Crescent Point Energy (NYSE:CPG) Trading Down 5.2%
Shares of Crescent Point Energy Corp (NYSE:CPG) (TSE:CPG) fell 5.2% during trading on Wednesday . The company traded as low as $2.89 and last traded at $2.89. 2,841,321 shares were traded during mid-day trading, a decline of 4% from the average session volume of 2,969,631 shares. The stock had previously closed at $3.05.
A number of brokerages have recently commented on CPG. Canaccord Genuity upgraded Crescent Point Energy to a “buy” rating in a report on Thursday, May 9th. Zacks Investment Research upgraded Crescent Point Energy from a “hold” rating to a “buy” rating and set a $5.00 price target on the stock in a report on Tuesday, April 23rd. CIBC upgraded Crescent Point Energy from a “neutral” rating to a “sector outperform” rating in a report on Thursday, May 9th. Raymond James restated a “hold” rating on shares of Crescent Point Energy in a report on Friday, May 10th. Finally, Macquarie raised 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. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus price target of $4.35.
The company has a quick ratio of 0.59, a current ratio of 0.59 and a debt-to-equity ratio of 0.62. The stock has a market cap of $1.63 billion, a PE ratio of 8.76 and a beta of 1.14.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 2nd. Investors of record on Saturday, June 15th will be given a $0.007 dividend. This represents a $0.03 dividend on an annualized basis and a dividend yield of 0.97%. The ex-dividend date is Thursday, June 13th. Crescent Point Energy’s dividend payout ratio is currently 9.09%.
Several large investors have recently added to or reduced their stakes in CPG. Norges Bank acquired a new stake in shares of Crescent Point Energy in the fourth quarter valued at about $21,929,000. Connor Clark & Lunn Investment Management Ltd. increased its position in Crescent Point Energy by 77.1% during the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 7,636,608 shares of the oil and gas producer’s stock worth $24,751,000 after buying an additional 3,323,404 shares during the last quarter. Millennium Management LLC increased its position in Crescent Point Energy by 337.7% during the fourth quarter. Millennium Management LLC now owns 3,885,613 shares of the oil and gas producer’s stock worth $11,735,000 after buying an additional 2,997,792 shares during the last quarter. Waratah Capital Advisors Ltd. acquired a new position in Crescent Point Energy during the first quarter worth approximately $8,878,000. Finally, Ninepoint Partners LP acquired a new position in Crescent Point Energy during the first quarter worth approximately $8,100,000. 32.35% of the stock is currently owned by institutional investors and hedge funds.
About Crescent Point Energy (NYSE:CPG)
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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