Franklin Mutual Advisers LLC recently announced the acquisition of new stake in Crescent Point Energy Corp (NYSE:CPG). The institutional investor has increased its shareholding in the Energy company by 11.95% to 24.52 million shares with purchase of 2.62 million shares. This fresh investment now brings its stake to 4.57% valued currently at $196.43 million. In addition, Ninepoint Partners LP raised its holdings by 8.0 million to 16.0 million shares. And The Vanguard Group, Inc. has lifted its position by 0.73% or 93281.0 shares – to 12.96 million shares.
With over 5.35 million Crescent Point Energy Corp (CPG) shares trading Tuesday and a closing price of $6.39 on the day, the dollar volume was approximately $34.18 million. The shares have shown a negative half year performance of -5.81% and its price on 12/12/23 lost nearly -3.33%. Currently, there are 550.89M common shares owned by the public and among those 533.05M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 11 analysts who have offered their price forecasts for CPG have a consensus price objective of $10.58. The analysts have set the share’s price value over the next 12 months at a high of $13.84 and a low of $8.78. The average price target is 39.6% above its recent price level and an upside to the estimated low will see the stock gain 27.22% over that period. But an upside of 53.83% will see the stock hit the forecast high price target while median target price for the stock is $10.30.
The top 3 mutual fund holders in Crescent Point Energy Corp are Franklin Small Cap Value Fund, DFA International Small Cap Value, and Ninepoint Energy Fund. Franklin Small Cap Value Fund owns 16.86 million shares of the company’s stock, all valued at over $135.08 million. The company sold -0.24 million shares recently to bring their total holdings to about 3.15% of the shares outstanding. DFA International Small Cap Value bought 14251.0 shares to see its total holdings expand to 10.79 million shares valued at over $86.4 million and representing 2.01% of the shares outstanding. Ninepoint Energy Fund bought 8.0 million shares to bring its total holdings to over 8.0 million shares at a value of $64.08 million. Ninepoint Energy Fund now owns shares totaling to 1.49% of the shares outstanding.
Shares of Crescent Point Energy Corp (NYSE: CPG) opened at $6.52, down -$0.09 from a prior closing price of $6.61. However, the script later moved the day high at 6.52, down -3.33%. The company’s stock has a 5-day price change of -6.17% and -24.04% over the past three months. CPG shares are trading -9.86% year to date (YTD), with the 12-month market performance down to -1.45% lower. It has a 12-month low price of $5.56 and touched a high of $8.57 over the same period. CPG has an average intraday trading volume of 4.04 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -7.65%, -14.76%, and -13.13% respectively.
Institutional ownership of Crescent Point Energy Corp (NYSE: CPG) shares accounts for 38.69% of the company’s 550.89M shares outstanding. Mutual fund holders own 14.80%, while other institutional holders and individual stakeholders account for 23.81% and — respectively.
It has a market capitalization of $3.43B and a beta (3y monthly) value of 2.19. The earnings-per-share (ttm) stands at -$1.21. Price movements for the stock have been influenced by the stock’s volatility, which stands at 2.86% over the week and 2.55% over the month.
Analysts forecast that Crescent Point Energy Corp (CPG) will achieve an EPS of $0.31 for the current quarter, $0.31 for the next quarter and $1.25 for 2024. The lowest estimate earnings-per-share for the quarter is $0.29 while analysts give the company a high EPS estimate of $0.34. Comparatively, EPS for the current quarter was -$0.66 a year ago. Earnings per share for the fiscal year are expected to decrease by -105.61%, and 1236.17% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 11 brokerage firm advisors rate Crescent Point Energy Corp (CPG) as a “Strong Buy” at a consensus score of 1.18. Specifically, 9 Wall Street analysts polled rate the stock as a buy, while 0 of the 11 advise that investors “hold,” and 0 rated it as a “Sell.”
