Crescent Point Energy Corp. Forecasted to Post Q2 2024 Earnings of $0.22 Per Share (NYSE:CPG)

Crescent Point Energy Corp. (NYSE:CPG) (TSE:CPG) – Equities researchers at Atb Cap Markets cut their Q2 2024 earnings estimates for Crescent Point Energy in a report released on Monday, April 22nd. Atb Cap Markets analyst A. Arif now expects that the oil and gas producer will earn $0.22 per share for the quarter, down from their previous forecast of $0.24. The consensus estimate for Crescent Point Energy’s current full-year earnings is $1.17 per share. Atb Cap Markets also issued estimates for Crescent Point Energy’s Q4 2024 earnings at $0.34 EPS and FY2024 earnings at $1.04 EPS.

Crescent Point Energy Stock Performance

Shares of NYSE:CPG opened at $8.86 on Wednesday. The company has a market cap of $5.49 billion, a price-to-earnings ratio of 12.65 and a beta of 2.23. The company has a 50-day moving average price of $7.88 and a 200-day moving average price of $7.35. The company has a current ratio of 0.76, a quick ratio of 0.76 and a debt-to-equity ratio of 0.46. Crescent Point Energy has a 12 month low of $6.03 and a 12 month high of $9.07.

Crescent Point Energy (NYSE:CPG) (TSE:CPG) last posted its quarterly earnings results on Thursday, February 29th. The oil and gas producer reported $0.27 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.38 by ($0.11). Crescent Point Energy had a net margin of 15.40% and a return on equity of 13.27%. The business had revenue of $743.70 million for the quarter, compared to analysts’ expectations of $752.25 million.

Hedge Funds Weigh In On Crescent Point Energy

Several hedge funds and other institutional investors have recently modified their holdings of CPG. Riverstone Holdings LLC bought a new position in shares of Crescent Point Energy during the fourth quarter valued at about $289,379,000. Goldman Sachs Group Inc. raised its stake in shares of Crescent Point Energy by 1,534.9% during the fourth quarter. Goldman Sachs Group Inc. now owns 9,277,441 shares of the oil and gas producer’s stock valued at $64,293,000 after acquiring an additional 8,709,962 shares during the last quarter. Ninepoint Partners LP raised its stake in shares of Crescent Point Energy by 100.0% during the third quarter. Ninepoint Partners LP now owns 16,000,000 shares of the oil and gas producer’s stock valued at $132,800,000 after acquiring an additional 8,000,000 shares during the last quarter. Quadrature Capital Ltd bought a new position in shares of Crescent Point Energy during the fourth quarter valued at about $11,663,000. Finally, HarbourVest Partners LLC bought a new position in shares of Crescent Point Energy during the fourth quarter valued at about $11,620,000. 49.37% of the stock is owned by institutional investors.

Crescent Point Energy Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, April 1st. Stockholders of record on Friday, March 15th were paid a dividend of $0.086 per share. This represents a $0.34 annualized dividend and a dividend yield of 3.88%. This is an increase from Crescent Point Energy’s previous quarterly dividend of $0.07. The ex-dividend date was Thursday, March 14th. Crescent Point Energy’s dividend payout ratio is 47.14%.

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.