Q3 2023 EPS Estimates for Crescent Point Energy Corp. Decreased by Atb Cap Markets (NYSE:CPG)

Crescent Point Energy Corp. (NYSE:CPG) (TSE:CPG) – Analysts at Atb Cap Markets dropped their Q3 2023 earnings per share estimates for Crescent Point Energy in a research note issued to investors on Monday, September 11th. Atb Cap Markets analyst A. Arif now forecasts that the oil and gas producer will post earnings per share of $0.33 for the quarter, down from their prior estimate of $0.36. The consensus estimate for Crescent Point Energy’s current full-year earnings is $1.28 per share. Atb Cap Markets also issued estimates for Crescent Point Energy’s Q4 2023 earnings at $0.35 EPS, FY2023 earnings at $1.25 EPS, Q2 2024 earnings at $0.22 EPS, Q3 2024 earnings at $0.23 EPS, FY2024 earnings at $0.91 EPS and FY2026 earnings at $0.53 EPS.

Crescent Point Energy (NYSE:CPG) (TSE:CPG) last released its earnings results on Wednesday, July 26th. The oil and gas producer reported $0.28 EPS for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.02). Crescent Point Energy had a return on equity of 12.85% and a net margin of 10.69%. The company had revenue of $725.91 million during the quarter, compared to analyst estimates of $736.52 million.

Several other research analysts have also recently issued reports on the company. StockNews.com began coverage on Crescent Point Energy in a research note on Thursday, August 17th. They issued a “hold” rating for the company. Canaccord Genuity Group initiated coverage on shares of Crescent Point Energy in a research note on Friday, July 21st. They set a “buy” rating for the company. CIBC cut their price objective on shares of Crescent Point Energy from $15.00 to $14.75 and set an “outperformer” rating on the stock in a research note on Monday, August 28th. Finally, TD Securities downgraded shares of Crescent Point Energy from an “action list buy” rating to a “buy” rating and set a $13.50 target price for the company. in a research report on Tuesday. One analyst has rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $14.45.

Crescent Point Energy Stock Performance

Shares of NYSE CPG traded up $0.01 during mid-day trading on Wednesday, hitting $8.42. The stock had a trading volume of 603,540 shares, compared to its average volume of 4,429,534. The company has a 50 day moving average of $7.93 and a two-hundred day moving average of $7.25. Crescent Point Energy has a twelve month low of $5.51 and a twelve month high of $8.61. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.71 and a current ratio of 0.71. The firm has a market cap of $4.51 billion, a PE ratio of 15.29 and a beta of 2.27.

Crescent Point Energy Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, October 2nd. Investors of record on Friday, September 15th will be paid a dividend of $0.075 per share. This represents a $0.30 annualized dividend and a yield of 3.56%. This is a boost from Crescent Point Energy’s previous quarterly dividend of $0.07. The ex-dividend date of this dividend is Thursday, September 14th. Crescent Point Energy’s payout ratio is presently 52.73%.

Hedge Funds Weigh In On Crescent Point Energy

Several hedge funds have recently added to or reduced their stakes in CPG. Bank of Montreal Can acquired a new stake in shares of Crescent Point Energy during the 2nd quarter valued at approximately $84,487,000. Franklin Resources Inc. raised its position in shares of Crescent Point Energy by 37.2% in 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 buying an additional 8,022,676 shares during the last quarter. Ninepoint Partners LP lifted its stake in shares of Crescent Point Energy by 166.7% during the 2nd quarter. Ninepoint Partners LP now owns 8,000,000 shares of the oil and gas producer’s stock worth $53,840,000 after purchasing an additional 5,000,000 shares during the period. Renaissance Technologies LLC boosted its stake in Crescent Point Energy by 294.0% in the 1st quarter. Renaissance Technologies LLC now owns 6,350,887 shares of the oil and gas producer’s stock worth $46,064,000 after buying an additional 4,739,152 shares during the last quarter. Finally, CIBC Asset Management Inc raised its stake in Crescent Point Energy by 109.3% during the fourth quarter. CIBC Asset Management Inc now owns 8,772,474 shares of the oil and gas producer’s stock worth $62,599,000 after purchasing an additional 4,581,323 shares during the period. 35.46% of the stock is currently owned by hedge funds and other institutional investors.

About Crescent Point Energy

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.