Globe says Crescent Point cash flow improvingCrescent Point Energy Corp (C:CPG)
Shares Issued 581,678,041
Last Close 7/14/2021 $4.64
Thursday July 15 2021 - In the News
The Globe and Mail reports in its Thursday, July 15, edition that CIBC analysts led by Dennis Fong boosted their share target for Crescent Point Energy ($4.64) to $9 from $7. The Globe's Darcy Keith writes that CIBC analysts say in a note: "The second quarter showed continued strength in commodities as global inventories reached pre-pandemic levels aided primarily by the recovery of demand, discipline from OPEC+ countries to production quotas and continued focus from producers to maintain rather than grow production levels. While we have seen increases in cash flows from the strength in commodities, partial offsetting factors include impacts from hedging, higher royalties and cash taxes, as well as the impact of turnarounds. CIBC expects West Texas Intermediate crude oil to average about $65 (U.S.) both this year and in 2022, which is higher than earlier estimates and accounts for much of the boost to the price targets." The Globe reported on March 26 that Desjardins Securities analyst Chris MacCulloch rated Crescent Point "buy." It was then worth $5.01. The Globe reported on June 11 that RBC boosted its recommendation for Crescent Point to "outperform" from "sector perform." It was then worth $5.57.