Crescent Point Energy (NYSE:CPG) Upgraded to “Outperform” at Royal Bank of Canada

Royal Bank of Canada upgraded shares of Crescent Point Energy (NYSE:CPG) (TSE:CPG) from a sector perform rating to an outperform rating in a research note published on Thursday, PriceTargets.com reports. Royal Bank of Canada currently has $7.50 price objective on the oil and gas producer’s stock, up from their prior price objective of $6.50.

Several other equities analysts also recently commented on the stock. Canaccord Genuity increased their target price on shares of Crescent Point Energy from $5.00 to $6.00 and gave the stock a buy rating in a research report on Thursday, February 25th. TD Securities increased their target price on shares of Crescent Point Energy from $4.25 to $8.00 and gave the stock a buy rating in a research report on Wednesday, March 24th. CIBC increased their target price on shares of Crescent Point Energy from $6.00 to $8.00 and gave the stock an outperform rating in a research report on Wednesday, March 10th. Desjardins raised shares of Crescent Point Energy from a hold rating to a buy rating in a research report on Thursday, March 25th. Finally, Scotiabank raised Crescent Point Energy from a sector perform rating to a sector outperform rating in a research report on Tuesday, February 23rd. One analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. Crescent Point Energy presently has an average rating of Buy and a consensus price target of $6.60.

Shares of NYSE:CPG opened at $4.61 on Thursday. The company has a current ratio of 0.47, a quick ratio of 0.47 and a debt-to-equity ratio of 0.68. Crescent Point Energy has a 1 year low of $1.05 and a 1 year high of $4.86. The stock’s fifty day moving average price is $4.10. The stock has a market capitalization of $2.68 billion, a price-to-earnings ratio of -19.21 and a beta of 2.96.

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

A number of hedge funds have recently added to or reduced their stakes in CPG. Mackenzie Financial Corp lifted 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 purchasing an additional 148,599 shares during the period. EdgePoint Investment Group Inc. bought a new position in Crescent Point Energy during the first quarter worth about $1,380,000. Healthcare of Ontario Pension Plan Trust Fund bought a new position in Crescent Point Energy during the fourth quarter worth about $1,572,000. CWA Asset Management Group LLC bought a new position in Crescent Point Energy during the fourth quarter worth about $59,000. Finally, A.R.T. Advisors LLC bought a new position in Crescent Point Energy during the fourth quarter worth about $30,000. 33.16% of the stock is currently owned by institutional investors and hedge funds.

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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Analyst Recommendations for Crescent Point Energy (NYSE:CPG)

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