The stock of Crescent Point Energy Corp. (NYSE:CPG) is now priced at $1.99 and the shares are -0.05 points down or -2.45% lower compared to its previous closing price of $2.04. The stock had 2.738 million contracts set over the past session. CPG shares’ daily volume is compared to its average trading volume at 2.565 million shares. However, it has a float of 529 million and although its performance was 4.74% over the week, it’s one to watch. It means the stock’s downside potential is -100% with the CPG share price recently placing at $1.98 to $2.08. However, some brokerage firms have priced the stock below the average, including one that has called $1.12.
The shorts are running away from the Crescent Point Energy Corp. stock, with the latest data on short interest released on July 31, 2020, showing that short interest numbers in the CPG shares have declined. Short interest in the stock represents just 2.81% of its float, but the volume has dropped by 0.
In the last trading session, Crescent Point Energy Corp. (NYSE:CPG) raised by $0.09 over the week and gained $0.25 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $4.84. The stock recorded its established 52-week high on 01/08/20.
Since 03/18/20, the stock has traded to a low of $0.5103 at 289.97%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge.
Looking at current readings, Crescent Point Energy Corp.’s two-week RSI is 61.44. This suggests that the stock is neutral at the moment and that CPG shares’ price movement remains stable. The stochastic readings are equally revealing at 87.14% meaning the CPG share price is currently in oversold territory.
The technical chart shows that the CPG stock will likely settle at between $2.0533 and $2.1167 per share. However, if the stock dips below $1.9533, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $1.9167.
Currently, the stock is trading in the green of MACD, with a reading of 0.0611. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at Scotiabank cut their recommendation for CPG from Sector Outperform to Sector Perform in June 15 review. Tudor Pickering analysts downgraded their recommendation of the stock from Buy to Hold in a flash note released to investors on March 25. BMO Capital Markets seeing the stock struggling downgraded it from Outperform to Market Perform on March 16.
The average rating for the CPG equity is 2.5 and is currently gathering a bullish momentum. Of 2 analysts tracking Crescent Point Energy Corp. polled by Reuters, 1 rated CPG as a hold. The remaining 1 analysts were split evenly. However, the split wasn’t equal as a majority (1) rated it as a buy or strong buy. 0 analyst advised investors against buying the stock or to sell if they own any of the stock.
Elsewhere, the CPG stock price is 12.44X ahead of its 12-month Consensus earnings per share estimates.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Crescent Point Energy Corp. (NYSE:CPG) will decrease by about -99.69%, which will see them reach $705 million. The company’s full-year revenues are, however, expected to increase by about 25.37%, up from $2010 million to $2520 million. CPG’s expected adjusted earnings should surge almost 0% to end up at -$0.08 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -81.94% to record -$0.13/share.