Zacks Investment Research Upgrades Crescent Point Energy (NYSE:CPG) to Buy

Zacks Investment Research upgraded shares of Crescent Point Energy (NYSE:CPG) (TSE:CPG) from a hold rating to a buy rating in a research report released on Tuesday, Zacks.com reports. The brokerage currently has $5.25 price objective on the oil and gas producer’s stock.

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. “

A number of other research firms have also issued reports on CPG. Royal Bank of Canada raised their target price on Crescent Point Energy from $3.75 to $6.50 and gave the company a sector perform rating in a report on Friday, February 19th. CIBC raised their target price on Crescent Point Energy from $6.00 to $8.00 and gave the company an outperform rating in a report on Wednesday, March 10th. TD Securities raised their target price on Crescent Point Energy from $4.25 to $8.00 and gave the company a buy rating in a report on Wednesday, March 24th. Scotiabank raised Crescent Point Energy from a sector perform rating to a sector outperform rating in a report on Tuesday, February 23rd. Finally, Raymond James raised their target price on Crescent Point Energy from $4.00 to $5.00 and gave the company a market perform rating in a report on Thursday, February 18th. One research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the stock. Crescent Point Energy presently has a consensus rating of Buy and an average target price of $6.60.

Shares of NYSE CPG opened at $4.61 on Tuesday. The company has a debt-to-equity ratio of 0.68, a quick ratio of 0.47 and a current ratio of 0.47. The firm has a market cap of $2.68 billion, a price-to-earnings ratio of -19.21 and a beta of 2.96. The firm’s 50-day moving average is $4.10. Crescent Point Energy has a 52 week low of $1.05 and a 52 week high of $4.86.

Crescent Point Energy (NYSE:CPG) (TSE:CPG) last released its earnings results on Wednesday, May 12th. The oil and gas producer reported $0.14 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate 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%. As a group, analysts predict that Crescent Point Energy will post 0.58 earnings per share for the current year.

Institutional investors and hedge funds have recently bought and sold shares of the business. Mackenzie Financial Corp boosted its stake in Crescent Point Energy by 31.9% during the fourth quarter. Mackenzie Financial Corp now owns 614,943 shares of the oil and gas producer’s stock worth $1,430,000 after buying an additional 148,599 shares in the last quarter. EdgePoint Investment Group Inc. acquired a new stake in Crescent Point Energy during the first quarter worth $1,380,000. Healthcare of Ontario Pension Plan Trust Fund bought a new position in shares of Crescent Point Energy during the fourth quarter valued at $1,572,000. CWA Asset Management Group LLC bought a new position in shares of Crescent Point Energy during the fourth quarter valued at $59,000. Finally, A.R.T. Advisors LLC bought a new position in shares of Crescent Point Energy during the fourth quarter valued at $30,000. Hedge funds and other 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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