U.S. Markets open in 6 hrs 47 mins

Why Crescent Point Energy Stock Rallied 14.4% Today

·2 min read
Why Crescent Point Energy Stock Rallied 14.4% Today
In this article:
  • Oops!
    Something went wrong.
    Please try again later.

Shares of Crescent Point Energy (NYSE: CPG) soared on Sept. 13, closing the day up 14.4% after the oil stock unexpectedly announced a big dividend raise. Crescent Point announced a quarterly dividend increase of $0.03 Canadian per share, equaling an annual dividend of CA$0.12 a share. Over the past year, Crescent Point's cash flows grew substantially, driven partly by the acquisition of Kaybob Duvernay in April and the disposal of noncore assets in Saskatchewan.