OpiniionsPertinent and worthwhile reading this morning in the Globe and Mail, Tuesday's Analyst Upgrade and Downgrades by David Leeder. Crescent Point has both Chris MacCulloch of Desjardins Securities and Cody Kwong of Stifel's provide their favourable commentary on CPGs announcement yesterday and their raised targets for the share price. McCulloch bumped his target to $10.50 from $10 and keeping a buy recommendation, Kwong raised his target to $11.50 from $11 with a buy recommendation.
Kwong stated, "Crescent Point continues to emerge as one of the most compelling return of capital stories in our coverage universe, capturing the market's imagination by simply doing what it said it was going to do." "Despite commodity price volatility, Crescent Point's capital plans have remained steadfastly unchanged with unwavering focus on debt repayment so the long term goal of accelerated shareholder returns can be recognized sooner, rather than later." "We believe Crescent Point has both the ability, and the intention, to maximize shareholder returns, with the full impact of this commitment to be recognized early in 2H22."
There is also good commentary on WCP for those who also own their shares.