The stock of Crescent Point Energy Corp (TSE:CPG) gapped down by $0.06 today and has $15.27 target or 6.00% below today’s $16.24 share price. The 7 months technical chart setup indicates high risk for the $8.63B company. The gap down was reported on Oct, 31 by Barchart.com. If the $15.27 price target is reached, the company will be worth $517.80 million less.
Gaps down are helpful for identifying a resistance level and to could also be used as a tradeable event. If traders are short the stock and it experiece gap down, then its usually advisable to hold the short for a bigger down move. Back-tests of such patterns show that two-thirds of the these patterns the stock performance worsens after the gap. The area gaps close 91% of the time, the breakaway gaps 1%, the continuation gaps 9% and the exhaustion gaps 64%. About 1.35 million shares traded hands. Crescent Point Energy Corp (TSE:CPG) has declined 6.86% since March 24, 2016 and is downtrending. It has underperformed by 10.33% the S&P500.
Crescent Point Energy Corp (TSE:CPG) Ratings Coverage
Out of 9 analysts covering Crescent Point Energy (TSE:CPG), 6 rate it a “Buy”, 0 “Sell”, while 3 “Hold”. This means 67% are positive. Crescent Point Energy has been the topic of 46 analyst reports since July 21, 2015 according to StockzIntelligence Inc. Barclays Capital upgraded the stock to “Overweight” rating in Thursday, October 29 report. The firm earned “Outperform” rating on Friday, November 6 by National Bank Canada. The firm has “Buy” rating by Desjardins Securities given on Wednesday, September 21. The firm has “Outperform” rating given on Thursday, August 13 by Scotia Capital. The company was maintained on Monday, June 6 by Raymond James. The rating was downgraded by Barclays Capital on Wednesday, July 22 to “Equal Weight”. The stock of Crescent Point Energy Corp (TSE:CPG) has “Buy” rating given on Monday, August 15 by TD Securities. The firm has “Buy” rating by Canaccord Genuity given on Friday, August 14. As per Wednesday, September 21, the company rating was maintained by Scotia Capital. The firm earned “Sector Outperform” rating on Wednesday, September 21 by IBC.
More notable recent Crescent Point Energy Corp (TSE:CPG) news were published by: Fool.ca which released: “Should You Buy Encana Corp. or Crescent Point Energy Corp.?” on October 20, 2016, also Nasdaq.com with their article: “Ex-Dividend Reminder: EnLink Midstream, ONEOK Partners and Crescent Point Energy” published on October 25, 2016, Forbes.com published: “Crescent Point Energy (CPG) Shares Enter Oversold Territory” on September 14, 2016. More interesting news about Crescent Point Energy Corp (TSE:CPG) were released by: Business.Financialpost.com and their article: “Crescent Point Energy Corp buys up Saskatchewan land, posts smaller loss as …” published on August 11, 2016 as well as Fool.ca‘s news article titled: “Crescent Point Energy Corp. vs. Baytex Energy Corp.: Which Will Outperform in …” with publication date: October 11, 2016.
Crescent Point Energy Corp. is a Canada gas and oil exploration, development and production company. The company has a market cap of $8.63 billion. The Firm is an gas and oil producer with assets consisting of light and medium oil and natural gas reserves in Western Canada and the United States. It currently has negative earnings. The Company’s primary assets are the shares in Crescent Point Holdings Inc. (CPHI), shares in Crescent Point U.S.
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