Veren Inc T.VRN

Crescent Point Energy Maintained at Outperform at National B

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Crescent Point Energy Maintained at Outperform at National Bank as Bought Deal Closes; Price Target Price Kept at C$19.00 2023-11-15 02:44:08 PM ET (MT Newswires)

02:44 PM EST, 11/15/2023 (MT Newswires) -- National Bank Financial on Wednesday reiterated its outperform rating on the shares of Crescent Point Energy (CPG.TO, CPG) and its C$19.00 price target after coming out from restriction after the Western Canadian oil and gas producer closed its C$500 million bought-deal shares offering to pay in part for its acquisition of Hammerhead Resources (HHRS.TO). "Crescent Point announced the closing of a $500 million equity raise which helps fund the $2.55 billion acquisition of Hammerhead Resources (expected to close in December). On closing, the acquisition adds about 56 mboe/d (50% liquids), 105,000 adjacent net Montney acres (see map within) and 800 drilling locations (although HHRS identified +1,300). In tandem with the transaction, Crescent has increased its base dividend by 15% to an annualized $0.46/sh," analyst Travis Wood wrote. (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: 9.64, Change: -0.08, Percent Change: -0.82