An Analysis Of The Behavior Of Crescent Point Energy Corp. (CPG) Stock

Crescent Point Energy Corp. (NYSE:CPG) price on Thursday, April 27, rose 0.27% above its previous day’s close as an upside momentum from buyers pushed the stock’s value to $7.16.

A look at the stock’s price movement, the level at last check in today’s session was $7.14, moving within a range at $7.0801 and $7.355. The beta value (5-Year monthly) was 2.85 while the PE ratio in trailing twelve months stood at 2.82. Turning to its 52-week performance, $10.89 and $5.47 were the 52-week high and 52-week low respectively. Overall, CPG moved 7.82% over the past month.

Crescent Point Energy Corp.’s market cap currently stands at around $5.29 billion, with investors looking forward to this quarter’s earnings report slated for May 12, 2023. The company has a Forward Dividend ratio of 0.40, with its dividend yield at 5.60%. As such, investors might be keen on an upside in the stock’s price ahead of the scheduled earnings report. Analysts project the company’s earnings per share (EPS) to be $0.3, which has seen fiscal year 2023 EPS growth forecast to increase to $1.24 and about $1.35 for fiscal year 2024. Per the data, EPS growth is expected to be -35.10% for 2023 and 8.90% for the next financial year.

Analysts have a consensus estimate of $633.63 million for the company’s revenue for the quarter, with a low and high estimate of $583.49 million and $676.52 million respectively. The average forecast suggests up to a 55.90% growth in sales growth compared to quarterly growth in the same period last fiscal year. Wall Street analysts have also projected the company’s year-on-year revenue for 2023 to grow to $2.79 billion, representing a -5.00% decline on that reported in the last financial year.

Revisions could be used as tool to get short term price movement insight, and for the company that in the past seven days was no upward and no downward review(s). Turning to the stock’s technical picture we see that short term indicators suggest on average that CPG is a 50% Buy. On the other hand, the stock is on average a 25% Sell as suggested by medium term indicators while long term indicators are putting the stock in 50% Buy category.

CPG’s current price about -4.09% and 1.91% off the 20-day and 50-day simple moving averages respectively. The Relative Strength Index (RSI, 14) currently prints 46.52, while 7-day volatility ratio is 2.83% and 2.50% in the 30-day chart. Further, Crescent Point Energy Corp. (CPG) has a beta value of 2.84, and an average true range (ATR) of 0.24. Analysts have given the company’s stock an average 52-week price target of $10.61, forecast between a low of $9.23 and high of $13.43. Looking at the price targets, the low is -28.91% off recent price level in today’s trading while to achieve the yearly target high, it has to move -87.57%. Nonetheless, investors will most likely welcome a -44.41% jump to $10.34 which is the analysts’ median price.

In the market, a comparison of Crescent Point Energy Corp. (CPG) and its peers suggest the former has performed considerably stronger. Data shows CPG’s intraday price has changed 0.27% today and 8.37% over the past year. Moreover, Baytex Energy Corp. (BTE) is also up 0.28% in today’s trading while keeping a a downtrend of -28.37% over the past year. Elsewhere, the overall performance for the S&P 500 and Dow Jones Industrial shows that the indexes are up 1.19% and 0.93% respectively on the day as seen in early trades.

If we refocus on Crescent Point Energy Corp. (NYSE:CPG), historical trading data shows that trading volumes averaged 4.01 million over the past 10 days and 6.16 million over the past 3 months. The company’s latest data on shares outstanding shows there are 555.10 million shares.

The 0.44% of Crescent Point Energy Corp.’s shares are in the hands of company insiders while institutional holders own 38.97% of the company’s shares. Also important is the data on short interest which shows that short shares stood at 8.55 million on Apr 13, 2023, giving us a short ratio of 1.32. The data shows that as of Apr 13, 2023 short interest in Crescent Point Energy Corp. (CPG) stood at 1.56% of shares outstanding, with shares short falling to 29.81 million registered in Mar 14, 2023. Current price change has pushed the stock 0.46% YTD, which shows the potential for further growth is there. It is this reason that could see investor optimism for the CPG stock continues to rise going into the next quarter.