Goldman Sachs Group Inc. Raises Stock Holdings in Crescent Point Energy Corp. (NYSE:CPG)

Goldman Sachs Group Inc. increased its position in Crescent Point Energy Corp. (NYSE:CPG) (TSE:CPG) by 1,534.9% during the 4th quarter, Holdings Channel reports. The institutional investor owned 9,277,441 shares of the oil and gas producer’s stock after purchasing an additional 8,709,962 shares during the period. Goldman Sachs Group Inc.’s holdings in Crescent Point Energy were worth $64,293,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Parallel Advisors LLC increased its stake in shares of Crescent Point Energy by 224.1% in the fourth quarter. Parallel Advisors LLC now owns 6,378 shares of the oil and gas producer’s stock worth $44,000 after buying an additional 4,410 shares during the period. Blue Trust Inc. boosted its holdings in Crescent Point Energy by 48.8% in the fourth quarter. Blue Trust Inc. now owns 10,210 shares of the oil and gas producer’s stock valued at $71,000 after acquiring an additional 3,347 shares in the last quarter. Kim LLC bought a new stake in Crescent Point Energy in the fourth quarter valued at $82,000. AXQ Capital LP bought a new stake in Crescent Point Energy in the third quarter valued at $89,000. Finally, Tower Research Capital LLC TRC boosted its holdings in Crescent Point Energy by 938.1% in the fourth quarter. Tower Research Capital LLC TRC now owns 16,112 shares of the oil and gas producer’s stock valued at $112,000 after acquiring an additional 14,560 shares in the last quarter. 49.37% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

CPG has been the topic of several recent analyst reports. StockNews.com initiated coverage on shares of Crescent Point Energy in a report on Sunday. They issued a “hold” rating on the stock. BMO Capital Markets boosted 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, May 7th. One analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $13.81.

Crescent Point Energy Stock Performance

Shares of CPG stock opened at $8.59 on Tuesday. Crescent Point Energy Corp. has a 12 month low of $6.03 and a 12 month high of $9.28. The stock has a market cap of $5.32 billion, a PE ratio of -107.36 and a beta of 2.17. The company has a current ratio of 1.03, a quick ratio of 0.76 and a debt-to-equity ratio of 0.50. The company’s fifty day moving average price is $8.54 and its 200-day moving average price is $7.45.

Crescent Point Energy Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 2nd. Investors of record on Saturday, June 15th will be paid a $0.083 dividend. This represents a $0.33 dividend on an annualized basis and a yield of 3.86%. The ex-dividend date of this dividend is Friday, June 14th. Crescent Point Energy’s payout ratio is -424.95%.

About Crescent Point Energy

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.