Crescent Point stock jumps as analysts laud $912-million divestment in tough M&A market [Financial Post (Toronto, Ontario, Canada)]
Crescent Point Energy Corporation Ordinary Shares (Canada) (CPG)
Last crescent point energy corporation ordinary shares (canada) earnings: 3/5 06:30 am
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Source: Financial Post
Crescent Point stock jumps as analysts laud $912-million divestment in tough M&A market 'They actually got something done,' Eight Capital analyst Adam Gill said CALGARY – In a depressed market for oil and gas assets, Crescent Point Energy Corp. announced deals Tuesday to sell $912 million worth of wells and properties in Utah and southeast Saskatchewan in a bid to repair its balance sheet. “These transactions are a considerable step forward in our ongoing plan to focus our asset base,” Crescent Point president and CEO Craig Bryksa said on a conference call Tuesday announcing the transactions to sell production of 27,000 barrels of oil equivalent per day to unnamed buyers. Crescent Point shares surged as much as 7 per cent to $4.48 per share after announcing the deals on Tuesday, even as the broader S&P/TSX Composite Energy Index fell roughly 1 per cent as oil prices declined. Analysts attributed the jump to Crescent Point managing to strike a deal at a reasonable valuation in a diffic
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