Crescent Point Energy Corp (CPG)

Shares of Crescent Point Energy Corporation (CPG) dropped by 10.26% from $7.99 to $7.17 in the trading on Tuesday, November 7, 2023. The reason why CPG down is due to the company's announcement of a $2.55 billion cash-and-stock deal to acquire Hammerhead Energy.Under the deal, Hammerhead shareholders will receive $21 per share, a combination of cash and Crescent Point shares. This acquisition is expected to make Crescent Point Canada's seventh-largest energy producer by adding significant assets and drilling locations in the Alberta Montney shale play. Despite the potential benefits, investors seemed concerned about the acquisition, leading to the stock's decline.