Veren Inc. [NYSE: CPG] surged by $0.32 during the normal trading session on while it closed the day at $8.49. The company report on March 20, 2024 at 11:44 AM that Crescent Point Plans Name Change to Veren.
Crescent Point Energy Corp. (“Crescent Point” or the “Company”) (TSX: CPG) (NYSE: CPG) announced today that it intends to change its name to Veren Inc. (“Veren”) and will seek shareholder approval for the change at its upcoming Annual and Special Meeting of Shareholders (“AGM”) on May 10, 2024.
“Our new name and logo represent the culmination of our remarkable transformation over the last several years and better reflect the notable improvements we have made to our business,” said Craig Bryksa, President and CEO of Crescent Point. “Our portfolio now boasts a top-quartile asset base with significant inventory. In addition to strengthening our long-term excess cash flow and return of capital profile for shareholders, we have also bolstered our ESG practices including enhanced governance, environmental stewardship, safety practices and community involvement. Through our hard work, we have reached a turning point and are on a new and exciting trajectory. It is now time to embrace a new brand that is representative of our promising future and our purpose statement of Bringing Energy To Our World – The Right Way.”.
Veren Inc. stock has also gained 6.12% of its value over the past 7 days. However, CPG stock has inclined by 22.51% in the 3 months of the year. Over the past six months meanwhile, it has gained 2.50% and gained 22.51% year-on date.
The market cap for CPG stock reached $5.26 billion, with 619.93 million shares outstanding and 573.89 million shares in the current float. Compared to the average trading volume of 5.67M shares, CPG reached a trading volume of 10143068 in the most recent trading day, which is why market watchdogs consider the stock to be active.
Here’s what leading stock market gurus have to say about Veren Inc. [CPG]:
Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for CPG shares is $9.70 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 Veren Inc. 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 Veren Inc. stock.
The Average True Range (ATR) for Veren Inc. is set at 0.19, with the Price to Sales ratio for CPG stock in the period of the last 12 months amounting to 2.08. The Price to Book ratio for the last quarter was 1.01, 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 7.35 with Quick ratio for the last quarter at 0.76.
CPG stock trade performance evaluation
Veren Inc. [CPG] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 6.12. With this latest performance, CPG shares gained by 13.35% in over the last four-week period, additionally plugging by 2.50% over the last 6 months – not to mention a rise of 22.80% 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 79.38, with the RSI for the last a single of trading hit 82.64, and the three-weeks RSI is set at 75.33 for Veren Inc. [CPG]. The present Moving Average for the last 50 days of trading for this stock 7.15, while it was recorded at 8.17 for the last single week of trading, and 7.42 for the last 200 days.
Veren Inc. [CPG]: An insightful look at the core fundamentals
Veren Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 0.76 and a Current Ratio set at 0.76.
Earnings per share (EPS) analysis for Veren Inc. [CPG] stock
With the latest financial reports released by the company, Veren Inc. 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 Veren Inc. go to 7.00%.
Veren Inc. [CPG]: Institutional Ownership
The top three institutional holders of CPG stocks are: VANGUARD GROUP INC with ownership of 1.32 billion shares, which is approximately 8.4983%. BLACKROCK INC., holding 1.04 billion shares of the stock with an approximate value of $200.69 billion in CPG stocks shares; and BERKSHIRE HATHAWAY INC, currently with $174.35 billion in CPG stock with ownership which is approximately 5.8386%.
