Crescent Point Energy Corporation (CPG) Rating Lowered to Hold at Zacks Investment Research

Crescent Point Energy Corporation (NYSE:CPG) (TSE:CPG) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a report issued on Wednesday.

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 research firms also recently commented on CPG. BidaskClub downgraded shares of Crescent Point Energy Corporation from a “sell” rating to a “strong sell” rating in a research report on Sunday, August 6th. Royal Bank Of Canada reissued a “hold” rating and issued a $14.00 target price on shares of Crescent Point Energy Corporation in a research report on Monday, September 25th. Scotiabank reissued a “buy” rating and issued a $17.00 target price on shares of Crescent Point Energy Corporation in a research report on Tuesday. Desjardins downgraded shares of Crescent Point Energy Corporation from a “buy” rating to a “hold” rating in a research report on Wednesday. Finally, ValuEngine raised shares of Crescent Point Energy Corporation from a “sell” rating to a “hold” rating in a research report on Tuesday, July 11th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and four have given a buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $13.33.

Shares of Crescent Point Energy Corporation (NYSE CPG) traded down 1.15% during trading on Wednesday, hitting $7.71. 2,286,064 shares of the stock were exchanged. The stock’s 50 day moving average is $7.40 and its 200-day moving average is $8.40. Crescent Point Energy Corporation has a 12-month low of $6.46 and a 12-month high of $14.74. The stock’s market cap is $4.21 billion.

Crescent Point Energy Corporation (NYSE:CPG) (TSE:CPG) last posted its earnings results on Thursday, July 27th. The oil and gas producer reported $0.05 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.03) by $0.08. The company had revenue of $605.03 million during the quarter, compared to the consensus estimate of $602.04 million. Crescent Point Energy Corporation had a negative net margin of 13.80% and a positive return on equity of 1.83%. During the same period in the previous year, the firm posted $0.03 earnings per share. Equities research analysts anticipate that Crescent Point Energy Corporation will post $0.21 EPS for the current year.

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Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Korea Investment CORP boosted its holdings in shares of Crescent Point Energy Corporation by 1.9% during the 2nd quarter. Korea Investment CORP now owns 34,122 shares of the oil and gas producer’s stock worth $261,000 after buying an additional 645 shares during the period. AQR Capital Management LLC boosted its holdings in shares of Crescent Point Energy Corporation by 0.6% during the 1st quarter. AQR Capital Management LLC now owns 317,425 shares of the oil and gas producer’s stock worth $3,420,000 after buying an additional 1,980 shares during the period. Sciencast Management LP boosted its holdings in shares of Crescent Point Energy Corporation by 26.6% during the 2nd quarter. Sciencast Management LP now owns 15,244 shares of the oil and gas producer’s stock worth $117,000 after buying an additional 3,204 shares during the period. Parametric Portfolio Associates LLC boosted its holdings in shares of Crescent Point Energy Corporation by 3.1% during the 2nd quarter. Parametric Portfolio Associates LLC now owns 113,088 shares of the oil and gas producer’s stock worth $865,000 after buying an additional 3,407 shares during the period. Finally, DekaBank Deutsche Girozentrale boosted its holdings in shares of Crescent Point Energy Corporation by 19.3% during the 2nd quarter. DekaBank Deutsche Girozentrale now owns 22,244 shares of the oil and gas producer’s stock worth $171,000 after buying an additional 3,600 shares during the period. 38.99% of the stock is owned by institutional investors and hedge funds.

About Crescent Point Energy Corporation

Crescent Point Energy Corp. acquires, explores, develops, and produces light and medium oil and natural gas properties 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, Colorado, and Utah.

Analyst Recommendations for Crescent Point Energy Corporation (NYSE:CPG)

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