Crescent Point Energy (NYSE:CPG) Downgraded by Zacks Investment Research to “Hold”

Zacks Investment Research downgraded shares of Crescent Point Energy (NYSE:CPG) (TSE:CPG) from a buy rating to a hold rating in a research report sent to investors on Tuesday, Zacks.com reports.

According to Zacks, “Crescent Point Energy Corp. is engaged in the acquisition, exploration and development of oil and natural gas properties in Western Canada. The Company’s operations consist of light and medium oil and natural gas assets strategically focused in core areas in southern Saskatchewan and central and southern Alberta. Crescent Point Energy Corp., formerly known as Crescent Point Energy Trust, is headquartered in Calgary, Canada. “

CPG has been the topic of several other research reports. ValuEngine lowered Crescent Point Energy from a sell rating to a strong sell rating in a report on Friday, November 1st. National Bank Financial reiterated an outperform overweight rating and set a $9.50 target price on shares of Crescent Point Energy in a report on Monday, October 21st. BMO Capital Markets upgraded Crescent Point Energy from a market perform rating to an outperform rating and upped their target price for the stock from $6.00 to $8.00 in a report on Monday, September 16th. Raymond James reiterated a hold rating and set a $5.50 target price on shares of Crescent Point Energy in a report on Friday, November 1st. Finally, Royal Bank of Canada reiterated a hold rating and set a $6.00 target price on shares of Crescent Point Energy in a report on Thursday, July 18th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and five have issued a buy rating to the company. Crescent Point Energy has a consensus rating of Hold and an average target price of $6.34.

CPG traded up $0.01 on Tuesday, hitting $4.00. 1,539,662 shares of the company were exchanged, compared to its average volume of 2,810,041. Crescent Point Energy has a 12 month low of $2.43 and a 12 month high of $4.76. The company has a market cap of $2.18 billion, a PE ratio of 12.12 and a beta of 1.08. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.63 and a current ratio of 1.63. The stock’s fifty day moving average is $4.05 and its 200-day moving average is $3.58.

A number of hedge funds and other institutional investors have recently made changes to their positions in CPG. Nuveen Asset Management LLC acquired a new position in Crescent Point Energy during the second quarter worth approximately $21,770,000. Connor Clark & Lunn Investment Management Ltd. increased its position in Crescent Point Energy by 59.2% during the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 12,155,457 shares of the oil and gas producer’s stock worth $40,278,000 after buying an additional 4,518,849 shares during the last quarter. Intact Investment Management Inc. increased its position in Crescent Point Energy by 2,237.1% during the second quarter. Intact Investment Management Inc. now owns 3,304,700 shares of the oil and gas producer’s stock worth $14,276,000 after buying an additional 3,163,300 shares during the last quarter. Luminus Management LLC acquired a new position in Crescent Point Energy during the second quarter worth approximately $7,305,000. Finally, Russell Investments Group Ltd. increased its position in Crescent Point Energy by 40.5% during the third quarter. Russell Investments Group Ltd. now owns 6,275,572 shares of the oil and gas producer’s stock worth $26,866,000 after buying an additional 1,810,073 shares during the last quarter. 31.29% 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 and natural gas reserves in Western Canada and the United States. The company'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, Montana, and Utah.

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