Franklin Resources Inc. Grows Position in Crescent Point Energy Corporation (CPG)

Franklin Resources Inc. lifted its position in Crescent Point Energy Corporation (NYSE:CPG) (TSE:CPG) by 80.4% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 19,360,075 shares of the oil and gas producer’s stock after acquiring an additional 8,628,868 shares during the period. Franklin Resources Inc. owned 3.55% of Crescent Point Energy Corporation worth $148,170,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. CIBC World Markets Inc. grew its position in Crescent Point Energy Corporation by 2.9% during the 2nd quarter. CIBC World Markets Inc. now owns 8,005,875 shares of the oil and gas producer’s stock worth $61,245,000 after purchasing an additional 223,642 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its position in Crescent Point Energy Corporation by 5.0% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 209,872 shares of the oil and gas producer’s stock worth $1,603,000 after purchasing an additional 9,946 shares during the period. Airain ltd grew its position in Crescent Point Energy Corporation by 30.5% during the 2nd quarter. Airain ltd now owns 38,512 shares of the oil and gas producer’s stock worth $295,000 after purchasing an additional 9,012 shares during the period. Andra AP fonden acquired a new stake in Crescent Point Energy Corporation during the 2nd quarter worth about $1,692,000. Finally, Addenda Capital Inc. grew its position in Crescent Point Energy Corporation by 4.3% during the 2nd quarter. Addenda Capital Inc. now owns 628,507 shares of the oil and gas producer’s stock worth $4,815,000 after purchasing an additional 25,686 shares during the period. 38.99% of the stock is currently owned by hedge funds and other institutional investors.

Several brokerages have weighed in on CPG. BidaskClub raised Crescent Point Energy Corporation from a “strong sell” rating to a “sell” rating in a research report on Monday, July 31st. ValuEngine downgraded Crescent Point Energy Corporation from a “hold” rating to a “sell” rating in a research report on Friday, September 1st. Finally, Zacks Investment Research downgraded Crescent Point Energy Corporation from a “buy” rating to a “hold” rating in a research report on Friday, July 21st. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and five have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $20.94.

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Shares of Crescent Point Energy Corporation (NYSE CPG) opened at 6.79 on Monday. The firm’s 50-day moving average price is $7.13 and its 200 day moving average price is $8.96. The firm’s market capitalization is $3.70 billion. Crescent Point Energy Corporation has a 12 month low of $6.46 and a 12 month high of $14.74.

Crescent Point Energy Corporation (NYSE:CPG) (TSE:CPG) last issued its quarterly earnings results on Thursday, July 27th. The oil and gas producer reported $0.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.03) by $0.08. Crescent Point Energy Corporation had a negative net margin of 13.80% and a positive return on equity of 1.83%. The business had revenue of $605.03 million for the quarter, compared to analyst estimates of $602.04 million. During the same period in the previous year, the business posted $0.03 earnings per share. Analysts anticipate that Crescent Point Energy Corporation will post $0.21 earnings per share for the current fiscal year.

The business also recently disclosed a monthly dividend, which will be paid on Friday, September 15th. Investors of record on Thursday, August 31st will be issued a dividend of $0.024 per share. The ex-dividend date is Tuesday, August 29th. This represents a $0.29 dividend on an annualized basis and a yield of 4.24%. This is an increase from Crescent Point Energy Corporation’s previous monthly dividend of $0.02. Crescent Point Energy Corporation’s payout ratio is currently -48.28%.

About Crescent Point Energy Corporation

Crescent Point Energy Corp. acquires, explores, develops, and produces light and medium oil and natural gas properties 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, Colorado, and Utah.

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Institutional Ownership by Quarter for Crescent Point Energy Corporation (NYSE:CPG)

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