Crescent Point Energy Corp (NYSE:CPG) Receives Consensus Recommendation of “Buy” from Analysts
Shares of Crescent Point Energy Corp (NYSE:CPG) (TSE:CPG) have been given an average recommendation of “Buy” by the eight research firms that are covering the company, Marketbeat Ratings reports. Three research analysts have rated the stock with a hold rating and five have given a buy rating to the company. The average 1 year price target among brokerages that have updated their coverage on the stock in the last year is $6.27.
A number of research firms recently weighed in on CPG. Royal Bank of Canada reissued a “hold” rating and set a $6.00 target price on shares of Crescent Point Energy in a report on Thursday, July 18th. Zacks Investment Research downgraded Crescent Point Energy from a “buy” rating to a “hold” rating in a research note on Wednesday, July 17th. Raymond James set a $7.00 price target on Crescent Point Energy and gave the company a “hold” rating in a research note on Wednesday, September 4th. Finally, BMO Capital Markets upgraded Crescent Point Energy from a “market perform” rating to an “outperform” rating and boosted their price target for the company from $6.00 to $8.00 in a research note on Monday.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in CPG. Nuveen Asset Management LLC bought a new stake in Crescent Point Energy in the 2nd quarter valued at $21,770,000. Connor Clark & Lunn Investment Management Ltd. lifted its position in shares of Crescent Point Energy by 59.2% during 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 acquiring an additional 4,518,849 shares during the period. Intact Investment Management Inc. lifted its position in shares of Crescent Point Energy by 2,237.1% during the 2nd quarter. Intact Investment Management Inc. now owns 3,304,700 shares of the oil and gas producer’s stock valued at $14,276,000 after acquiring an additional 3,163,300 shares during the period. Luminus Management LLC bought a new stake in shares of Crescent Point Energy during the 2nd quarter valued at $7,305,000. Finally, Renaissance Technologies LLC lifted its position in shares of Crescent Point Energy by 143.2% during the 2nd quarter. Renaissance Technologies LLC now owns 2,945,835 shares of the oil and gas producer’s stock valued at $9,738,000 after acquiring an additional 1,734,435 shares during the period. Institutional investors and hedge funds own 31.72% of the company’s stock.
Crescent Point Energy (NYSE:CPG) (TSE:CPG) last posted its quarterly earnings results on Thursday, July 25th. The oil and gas producer reported $0.20 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.16 by $0.04. The firm had revenue of $706.64 million for the quarter, compared to analyst estimates 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 previous year, the firm earned $0.19 EPS. On average, sell-side analysts anticipate that Crescent Point Energy will post 0.47 earnings per share for the current fiscal year.
The company also recently declared 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 of this dividend is Thursday, September 12th. This is an increase from Crescent Point Energy’s previous quarterly dividend of $0.01. This represents a $0.03 annualized dividend and a yield of 0.70%. Crescent Point Energy’s payout ratio is 9.09%.
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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