The stock of Crescent Point Energy Corp (TSE:CPG) gapped up by $0.24 today and has $24.71 target or 55.00% above today’s $15.94 share price. The 7 months technical chart setup indicates low risk for the $8.91B company. The gap was reported on Nov, 15 by Barchart.com. If the $24.71 price target is reached, the company will be worth $4.90B more.
Gaps up are useful for using as a support level and to some extent as a tradeable event. If investors already hold the stock and experience a price gap up, then its usually a good idea to hold the stock for a stronger up move. Back-tests of these patterns indicate that two-thirds of the times the stock performance improves after the gap. The area gaps close 89% of the time, the breakaway gaps, 2%, the continuation gaps 4% and the exhaustion gaps 61%. About 1.23 million shares traded hands. Crescent Point Energy Corp (TSE:CPG) has declined 16.24% since April 11, 2016 and is downtrending. It has underperformed by 20.17% the S&P500.
Crescent Point Energy Corp (TSE:CPG) Ratings Coverage
Out of 9 analysts covering Crescent Point Energy (TSE:CPG), 7 rate it a “Buy”, 0 “Sell”, while 2 “Hold”. This means 78% are positive. $38 is the highest target while $5.25 is the lowest. The $23.33 average target is 46.36% above today’s ($15.94) stock price. Crescent Point Energy has been the topic of 53 analyst reports since July 21, 2015 according to StockzIntelligence Inc. Raymond James maintained Crescent Point Energy Corp (TSE:CPG) rating on Monday, June 6. Raymond James has “” rating and $26 price target. As per Wednesday, September 21, the company rating was maintained by Desjardins Securities. Dundee Securities upgraded Crescent Point Energy Corp (TSE:CPG) on Friday, November 11 to “Buy” rating. The stock of Crescent Point Energy Corp (TSE:CPG) earned “Outperform” rating by Scotia Capital on Wednesday, September 21. The firm earned “” rating on Tuesday, June 28 by Desjardins Securities. On Friday, November 11 the stock rating was maintained by Scotia Capital with “Outperform”. The firm has “Sector Perform” rating by RBC Capital Markets given on Wednesday, September 21. The company was maintained on Friday, November 6 by National Bank Canada. The firm earned “Buy” rating on Monday, August 15 by TD Securities. The firm earned “Buy” rating on Friday, August 14 by Canaccord Genuity.
More notable recent Crescent Point Energy Corp (TSE:CPG) news were published by: Fool.ca which released: “Why Crescent Point Energy Corp. Could Soar” on November 14, 2016, also Theglobeandmail.com with their article: “Crescent Point Energy posts smaller quarterly loss” published on November 10, 2016, Fool.ca published: “Crescent Point Energy Corp.: Is the Pullback Over?” on November 07, 2016. More interesting news about Crescent Point Energy Corp (TSE:CPG) were released by: Forbes.com and their article: “Crescent Point Energy (CPG) Shares Enter Oversold Territory” published on September 14, 2016 as well as Business.Financialpost.com‘s news article titled: “Crescent Point Energy Corp buys up Saskatchewan land, posts smaller loss as …” with publication date: August 11, 2016.
Crescent Point Energy Corp. is a Canada gas and oil exploration, development and production company. The company has a market cap of $8.91 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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