Crescent Point Energy (NYSE:CPG) Price Target Increased to C$7.50 by Analysts at Scotiabank

Crescent Point Energy (NYSE:CPG) (TSE:CPG) had its target price increased by equities research analysts at Scotiabank from C$6.75 to C$7.50 in a research note issued on Thursday, The Fly reports. The firm presently has an “outperform” rating on the oil and gas producer’s stock.

Several other brokerages have also commented on CPG. Stifel Nicolaus boosted their price objective on Crescent Point Energy from C$7.75 to C$8.75 and gave the stock a “buy” rating in a report on Monday, June 28th. Zacks Investment Research raised Crescent Point Energy from a “hold” rating to a “buy” rating and set a $5.50 price objective for the company in a report on Thursday, October 7th. National Bank Financial boosted their price objective on Crescent Point Energy from C$11.00 to C$12.50 and gave the stock an “outperform” rating in a report on Wednesday, September 29th. Finally, CIBC boosted their price objective on Crescent Point Energy from C$7.00 to C$9.00 and gave the stock an “outperform” rating in a report on Wednesday, July 14th. One equities research analyst has rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $7.48.

CPG stock traded up $0.19 during mid-day trading on Thursday, reaching $5.08. 133,326 shares of the company traded hands, compared to its average volume of 4,330,531. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.46 and a quick ratio of 0.46. The company has a market capitalization of $2.96 billion, a P/E ratio of 1.74 and a beta of 2.97. Crescent Point Energy has a 52-week low of $1.11 and a 52-week high of $5.48. The company has a fifty day moving average price of $3.92 and a 200-day moving average price of $4.02.

Crescent Point Energy (NYSE:CPG) (TSE:CPG) last posted its earnings results on Wednesday, July 28th. The oil and gas producer reported $0.16 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.19 by ($0.03). The company had revenue of $769.55 million for the quarter. Crescent Point Energy had a net margin of 89.04% and a return on equity of 10.74%.

A number of institutional investors and hedge funds have recently modified their holdings of CPG. BlackRock Inc. purchased a new stake in Crescent Point Energy in the first quarter worth approximately $307,000. UBS Group AG lifted its position in Crescent Point Energy by 161.4% in the first quarter. UBS Group AG now owns 755,348 shares of the oil and gas producer’s stock valued at $3,150,000 after purchasing an additional 466,415 shares during the last quarter. Y Intercept Hong Kong Ltd bought a new stake in Crescent Point Energy in the first quarter valued at approximately $131,000. Geode Capital Management LLC lifted its position in Crescent Point Energy by 28.7% in the first quarter. Geode Capital Management LLC now owns 123,652 shares of the oil and gas producer’s stock valued at $515,000 after purchasing an additional 27,605 shares during the last quarter. Finally, Van ECK Associates Corp lifted its position in Crescent Point Energy by 14.7% in the first quarter. Van ECK Associates Corp now owns 64,870 shares of the oil and gas producer’s stock valued at $271,000 after purchasing an additional 8,299 shares during the last quarter. 34.45% of the stock is owned by institutional investors and hedge funds.

Crescent Point Energy Company Profile

Crescent Point Energy Corp. engages in the exploration, development and production of oil and gas properties. Its focus areas include: Viewfield Bakken, Flat Lake Torquay, and Shaunavon. The company was founded on April 20, 1994 and is headquartered in Calgary, Canada.

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