The stock of Crescent Point Energy Corp (TSE:CPG) gapped up by $0.92 today and has $18.15 target or 9.00% above today’s $16.65 share price. The 9 months technical chart setup indicates low risk for the $8.73B company. The gap was reported on Nov, 30 by Barchart.com. If the $18.15 price target is reached, the company will be worth $785.70M 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 2.57 million shares traded hands or 2.80% up from the average. Crescent Point Energy Corp (TSE:CPG) has declined 29.50% since April 26, 2016 and is downtrending. It has underperformed by 34.73% 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 40.12% above today’s ($16.65) stock price. Crescent Point Energy has been the topic of 53 analyst reports since July 21, 2015 according to StockzIntelligence Inc. TD Securities downgraded it to “Buy” rating and $30 target price in Monday, August 15 report. As per Wednesday, July 22, the company rating was downgraded by Barclays Capital. The stock of Crescent Point Energy Corp (TSE:CPG) earned “Sector Perform” rating by RBC Capital Markets on Friday, January 8. The firm has “Outperform” rating given on Friday, November 11 by Scotia Capital. The stock has “” rating given by Raymond James on Monday, June 6. As per Friday, August 14, the company rating was downgraded by UBS. The firm earned “Sector Perform” rating on Wednesday, September 21 by RBC Capital Markets. The rating was maintained by National Bank Canada on Friday, November 11 with “Outperform”. The stock has “Buy” rating given by Canaccord Genuity on Friday, August 14. The stock of Crescent Point Energy Corp (TSE:CPG) has “Outperform” rating given on Friday, November 6 by National Bank Canada.
More notable recent Crescent Point Energy Corp (TSE:CPG) news were published by: Fool.ca which released: “Crescent Point Energy Corp. Is Impossible to Ignore at These Prices” on November 28, 2016, also Fool.ca with their article: “OPEC Deal or Not, Crescent Point Energy Corp. Is a Buy” published on November 30, 2016, Fool.ca published: “Why Crescent Point Energy Corp. Could Soar” on November 14, 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: “Should You Buy Encana Corp. or Crescent Point Energy Corp.?” with publication date: October 20, 2016.
Crescent Point Energy Corp. is a Canada gas and oil exploration, development and production company. The company has a market cap of $8.73 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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