Crescent Point stock gets Outperform rating, C$13 target By Investing.com


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On Wednesday, BMO Capital began its coverage of Crescent Point Energy (NYSE:), trading under the tickers CPG:CN on the Toronto Stock Exchange and NYSE:CPG on the New York Stock Exchange. The firm set an Outperform rating for the oil and gas company, accompanied by a price target of C$13.00.

The initiation of coverage follows Crescent Point’s recent investor day, where the company highlighted several positive developments. BMO Capital pointed out Crescent Point’s robust Montney and Duvernay type curves, which suggest over 20 years of high-quality inventory. Additionally, the firm noted the company’s attractive valuation in the current market.

The analyst from BMO Capital emphasized the importance of recognizing pivotal moments in the oil and gas sector. These moments often involve new plays or improved field economics leading to multiple expansions. The analyst believes that Crescent Point is undergoing such a pivotal change, as indicated by the investor day’s themes.

The investor day also highlighted an improving sentiment towards Crescent Point Energy. The firm’s analysis suggested that the market update provided by Crescent Point should be well-received, reflecting a positive ‘rate of change’ in the company’s operations and prospects.

The Outperform rating suggests that BMO Capital expects Crescent Point Energy’s stock to perform better than the overall market or its sector in the near future. The C$13.00 price target indicates the firm’s forecast of the stock’s potential to rise from its current trading level.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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