Motley Fool

Why Crescent Point Energy Stock Rallied 14.4% Today

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.

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