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. Before this, the company was barely paying a dividend: It was distributing only CA$0.01 per share over the last four quarters, for a current yield of only 0.2%.

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Source Fool.com