Atb Cap Markets Comments on Crescent Point Energy Corp.’s Q3 2024 Earnings (NYSE:CPG)

Crescent Point Energy Corp. (NYSE:CPG) (TSE:CPG) – Equities researchers at Atb Cap Markets reduced their Q3 2024 earnings estimates for shares of Crescent Point Energy in a research report issued on Tuesday, May 7th. Atb Cap Markets analyst A. Arif now expects that the oil and gas producer will post earnings per share of $0.24 for the quarter, down from their previous estimate of $0.28. The consensus estimate for Crescent Point Energy’s current full-year earnings is $1.17 per share. Atb Cap Markets also issued estimates for Crescent Point Energy’s Q4 2024 earnings at $0.29 EPS, FY2024 earnings at $1.00 EPS, FY2025 earnings at $0.72 EPS, FY2026 earnings at $0.34 EPS, FY2027 earnings at $0.37 EPS and FY2028 earnings at $0.40 EPS.

Crescent Point Energy (NYSE:CPG) (TSE:CPG) last released its earnings results on Thursday, February 29th. The oil and gas producer reported $0.27 EPS for the quarter, missing analysts’ consensus estimates of $0.38 by ($0.11). The firm had revenue of $743.70 million during the quarter, compared to analysts’ expectations of $752.25 million. Crescent Point Energy had a net margin of 15.40% and a return on equity of 13.27%.

Separately, BMO Capital Markets lifted their target price on shares of Crescent Point Energy from $13.00 to $14.00 and gave the company an “outperform” rating in a report on Tuesday. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $13.81.

Crescent Point Energy Stock Down 1.3 %

NYSE:CPG opened at $8.74 on Wednesday. Crescent Point Energy has a 1-year low of $6.03 and a 1-year high of $9.28. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.76 and a quick ratio of 0.76. The firm’s 50-day moving average price is $8.30 and its 200-day moving average price is $7.41. The company has a market capitalization of $5.41 billion, a PE ratio of 12.48 and a beta of 2.17.

Crescent Point Energy Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, April 1st. Shareholders of record on Friday, March 15th were issued a $0.086 dividend. This is a positive change from Crescent Point Energy’s previous quarterly dividend of $0.07. The ex-dividend date was Thursday, March 14th. This represents a $0.34 dividend on an annualized basis and a dividend yield of 3.94%. Crescent Point Energy’s dividend payout ratio (DPR) is presently 47.14%.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. SG Americas Securities LLC purchased a new stake in Crescent Point Energy during the third quarter valued at $528,000. Bank of New York Mellon Corp lifted its stake in shares of Crescent Point Energy by 8.3% in the 3rd quarter. Bank of New York Mellon Corp now owns 43,119 shares of the oil and gas producer’s stock worth $358,000 after purchasing an additional 3,298 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of Crescent Point Energy by 14.5% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 100,095 shares of the oil and gas producer’s stock worth $834,000 after buying an additional 12,667 shares during the last quarter. TD Asset Management Inc grew its position in Crescent Point Energy by 0.4% during the third quarter. TD Asset Management Inc now owns 2,308,159 shares of the oil and gas producer’s stock valued at $19,223,000 after buying an additional 9,004 shares during the period. Finally, Ninepoint Partners LP increased its holdings in Crescent Point Energy by 100.0% during the third quarter. Ninepoint Partners LP now owns 16,000,000 shares of the oil and gas producer’s stock valued at $132,800,000 after buying an additional 8,000,000 shares during the last quarter. Hedge funds and other institutional investors own 49.37% of the company’s stock.

Crescent Point Energy Company Profile

Crescent Point Energy Corp. explores, develops, and produces oil and gas properties in Canada and the United States. The company focuses on crude oil, tight oil, natural gas liquids, shale gas, and natural gas reserves. Its properties are located in the provinces of Saskatchewan, Alberta, British Columbia, and Manitoba; and the states of North Dakota.