The stock of Crescent Point Energy Corp (TSE:CPG) gapped up by $0.44 today and has $19.49 target or 8.00% above today’s $18.05 share price. The 7 months technical chart setup indicates low risk for the $10.99B company. The gap was reported on Dec, 1 by Barchart.com. If the $19.49 price target is reached, the company will be worth $879.20 million 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 3.08 million shares traded hands or 15.36% up from the average. Crescent Point Energy Corp (TSE:CPG) has declined 22.13% since April 27, 2016 and is downtrending. It has underperformed by 28.06% 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 29.25% above today’s ($18.05) stock price. Crescent Point Energy has been the topic of 53 analyst reports since July 21, 2015 according to StockzIntelligence Inc. As per Monday, June 6, the company rating was maintained by Raymond James. The rating was upgraded by Barclays Capital on Thursday, October 29 to “Overweight”. The stock of Crescent Point Energy Corp (TSE:CPG) has “Buy” rating given on Wednesday, September 21 by Desjardins Securities. The rating was downgraded by UBS to “Neutral” on Friday, August 14. The rating was maintained by IBC with “Sector Outperform” on Wednesday, September 21. As per Friday, November 6, the company rating was maintained by National Bank Canada. The rating was downgraded by TD Securities on Monday, August 15 to “Buy”. On Friday, November 11 the stock rating was maintained by Scotia Capital with “Outperform”. The rating was maintained by Desjardins Securities on Tuesday, June 28 with “”. The firm earned “Equal Weight” rating on Wednesday, July 22 by Barclays Capital.
More notable recent Crescent Point Energy Corp (TSE:CPG) news were published by: Fool.ca which released: “OPEC Deal or Not, Crescent Point Energy Corp. Is a Buy” on November 30, 2016, also Fool.ca with their article: “Crescent Point Energy Corp. Is Impossible to Ignore at These Prices” published on November 28, 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 $10.99 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.