11:39 AM EDT, 07/08/2022 (MT Newswires) -- Stifel GMP on Friday reiterated its buy rating on the shares of Crescent Point Energy (CPG.TO, CPG) with a C$17.00 price target after the oil and gas producer raised its dividend following the disposition on nor-core assets.
"Crescent Point has announced an increase to its quarterly dividend from $0.065/sh to $0.08/sh ($0.32/sh annualized), which represents a 20% increase," analyst Cody Kwong noted. "The company has also announced the disposition of its non-core Saskatchewan Viking assets, which include 4,000 boe/d of mostly oil and liquids production. Proceeds of $260 mm from the asset sale helped in achieving near term debt targets sooner than anticipated. CPG has also updated its return of capital framework to target up to 50% of its discretionary cash flow to shareholders in the form of share repurchases and special dividends."
(MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us)
Price: 9.32, Change: -0.11, Percent Change: -1.17