Crescent Point Energy (NYSE:CPG) Sees Large Volume Increase After Analyst Upgrade

Posted by on Jun 16th, 2022

Crescent Point Energy Corp. (NYSE:CPG – Get Rating) (TSE:CPG) shares saw an uptick in trading volume on Thursday after National Bank Financial raised their price target on the stock from C$20.00 to C$23.00. 1,212,485 shares changed hands during mid-day trading, a decline of 88% from the previous session’s volume of 9,821,683 shares.The stock last traded at $8.74 and had previously closed at $9.18.

A number of other equities research analysts also recently commented on CPG. StockNews.com initiated coverage on Crescent Point Energy in a report on Thursday, March 31st. They issued a “buy” rating for the company. CIBC boosted their target price on Crescent Point Energy from C$13.50 to C$16.00 in a report on Wednesday. Finally, Scotiabank raised Crescent Point Energy from a “sector perform” rating to a “sector outperform” rating in a research report on Wednesday, June 8th. Eight research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Crescent Point Energy presently has a consensus rating of “Buy” and an average price target of $14.50.

Several institutional investors have recently bought and sold shares of CPG. Toronto Dominion Bank grew its stake in shares of Crescent Point Energy by 1.3% in the 4th quarter. Toronto Dominion Bank now owns 3,990,150 shares of the oil and gas producer’s stock valued at $21,290,000 after buying an additional 49,306 shares during the period. EdgePoint Investment Group Inc. grew its position in shares of Crescent Point Energy by 82.2% during the 4th quarter. EdgePoint Investment Group Inc. now owns 810,057 shares of the oil and gas producer’s stock valued at $4,310,000 after purchasing an additional 365,520 shares in the last quarter. Simmons Bank purchased a new position in shares of Crescent Point Energy during the 4th quarter valued at $62,000. CIBC World Markets Inc. lifted its holdings in shares of Crescent Point Energy by 3.8% during the 4th quarter. CIBC World Markets Inc. now owns 1,686,377 shares of the oil and gas producer’s stock worth $9,005,000 after acquiring an additional 61,966 shares during the last quarter. Finally, Millennium Management LLC lifted its holdings in shares of Crescent Point Energy by 20.6% during the 3rd quarter. Millennium Management LLC now owns 3,193,015 shares of the oil and gas producer’s stock worth $14,724,000 after acquiring an additional 544,347 shares during the last quarter. 42.19% of the stock is currently owned by institutional investors.

The company has a debt-to-equity ratio of 0.24, a current ratio of 0.46 and a quick ratio of 0.46. The firm has a market capitalization of $4.91 billion, a P/E ratio of 1.80 and a beta of 2.31. The firm’s 50 day simple moving average is $7.96 and its two-hundred day simple moving average is $6.85.

Crescent Point Energy (NYSE:CPG – Get Rating) (TSE:CPG) last announced its quarterly earnings results on Thursday, May 12th. The oil and gas producer reported $0.32 earnings per share (EPS) for the quarter. The company had revenue of $772.43 million for the quarter. Crescent Point Energy had a net margin of 96.84% and a return on equity of 11.72%. As a group, equities research analysts forecast that Crescent Point Energy Corp. will post 3.06 EPS for the current year.

About Crescent Point Energy (NYSE:CPG)

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.

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