Canaccord Genuity Downgrades Crescent Point Energy (CPG) to Buy

Canaccord Genuity lowered shares of Crescent Point Energy (NYSE:CPG) (TSE:CPG) to a buy rating in a research report report published on Thursday morning, The Fly reports.

Other equities research analysts have also recently issued reports about the company. BMO Capital Markets reiterated an average rating and issued a $5.00 target price on shares of Crescent Point Energy in a report on Monday, January 7th. TD Securities raised Crescent Point Energy from a hold rating to a buy rating in a research report on Monday, January 7th. Finally, Zacks Investment Research raised Crescent Point Energy from a hold rating to a buy rating and set a $6.50 price target for the company in a research report on Tuesday, October 16th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating to the company’s stock. The stock has an average rating of Hold and an average price target of $9.25.

Shares of CPG stock opened at $3.39 on Thursday. Crescent Point Energy has a twelve month low of $2.70 and a twelve month high of $9.25. The firm has a market capitalization of $1.90 billion, a price-to-earnings ratio of 24.21 and a beta of 1.07. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.48 and a quick ratio of 0.48.

Crescent Point Energy (NYSE:CPG) (TSE:CPG) last issued its earnings results on Thursday, October 25th. The oil and gas producer reported $0.11 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.08 by $0.03. Crescent Point Energy had a positive return on equity of 2.38% and a negative net margin of 7.36%. The business had revenue of $823.88 million during the quarter, compared to analysts’ expectations of $738.26 million. As a group, equities analysts forecast that Crescent Point Energy will post -0.21 EPS for the current year.

The business also recently declared a monthly dividend, which was paid on Monday, December 17th. Stockholders of record on Friday, November 30th were given a $0.023 dividend. This represents a $0.28 annualized dividend and a dividend yield of 8.14%. The ex-dividend date was Thursday, November 29th. Crescent Point Energy’s payout ratio is 192.86%.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Franklin Resources Inc. raised its position in shares of Crescent Point Energy by 15.8% in the 3rd quarter. Franklin Resources Inc. now owns 33,361,414 shares of the oil and gas producer’s stock worth $212,163,000 after acquiring an additional 4,558,402 shares in the last quarter. FIL Ltd raised its position in shares of Crescent Point Energy by 8.6% in the 3rd quarter. FIL Ltd now owns 25,454,550 shares of the oil and gas producer’s stock worth $161,991,000 after acquiring an additional 2,023,430 shares in the last quarter. Vanguard Group Inc. raised its position in shares of Crescent Point Energy by 4.4% in the 3rd quarter. Vanguard Group Inc. now owns 15,583,750 shares of the oil and gas producer’s stock worth $98,957,000 after acquiring an additional 660,147 shares in the last quarter. Vanguard Group Inc raised its position in shares of Crescent Point Energy by 4.4% in the 3rd quarter. Vanguard Group Inc now owns 15,583,750 shares of the oil and gas producer’s stock worth $98,957,000 after acquiring an additional 660,147 shares in the last quarter. Finally, Bank of Montreal Can raised its position in shares of Crescent Point Energy by 5.1% in the 3rd quarter. Bank of Montreal Can now owns 12,652,603 shares of the oil and gas producer’s stock worth $80,344,000 after acquiring an additional 619,015 shares in the last quarter. 40.08% of the stock is owned by hedge funds and other institutional investors.

About Crescent Point Energy

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, and Utah.

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