Crescent Point rises as Raymond James upgrades with 'outperform' rating

Veren

22/03/2023 15:32

** U.S.-listed shares of Canadian oil and gas exploration
company Crescent Point Energy Corp  CPG.N   CPG.TO  rise by 5.2%
to $6.745
    ** Raymond James upgrades CPG rating to "outperform" from
"market perform"  urn:newsml:reuters.com:*:nFWN35U19J 
    ** Also raises target price to C$12 ($8.75) from C$11.50
    ** Brokerage says CPG had potential to change its
profitability when it bought into Duvernay in 2021 
    ** "So after two years, with a number of revised completion
advancements and multiple well-pads later, it feels as if we're
at that pivotal moment" - Raymond James
    ** One of the two analysts covering the stock have a "buy"
or higher rating, while another rates it at "hold"; median PT is
C$14.25 - Refinitiv data 
    ** Despite session gains, CPG stock has fallen ~5% YTD

($1 = 1.3711 Canadian dollars)

 (Reporting by Amna Karimi in Bengaluru)
 ((Amna.Karimi@thomsonreuters.com; +91 8083261226;))