Globe says a decent risk/reward seen at Crescent Point
Crescent Point Energy Corp (C:CPG)
Shares Issued 581,666,137
Last Close 6/10/2021 $5.57
Friday June 11 2021 - In the News
The Globe and Mail reports in its Friday, June 11, edition that RBC Dominion Securities analyst Michael Harvey has boosted his recommendation for Crescent Point Energy to "outperform" from "sector perform." The Globe's David Leeder writes in the Eye On Equities column that Mr. Harvey hiked his share target by $1 to $7.50. Analysts on average target the shares at $6.28. Mr. Harvey sees the energy market becoming increasingly attractive. He says in a report titled A Goldilocks Energy Market: "Institutional investors still appear to be shunning energy but do so at the cost of relative performance in a global energy market that has looked no better in almost a decade. Limited upstream investment and growth—heavily influenced by ESG considerations -- and a resolute focus on balance sheet deleveraging have combined to expand upstream-downstream margins with only nascent oil field cost inflation evident at this juncture. A smorgasbord of inexpensive energy equities is waiting in the wings." Mr. Harvey says he sees a "favourable risk/reward to Crescent Point shares." The Globe reported on March 26 that Desjardins Securities analyst Chris MacCulloch rated Crescent Point "buy." It was then worth $5.01.