Saturday, June 25, 2022

An Analysis of Crescent Point Energy Corp. (CPG)’s Potential Price Growth

Scotiabank upgraded its Crescent Point Energy Corp. [CPG] rating to a Sector outperform from a a Sector perform in a research note published on Tuesday. A number of analysts have revised their coverage, including RBC Capital Mkts’s analysts, who increased its forecast for the stock in early June from “a Sector perform” to “an Outperform”. Scotiabank also remained covering CPG and has increased its forecast on February 23, 2021 with a “Sector outperform” recommendation from previously “Sector perform” rating. BMO Capital Markets revised its rating on January 11, 2021. It rated CPG as “an Outperform” which previously was an “a Market perform”.


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Price Performance Review of CPG

On Tuesday, Crescent Point Energy Corp. [NYSE:CPG] saw its stock jump 6.62% to $8.38. On the same session, the stock had its day’s lowest price of $8.1501, but rose to a high of $8.54. Over the last five days, the stock has lost -13.52%. Crescent Point Energy Corp. shares have risen nearly 56.93% since the year began. Nevertheless, the stocks have risen 82.57% over the past one year. While a 52-week high of $10.96 was reached on 06/08/22, a 52-week low of $2.75 was recorded on 01/03/22. SMA at 50 days reached $7.99, while 200 days put it at $6.20. A total of 23.19 million shares were traded, compared to the trading of 22.49 million shares in the previous session.

Levels Of Support And Resistance For CPG Stock

The 24-hour chart illustrates a support level at 8.17, which if violated will result in even more drops to 7.97. On the upside, there is a resistance level at 8.56. A further resistance level may holdings at 8.75. The Relative Strength Index (RSI) on the 14-day chart is 45.95, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at -1.21, which suggests price will go down in the next trading period. Percent R suggests that price movement has been bearish at 80.12%. Stochastics %K at 9.11% indicates the stock is a buying.

How much short interest is there in Crescent Point Energy Corp.?

A steep rise in short interest was recorded in Crescent Point Energy Corp. stocks on Apr 28, 2022, growing by 2.53 million shares to a total of 14.18 million shares. Yahoo Finance data shows the prior-month short interest on Mar 30, 2022 was 11.65 million shares. There was a rise of 17.84%, which implies that there is a positive sentiment for the stock.

Crescent Point Energy Corp. [CPG] – Who Are The Largest Shareholders?

In filings from Franklin Mutual Advisers LLC, it is revealed that the company now owns 30,756,642 shares, or roughly 5.38% of the outstanding CPG shares. In other words, the investor’s shares have risen by 110,172 from its previous 13-F filing of 30646470.0. Additionally, Connor, Clark & Lunn Investment M decreased -29.72% of its stake after which the total value it holdings stand at $161,173,877, while The Vanguard Group, Inc. reduced -6.02% of its stake to hold $113.42 million in the firm. Over the last quarter, Arrowstreet Capital LP purchased 305,215 shares of Crescent Point Energy Corp., while Ninepoint Partners LP bought -3,000,000 shares. At present, BMO Asset Management, Inc. is holding 9,950,727 shares valued at $87.96 million. Two Sigma Investments LP owned 7,937,399 shares of the company at the time of its most recent 13F filing, worth $70.17 million.

According to FactSet, Crescent Point Energy Corp.’s share price will average $12.07 in the next year, based on opinions of analysts polled by the firm. This is up nearly 52.16 percent from its previous closing price of $7.86. Analysts expect Crescent Point Energy Corp. stock to reach the higher price of $15.36, while the lowest price estimate is $9.21. However, 14 analysts have rated CPG stock as a Buy in their predictions for 2022.

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