Crescent Point Energy’s (CPG) “Outperform” Rating Reiterated at Royal Bank of Canada

Crescent Point Energy (NYSE:CPG) (TSE:CPG)‘s stock had its “outperform” rating reaffirmed by Royal Bank of Canada in a research note issued to investors on Tuesday, Benzinga reports. They currently have a $13.00 price objective on the oil and gas producer’s stock. Royal Bank of Canada’s price target would suggest a potential upside of 83.88% from the company’s previous close.

Several other research analysts have also recently weighed in on CPG. TD Securities cut Crescent Point Energy from an “action list buy” rating to a “buy” rating and set a $13.50 price target for the company. in a research note on Tuesday, September 12th. StockNews.com began coverage on Crescent Point Energy in a research report on Thursday, October 5th. They issued a “hold” rating for the company. Finally, CIBC dropped their price target on shares of Crescent Point Energy from $15.00 to $14.75 and set an “outperformer” rating on the stock in a report on Monday, August 28th. One analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $14.21.

Crescent Point Energy Price Performance

NYSE CPG remained flat at $7.07 during mid-day trading on Tuesday. 1,490,963 shares of the company were exchanged, compared to its average volume of 4,332,208. The firm has a market cap of $4.05 billion, a PE ratio of -5.84 and a beta of 2.18. Crescent Point Energy has a 52 week low of $5.59 and a 52 week high of $8.59. The company has a current ratio of 1.29, a quick ratio of 1.29 and a debt-to-equity ratio of 0.45. The business’s 50-day moving average price is $7.89 and its two-hundred day moving average price is $7.54.

Institutional Trading of Crescent Point Energy

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Y Intercept Hong Kong Ltd purchased a new stake in Crescent Point Energy in the first quarter worth about $141,000. Ninepoint Partners LP bought a new stake in Crescent Point Energy during the 1st quarter worth approximately $21,180,000. Scotia Capital Inc. lifted its holdings in Crescent Point Energy by 11.9% during the first quarter. Scotia Capital Inc. now owns 2,996,793 shares of the oil and gas producer’s stock valued at $21,108,000 after purchasing an additional 318,343 shares in the last quarter. Franklin Resources Inc. lifted its holdings in Crescent Point Energy by 37.2% during the first quarter. Franklin Resources Inc. now owns 29,570,790 shares of the oil and gas producer’s stock valued at $208,723,000 after purchasing an additional 8,022,676 shares in the last quarter. Finally, Creative Planning boosted its position in shares of Crescent Point Energy by 62.6% in the second quarter. Creative Planning now owns 27,079 shares of the oil and gas producer’s stock worth $182,000 after purchasing an additional 10,424 shares during the period. 35.46% of the stock is owned by hedge funds and other institutional investors.

Crescent Point Energy Company Profile

Crescent Point Energy Corp. explores, develops, and produces light and medium crude oil, natural gas liquids, and natural gas reserves in Western Canada and the United States. It'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.