Zacks Investment Research Lowers Crescent Point Energy (CPG) to Hold

Zacks Investment Research cut shares of Crescent Point Energy (NYSE:CPG) (TSE:CPG) from a buy rating to a hold rating in a research note issued to investors on Thursday, Zacks.com reports.

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. “

Other research analysts also recently issued reports about the stock. Macquarie raised shares of Crescent Point Energy from a neutral rating to an outperform rating and set a $4.06 target price on the stock in a research report on Thursday, April 11th. Raymond James reissued a hold rating on shares of Crescent Point Energy in a research report on Wednesday, January 16th. Canaccord Genuity downgraded shares of Crescent Point Energy to a buy rating in a research report on Thursday, January 10th. TD Securities raised shares of Crescent Point Energy from a hold rating to a buy rating in a research report on Monday, January 7th. Finally, BMO Capital Markets reissued an average rating and issued a $5.00 target price on shares of Crescent Point Energy in a research report on Monday, January 7th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the company. Crescent Point Energy currently has an average rating of Hold and a consensus target price of $4.60.

Crescent Point Energy stock opened at $4.11 on Thursday. The company has a market capitalization of $2.26 billion, a PE ratio of 12.45 and a beta of 1.02. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.63. Crescent Point Energy has a fifty-two week low of $2.43 and a fifty-two week high of $9.20.

Crescent Point Energy (NYSE:CPG) (TSE:CPG) last released its earnings results on Thursday, March 7th. The oil and gas producer reported ($0.02) earnings per share for the quarter, missing the consensus estimate of $0.09 by ($0.11). The firm had revenue of $599.03 million during the quarter, compared to analysts’ expectations of $741.38 million. Crescent Point Energy had a positive return on equity of 2.79% and a negative net margin of 68.90%. During the same period last year, the business earned ($0.06) earnings per share. On average, equities research analysts predict that Crescent Point Energy will post 0.15 earnings per share for the current fiscal year.

Hedge funds have recently bought and sold shares of the stock. Cidel Asset Management Inc. acquired a new stake in shares of Crescent Point Energy during the fourth quarter worth approximately $36,000. Private Advisor Group LLC acquired a new stake in shares of Crescent Point Energy during the fourth quarter worth approximately $38,000. Advisor Partners LLC acquired a new stake in shares of Crescent Point Energy during the fourth quarter worth approximately $41,000. Ontario Teachers Pension Plan Board acquired a new stake in shares of Crescent Point Energy during the fourth quarter worth approximately $52,000. Finally, Assenagon Asset Management S.A. acquired a new stake in shares of Crescent Point Energy during the fourth quarter worth approximately $63,000. Institutional investors and hedge funds own 37.75% of the company’s stock.

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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