Scotiabank Downgrades Crescent Point Energy (NYSE:CPG) to Sector Perform

Crescent Point Energy (NYSE:CPG) (TSE:CPG) was downgraded by analysts at Scotiabank from an “outperform” rating to a “sector perform” rating in a note issued to investors on Thursday, The Fly reports.

Other research analysts also recently issued reports about the company. National Bank Financial lifted their target price on Crescent Point Energy from C$11.00 to C$12.50 and gave the stock an “outperform” rating in a research note on Wednesday, September 29th. Stifel Nicolaus lifted their target price on Crescent Point Energy from C$11.00 to C$11.50 and gave the stock a “buy” rating in a research note on Tuesday, December 7th. Zacks Investment Research raised Crescent Point Energy from a “strong sell” rating to a “hold” rating in a report on Tuesday, January 4th. Tudor Pickering raised Crescent Point Energy from a “hold” rating to a “buy” rating in a report on Tuesday, December 7th. Finally, CIBC lifted their price target on Crescent Point Energy from C$9.00 to C$9.75 and gave the stock an “outperform” rating in a report on Friday, October 15th. Three analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Crescent Point Energy has a consensus rating of “Buy” and an average price target of $8.25.

CPG stock opened at $6.63 on Thursday. The company has a quick ratio of 0.41, a current ratio of 0.41 and a debt-to-equity ratio of 0.36. The business has a 50 day moving average price of $5.06 and a two-hundred day moving average price of $4.42. The company has a market cap of $3.86 billion, a price-to-earnings ratio of 2.20 and a beta of 2.73. Crescent Point Energy has a twelve month low of $2.66 and a twelve month high of $6.78.

Crescent Point Energy (NYSE:CPG) (TSE:CPG) last posted its quarterly earnings results on Thursday, October 28th. The oil and gas producer reported $0.24 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.22 by $0.02. Crescent Point Energy had a return on equity of 10.89% and a net margin of 78.23%. The firm had revenue of $673.67 million during the quarter, compared to the consensus estimate of $683.40 million. During the same period last year, the company earned $0.10 earnings per share. On average, equities research analysts anticipate that Crescent Point Energy will post 3.4 EPS for the current fiscal year.

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Franklin Resources Inc. raised its holdings in shares of Crescent Point Energy by 32.2% during the 2nd quarter. Franklin Resources Inc. now owns 52,228,639 shares of the oil and gas producer’s stock worth $236,329,000 after buying an additional 12,719,056 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its holdings in shares of Crescent Point Energy by 69.3% during the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 28,271,020 shares of the oil and gas producer’s stock worth $127,923,000 after buying an additional 11,568,811 shares in the last quarter. Renaissance Technologies LLC grew its position in Crescent Point Energy by 564.0% during the 3rd quarter. Renaissance Technologies LLC now owns 1,682,235 shares of the oil and gas producer’s stock worth $7,761,000 after acquiring an additional 1,428,900 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its position in Crescent Point Energy by 13.0% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 11,362,122 shares of the oil and gas producer’s stock worth $52,369,000 after acquiring an additional 1,309,847 shares during the last quarter. Finally, Two Sigma Investments LP grew its position in Crescent Point Energy by 50.3% during the 3rd quarter. Two Sigma Investments LP now owns 3,673,424 shares of the oil and gas producer’s stock worth $16,934,000 after acquiring an additional 1,228,850 shares during the last quarter. 33.33% of the stock is owned by hedge funds and other institutional investors.

Crescent Point Energy Company Profile

Crescent Point Energy Corp. engages in the exploration, development and production of oil and gas properties. Its focus areas include: Viewfield Bakken, Flat Lake Torquay, and Shaunavon. The company was founded on April 20, 1994 and is headquartered in Calgary, Canada.

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