RE:Some high volume days@soundandfury: Prices moving up on high volume is certainly a good bullish indicator. I took note of the high volumes in the past week too.
I think that it is unlikely CPG will hit $20 again even in the long term. Low double digits would not be out of the question, though. I am not sure what your assumptions about WTI price would be for $20/share scenario to play out. However, I do agree with you that once CPG raises the dividend, it will encounter significant upside pressure.
For companies that have been extraordinariy well run historically, all of the good news has been baked into their current share prices. The only meaningful catalyst for the share price of such companies to move up is a rising price of the underlying commodity. The classic example of a midsize company would be WCP. CPG on the other hand has burnt a lot of current and former shareholders (you need only read the posts on this board to validate this claim). As such, it has been placed in the proverbial penalty box and so trades a lower multiple to others. Once CPG increases the dividend, it will significant move the share price. CPG, in constrast to its more reputable peers, has more catalyst to raise the share price.
Finally, while I don't think CPG will ever hit $20, I do think that CPG will trade at a higher share price than WCP in the longer term.