Crescent Point Energy Corp. (NYSE:CPG) Sees Large Increase in Short Interest

Crescent Point Energy Corp. (NYSE:CPG) (TSE:CPG) saw a significant increase in short interest in the month of April. As of April 15th, there was short interest totalling 18,660,000 shares, an increase of 31.2% from the March 31st total of 14,220,000 shares. Approximately 3.9% of the shares of the company are sold short. Based on an average trading volume of 5,320,000 shares, the days-to-cover ratio is currently 3.5 days.

Several institutional investors have recently bought and sold shares of the business. The Manufacturers Life Insurance Company boosted its holdings in shares of Crescent Point Energy by 414.4% during the 1st quarter. The Manufacturers Life Insurance Company now owns 2,949,224 shares of the oil and gas producer’s stock worth $15,454,000 after buying an additional 2,375,879 shares in the last quarter. Hillsdale Investment Management Inc. boosted its holdings in shares of Crescent Point Energy by 595.5% during the 1st quarter. Hillsdale Investment Management Inc. now owns 4,544,900 shares of the oil and gas producer’s stock worth $18,958,000 after buying an additional 3,891,400 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Crescent Point Energy by 0.9% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,544,162 shares of the oil and gas producer’s stock worth $3,613,000 after buying an additional 13,489 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund bought a new position in shares of Crescent Point Energy during the 4th quarter worth approximately $1,572,000. Finally, Virtu Financial LLC boosted its holdings in shares of Crescent Point Energy by 18.2% during the 4th quarter. Virtu Financial LLC now owns 123,483 shares of the oil and gas producer’s stock worth $289,000 after buying an additional 19,054 shares in the last quarter. Hedge funds and other institutional investors own 28.69% of the company’s stock.

Several equities research analysts recently weighed in on the stock. Raymond James upped their price objective on shares of Crescent Point Energy from $4.00 to $5.00 and gave the stock a “market perform” rating in a research report on Thursday, February 18th. National Bank Financial reaffirmed an “outperform” rating on shares of Crescent Point Energy in a research report on Wednesday, January 6th. CIBC boosted their target price on Crescent Point Energy from $6.00 to $8.00 and gave the stock an “outperform” rating in a research note on Wednesday, March 10th. Stifel Nicolaus boosted their target price on Crescent Point Energy from $5.25 to $7.00 and gave the stock a “buy” rating in a research note on Thursday, February 25th. Finally, Royal Bank of Canada boosted their target price on Crescent Point Energy from $3.75 to $6.50 and gave the stock a “sector perform” rating in a research note on Thursday, February 25th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and eight have given a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus target price of $6.10.

NYSE:CPG traded down $0.08 on Tuesday, reaching $4.02. 172,265 shares of the stock traded hands, compared to its average volume of 4,991,084. The firm has a market capitalization of $2.33 billion, a price-to-earnings ratio of -0.89 and a beta of 2.89. The company’s 50 day moving average is $4.03 and its 200-day moving average is $2.90. The company has a current ratio of 0.63, a quick ratio of 0.63 and a debt-to-equity ratio of 0.75. Crescent Point Energy has a 1-year low of $1.05 and a 1-year high of $4.66.

Crescent Point Energy (NYSE:CPG) (TSE:CPG) last released its earnings results on Tuesday, February 23rd. The oil and gas producer reported ($0.10) earnings per share for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.15). The firm had revenue of $343.63 million for the quarter. Crescent Point Energy had a negative net margin of 166.19% and a positive return on equity of 4.03%.

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 and Montana.

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