Inc. now owns 14,900,790 shares of the oil and gas producer’s stock worth $49,173,000 after buying an additional 557,014 shares during the period. Connor Clark & Lunn Investment Management Ltd. boosted its holdings in Crescent Point Energy by 59.2% in the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 12,155,457 shares of the oil and gas producer’s stock valued at $40,278,000 after purchasing an additional 4,518,849 shares during the period. Lincluden Management Ltd. boosted its holdings in Crescent Point Energy by 0.9% in the 2nd quarter. Lincluden Management Ltd. now owns 11,442,601 shares of the oil and gas producer’s stock valued at $37,834,000 after purchasing an additional 103,710 shares during the period. Bank of Montreal Can boosted its holdings in Crescent Point Energy by 12.2% in the 2nd quarter. Bank of Montreal Can now owns 7,728,458 shares of the oil and gas producer’s stock valued at $25,504,000 after purchasing an additional 840,718 shares during the period. Finally, Nuveen Asset Management LLC bought a new position in Crescent Point Energy in the 2nd quarter valued at $21,770,000. 35.47% of the stock is owned by institutional investors.

Crescent Point Energy Company Profile (NYSE:CPG)

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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