The stock of Crescent Point Energy Corp (TSE:CPG) gapped up by $0.1 today and has $20.82 target or 27.00% above today’s $16.39 share price. The 6 months technical chart setup indicates low risk for the $8.89B company. The gap was reported on Nov, 21 by Barchart.com. If the $20.82 price target is reached, the company will be worth $2.40B 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 2.94M shares traded hands or 21.99% up from the average. Crescent Point Energy Corp (TSE:CPG) has declined 18.22% since April 15, 2016 and is downtrending. It has underperformed by 22.08% 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 42.34% above today’s ($16.39) stock price. Crescent Point Energy has been the topic of 53 analyst reports since July 21, 2015 according to StockzIntelligence Inc. The rating was downgraded by TD Securities to “Buy” on Monday, August 15. The stock of Crescent Point Energy Corp (TSE:CPG) earned “Outperform” rating by Scotia Capital on Wednesday, September 21. As per Friday, August 14, the company rating was maintained by Canaccord Genuity. The firm has “Sector Outperform” rating by IBC given on Wednesday, September 21. National Bank Canada maintained the shares of CPG in a report on Friday, November 6 with “Outperform” rating. The rating was maintained by RBC Capital Markets on Wednesday, September 21 with “Sector Perform”. Scotia Capital maintained Crescent Point Energy Corp (TSE:CPG) rating on Thursday, August 13. Scotia Capital has “Outperform” rating and $35 price target. Barclays Capital downgraded the stock to “Equal Weight” rating in Wednesday, July 22 report. The firm has “” rating given on Monday, June 6 by Raymond James. RBC Capital Markets maintained it with “Sector Perform” rating and $20 target price in Friday, January 8 report.
More notable recent Crescent Point Energy Corp (TSE:CPG) news were published by: Fool.ca which released: “Crescent Point Energy Corp. Sees Big Things Ahead in 2017” on November 15, 2016, also Theglobeandmail.com with their article: “Crescent Point Energy posts smaller quarterly loss” published on November 10, 2016, Business.Financialpost.com published: “Crescent Point Energy Corp buys up Saskatchewan land, posts smaller loss as …” on August 11, 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 Fool.ca‘s news article titled: “Crescent Point Energy Corp.: Is the Pullback Over?” with publication date: November 07, 2016.
Crescent Point Energy Corp. is a Canada gas and oil exploration, development and production company. The company has a market cap of $8.89 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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