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Feb 17, 2017

Crescent Point jumps after report of activist interest

Hap Sneddon discusses Crescent Point Energy

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Shares of Crescent Point Energy (CPG.TO) surged as much as 6.3 per cent after an unconfirmed report from DealReporter said an unidentified U.S. activist investor was circling the company. The report cited an investment banker as saying he heard a firm is building a position in the medium and light oil player, which has seen significant pressure on its share price over the course of the last three years. The report failed to identify the activist.

Crescent Point was not immediately available for comment.

Crescent Point could be a difficult candidate for activist intervention due to its large institutional investor base, a source familiar with Canadian board battles told BNN. Additionally, the source expressed incredulity activist investors are prepared to re-enter the Canadian energy patch without significant confidence they could gain a controlling stake in the target company.