Crescent Point Energy Corp [NYSE: CPG] gained 0.26% on the last trading session, reaching $7.57 price per share at the time. The company report on March 7, 2024 at 8:00 AM that Crescent Point Receives Approval for Normal Course Issuer Bid.
Crescent Point Energy Corp. (“Crescent Point” or the “Company”) (TSX: CPG) (NYSE: CPG) is pleased to announce the Toronto Stock Exchange (“TSX”) has accepted its notice to implement a normal course issuer bid (“NCIB”) to purchase, for cancellation, up to 61,663,522 common shares, or 10 percent of the Company’s public float, as at February 29, 2024. The NCIB is scheduled to commence on March 11, 2024 and is due to expire on March 10, 2025.
Purchases of Crescent Point’s common shares under the NCIB may be made through the facilities of the TSX, the New York Stock Exchange (“NYSE”) and alternative trading systems by means of open market transactions or by such other means as may be permitted by the Canadian Securities Administrators (“CSA”) and under applicable securities laws, including by private agreement pursuant to issuer bid exemption orders issued by applicable securities regulatory authorities. The price the Company will pay for any common shares will be the market price at the time of purchase or such other price as may be permitted by the CSA. Any private purchase made under an exemption order issued by a securities regulatory authority will generally be at a discount to the prevailing market price.
If compared to the average trading volume of 5.40M shares, CPG reached a trading volume of 5854589 in the most recent trading day, which is why market watchdogs consider the stock to be active.
Here is what top equities market gurus are saying about Crescent Point Energy Corp [CPG]:
Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for CPG shares is $9.50 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on CPG stock is a recommendation set at 1.20. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.
Canaccord Genuity have made an estimate for Crescent Point Energy Corp shares, keeping their opinion on the stock as Buy, with their previous recommendation back on July 21, 2023. The new note on the price target was released on June 08, 2022, representing the official price target for Crescent Point Energy Corp stock.
The Average True Range (ATR) for Crescent Point Energy Corp is set at 0.18, with the Price to Sales ratio for CPG stock in the period of the last 12 months amounting to 1.85. The Price to Book ratio for the last quarter was 0.90, with the Price to Cash per share for the same quarter was set at 0.02. Price to Free Cash Flow for CPG in the course of the last twelve months was 6.55 with Quick ratio for the last quarter at 0.76.
Trading performance analysis for CPG stock
Crescent Point Energy Corp [CPG] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 0.80. With this latest performance, CPG shares gained by 19.59% in over the last four-week period, additionally sinking by -7.26% over the last 6 months – not to mention a rise of 12.74% in the past year of trading.
Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for CPG stock in for the last two-week period is set at 71.74, with the RSI for the last a single of trading hit 76.09, and the three-weeks RSI is set at 66.60 for Crescent Point Energy Corp [CPG]. The present Moving Average for the last 50 days of trading for this stock 6.79, while it was recorded at 7.55 for the last single week of trading, and 7.33 for the last 200 days.
Crescent Point Energy Corp [CPG]: A deeper dive into fundamental analysis
Crescent Point Energy Corp’s liquidity data is similarly interesting compelling, with a Quick Ratio of 0.76 and a Current Ratio set at 0.76.
Crescent Point Energy Corp [CPG]: An earnings per share (EPS) analysis
With the latest financial reports released by the company, Crescent Point Energy Corp posted 0.29/share EPS, while the average EPS was predicted by analysts to be reported at 0.3/share. When compared, the two values demonstrate that the company fail the estimates by a Surprise Factor of -3.30%. The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for CPG. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for Crescent Point Energy Corp go to 7.00%.
An analysis of Institutional ownership at Crescent Point Energy Corp [CPG]
The top three institutional holders of CPG stocks are: VANGUARD GROUP INC with ownership of 1.3 billion shares, which is approximately 8.2815%. BLACKROCK INC., holding 1.03 billion shares of the stock with an approximate value of $176.59 billion in CPG stocks shares; and BERKSHIRE HATHAWAY INC, currently with $156.75 billion in CPG stock with ownership which is approximately 5.8325%.
