By Ketki Saxena
Investing.com -- Ninepoint Partners LP has purchased a new stake in Crescent Point Energy Corp (TSX:CPG). during the first quarter of 2023, according to their most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired approximately 3,000,000 shares of the oil and gas producer's stock, valued at around $21,180,000. This investment now constitutes approximately 2.4% of Ninepoint Partners LP's portfolio, making Crescent Point Energy its 7th largest holding.
Several other hedge funds have also recently adjusted their holdings in Crescent Point Energy. Signaturefd LLC raised its stake by 19.8%, Knights of Columbus Asset Advisors LLC by 0.8%, and First Trust Advisors LP by 15.9%, all during the first quarter. Institutional investors currently own about 36.00% of the company's stock.
Crescent Point Energy's stock traded up $0.27 during trading hours on Friday, hitting $8.04 with over four million shares exchanged. The company has a market capitalization of $4.36 billion and a P/E ratio of 14.62.
The oil and gas producer also recently declared a quarterly dividend last week, along with its Q2 2023 Earnings. The divident will be paid on Monday, October 2nd to stockholders of record on Friday, September 15th. The dividend per share has been raised from the previous $0.07 to $0.075, representing an annualized dividend of $0.30 and a yield of 3.73%.
Several research analysts have recently issued reports on Crescent Point Energy's stock performance. StockNews.com downgraded the company from a "hold" rating to a "sell" rating on Thursday, while Canaccord Genuity (TSX:CF) Group initiated coverage on the company with a "buy" rating on Friday, July 21st.
Crescent Point Energy Corp., based in Western Canada and the United States, specializes in exploring, developing, and producing light and medium crude oil, natural gas liquids, and natural gas reserves.