Crescent Point Energy (NYSE:CPG) Shares Down 2.8%

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Crescent Point Energy Corp (NYSE:CPG) (TSE:CPG) shares were down 2.8% during mid-day trading on Thursday . The stock traded as low as $2.85 and last traded at $2.77, approximately 164,658 shares traded hands during trading. A decline of 93% from the average daily volume of 2,522,635 shares. The stock had previously closed at $2.85.

Several equities research analysts have issued reports on CPG shares. Royal Bank of Canada reaffirmed a “hold” rating and set a $6.00 target price on shares of Crescent Point Energy in a research note on Thursday, July 18th. Canaccord Genuity raised shares of Crescent Point Energy to a “buy” rating in a research report on Thursday, May 9th. Raymond James reissued a “hold” rating on shares of Crescent Point Energy in a research report on Friday, May 10th. CIBC raised shares of Crescent Point Energy from a “neutral” rating to a “sector outperform” rating in a research report on Thursday, May 9th. Finally, Zacks Investment Research cut shares of Crescent Point Energy from a “buy” rating to a “hold” rating in a research report on Wednesday, July 17th. Four research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Crescent Point Energy presently has an average rating of “Buy” and a consensus target price of $4.77.

The firm’s 50-day moving average price is $3.14 and its two-hundred day moving average price is $3.31. The company has a debt-to-equity ratio of 0.55, a quick ratio of 0.59 and a current ratio of 0.59. The stock has a market cap of $1.68 billion, a price-to-earnings ratio of 8.39 and a beta of 1.07.

Crescent Point Energy (NYSE:CPG) (TSE:CPG) last announced its quarterly earnings results on Thursday, July 25th. The oil and gas producer reported $0.20 earnings per share for the quarter, beating the consensus estimate of $0.16 by $0.04. The firm had revenue of $706.64 million for the quarter, compared to analysts’ expectations of $724.48 million. Crescent Point Energy had a negative net margin of 58.40% and a positive return on equity of 5.15%. During the same quarter in the previous year, the company posted $0.19 EPS. As a group, sell-side analysts expect that Crescent Point Energy Corp will post 0.45 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Sunday, September 15th will be given a dividend of $0.008 per share. This is a boost from Crescent Point Energy’s previous quarterly dividend of $0.01. The ex-dividend date is Thursday, September 12th. This represents a $0.03 annualized dividend and a dividend yield of 1.16%. Crescent Point Energy’s payout ratio is presently 9.09%.

Several hedge funds have recently made changes to their positions in the company. Norges Bank purchased a new stake in Crescent Point Energy in the 4th quarter valued at about $21,929,000. BlackRock Inc. raised its holdings in Crescent Point Energy by 1.8% in the 4th quarter. BlackRock Inc. now owns 303,255 shares of the oil and gas producer’s stock valued at $916,000 after buying an additional 5,393 shares during the period. K.J. Harrison & Partners Inc raised its holdings in Crescent Point Energy by 163.8% in the 1st quarter. K.J. Harrison & Partners Inc now owns 515,399 shares of the oil and gas producer’s stock valued at $1,670,000 after buying an additional 320,000 shares during the period. Virtu Financial LLC raised its holdings in Crescent Point Energy by 363.8% in the 1st quarter. Virtu Financial LLC now owns 85,617 shares of the oil and gas producer’s stock valued at $277,000 after buying an additional 67,157 shares during the period. Finally, Waratah Capital Advisors Ltd. purchased a new stake in Crescent Point Energy in the 1st quarter valued at about $8,878,000. 33.03% of the stock is currently owned by hedge funds and other institutional investors.

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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