price targets upSo is this just a really good acquisition, or has the market finally clued in that CPG knows what it's doing with these acquisitions, or is it a combination of both?
Inside the Market Blog Thursday, April 24, 2014, 09:36:52 Today's analyst upgrades and downgrades Darcy Keith Inside the Market’s roundup of some of today’s key analyst actions. This file will be updated during the trading day. For breaking analyst actions prior to market open every day, read our Before the Bell morning report. =======
At least eight analysts raised their price targets on
Crescent Point Energy Corp. in the wake of the company announcing it would acquire CanEra Energy, a private southeast Saskatchewan oil producer, for about $750-million in cash and stock.
The acquisition boosts its reserves in the Torquay formation - which lies beneath the prolific Bakken shale.
"The assets are perfectly complimentary to existing CPG assets," commented Dundee Securities analyst Brian Kristjansen, adding that the deal will boost his 2014 and 2015 cash flow forecasts by 5 per cent and 6 per cent, respectively.
He raised his price target to $52.50 (Canadian) from $51.50 and reiterated a "buy" rating. The median analyst price target is now $50, up from $47.50 a month ago.
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