Targets Raised Canaccord Genuity’s Mike Mueller raised his Crescent Point Energy Corp. target to $13 from $12.50 with a “buy” rating, while Stifel’s Cody Kwong moved his target to $14.50 from $14 with a “buy” recommendation. The average is $12.93.
“We expect headlines emerging from the Crescent Point Investor Day will largely focus on the name change to Veren Inc (Latin reference to ‘truth’ and ‘energy’),” said Mr. Kwong. “However, not lost on us, was the technical, operational, strategic, and fiscal improvements the company highlighted in the presentation that truly warrant the celebration of the transformation delivered by this team over the past 6 years and excitement around its blueprint and targets ahead. While we make no formal changes to our outlook in this update, we come away with a better appreciation of its core assets and the level of detail/focus and shareholder return upside laid out in its 5-year plan.”