Crescent Point Energy (NYSE:CPG) Lowered to “Hold” at Zacks Investment Research

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

Several other equities analysts also recently commented on CPG. Canaccord Genuity upped their target price on Crescent Point Energy from $5.00 to $6.00 and gave the company a “buy” rating in a research report on Thursday, February 25th. CIBC upped their target price on Crescent Point Energy from $6.00 to $8.00 and gave the company an “outperform” rating in a research report on Wednesday, March 10th. Desjardins raised Crescent Point Energy from a “hold” rating to a “buy” rating in a research report on Thursday, March 25th. Royal Bank of Canada raised Crescent Point Energy from a “sector perform” rating to an “outperform” rating and upped their target price for the company from $6.50 to $7.50 in a research report on Thursday, June 10th. Finally, Stifel Nicolaus boosted their price target on Crescent Point Energy from $7.00 to $7.75 and gave the company a “buy” rating in a research note on Thursday, May 13th. One equities research analyst has rated the stock with a hold rating and ten have given a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of $6.60.

CPG opened at $4.55 on Monday. Crescent Point Energy has a 52-week low of $1.05 and a 52-week high of $4.86. The company has a market capitalization of $2.65 billion, a price-to-earnings ratio of -18.96 and a beta of 2.96. The company has a quick ratio of 0.47, a current ratio of 0.47 and a debt-to-equity ratio of 0.68. The stock’s 50-day moving average is $4.18.

Crescent Point Energy (NYSE:CPG) (TSE:CPG) last announced its quarterly earnings results on Wednesday, May 12th. The oil and gas producer reported $0.14 earnings per share for the quarter, topping analysts’ consensus estimates of $0.10 by $0.04. The firm had revenue of $493.95 million for the quarter. Crescent Point Energy had a positive return on equity of 8.05% and a negative net margin of 9.33%. On average, equities research analysts anticipate that Crescent Point Energy will post 0.58 earnings per share for the current year.

Institutional investors and hedge funds have recently made changes to their positions in the company. A.R.T. Advisors LLC bought a new position in shares of Crescent Point Energy in the 4th quarter valued at $30,000. Squarepoint Ops LLC bought a new position in shares of Crescent Point Energy in the 4th quarter valued at $31,000. Personal Capital Advisors Corp acquired a new stake in Crescent Point Energy in the fourth quarter valued at $43,000. ExodusPoint Capital Management LP acquired a new stake in Crescent Point Energy in the fourth quarter valued at $43,000. Finally, Verition Fund Management LLC acquired a new stake in Crescent Point Energy in the first quarter valued at $51,000. Institutional investors own 33.16% 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 and Montana.

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