Thu, Sep. 11, 11:56 AM
- Crescent Point Energy (CPG -2%) is trying to reverse declining U.S. ownership of its shares as investors chase soaring output growth by U.S. shale producers; American investment in the company has dropped to 24% from 43% two years ago.
- While CPG's dividend yield is almost double the average for North American peers, the company also isn’t getting as much credit in Canada for its returns as others emulating its model, according to CEO Scott Saxberg.
- Saxberg says his challenge is to explain why CPG provides a dividend instead of reinvesting all its cash into producing more oil, but analysts say CPG may struggle to win over U.S. investors unless it boosts production and dividends while paying for acquisitions out of cash flow rather than equity.
Wed, Sep. 3, 9:59 AM
- Crescent Point Energy (CPG -2.9%) agrees to acquire producing conventional oil assets in Saskatchewan and Manitoba, along with undeveloped land, from Lightstream Resources for C$378M ($346M).
- CPG says the assets produce ~3,300 boe/day, and come with 76 net sections of land adjacent to its existing land base in the area.
- CPG also raises its 2014 forecast, based on the Lightstream deal and other acquisitions made YTD, along with successful drilling results at its Torquay resource play in Saskatchewan.
Wed, Aug. 13, 4:59 PM
- Crescent Point Energy (NYSE:CPG) earlier today reported a 36% jump in Q2 earnings on higher prices and record production following a string of acquisitions.
- Q2 net operating income totaled C$174.6M, or C$0.43/share, up from C$130.3M, or C$0.34/share, in the year-earlier quarter, while oil and gas sales rose to C$1.15B from C$845M a year ago; operating income was below analyst expectations of $0.48/share, but sales beat estimates of C$1.06B.
- Average selling prices for crude oil and natural gas liquids rose to C$97.52 in the quarter from C$84.65 a year ago.
- Q2 production jumped 17% Q/Q to a record 137,368 boe/day, and CPG raised its FY 2014 average production estimate by 2% to 138K boe/day.
Fri, Jun. 13, 11:34 AM
- Crescent Point Energy (CPG +1.8%) is higher after last night's news that it agreed to acquire assets in the Viking oil play in Saskatchewan from privately-held Polar Star Canadian Oil and Gas for cash and stock worth ~C$334M.
- CPG says the deal will increase its land base in the play by 38% and include more than 2,800 boe/day of production.
- CPG also raised its production forecast for 2014 to 135.5K boe/day from its earlier forecast of 134K and its year-end exit production rate to 148K boe/day from 145K; it also increased its capex budget by $25M to $1.8B.
Wed, Apr. 23, 3:40 PM
- Crescent Point Energy (CPG) agrees to acquire privately-held CanEra Energy for $1.1B, including ~112.9M CPG shares, $192 in cash and the assumption of $348M in debt.
- CanEra is a Saskatchewan oil and gas producer with a large Torquay land position and production of ~10K bbl/day; assets include more than 260 net sections of land with Torquay potential.
- Based on the deal, CPG revises its 2014 exit production rate forecast to 145K boe/day from 135K and its average daily production outlook to 133K boe/day from 126.5K; funds flow from operations for 2014 is raised to $2.38B from $2.25B.
- Shares halted.
Aug. 7, 2013, 11:48 AM
- The Guggenheim Canadian Energy Income Fund (ENY) - the only U.S.-listed ETF devoted exclusively to energy stocks - changes its underlying index to the S&P/TSX Canadian High Income Energy Index.
- It previously tracked the Sustainable Canadian Energy Income Index,
- Guggenheim says the switch gives the ETF more exposure to high-yielding Canadian energy names. Top holdings at the moment include: Crescent Point Energy (CSCTF.PK), Suncor (SU), TransCanada (TRP), and Enbridge (ENB).
Mar. 25, 2013, 5:57 PMRailroads are the critical link behind the boom in North American oil production from shale fields beyond the reach of existing pipelines, and Raymond James suggests 21 stocks likely to benefit from the trend: CNI, CP, KSU, NSC, CSX, UNP, BTE, CNQ, ARII, TRN, GMT, PBF, DK, TSO, TLLP, GEL, NRGY, GLP, CSCTF.PK, MEGEF.PK, STPJF.PK. (earlier) | 3 Comments
Nov. 2, 2012, 5:29 PMCrescent Point's (CSCTF.PK) $784M acquisition of Ute Energy could herald a Utah oil boom, Wells Fargo analysts say. Investors are aware of the problems producers in eastern Utah face getting oil and gas to market, “but the entry of a company with the balance sheet to develop infrastructure is a positive.” Other players with an area presence: EOG, XOM, APC, NFX, BRY, BBG. | 2 Comments
Nov. 1, 2012, 5:25 PMCrescent Point Energy (CSCTF.PK) agrees to acquire privately-held Ute Energy Upstream Holdings, which is focused on the Uinta Basin light-oil resource play in Utah, for $784M in cash. Crescent Point plans a share offering to raise ~C$750M to help fund the purchase, offering the shares at C$40 each. | Comment!
Jan. 25, 2012, 4:03 AMCrescent Point Energy (CSCTF.PK) agrees to buy smaller rival Wild Stream Exploration (WDPIF.PK) for C$770M. Crescent Point expects to buy about 5,400 barrel of oil equivalent per day of Wild Stream's production; the balance will be transferred into a new junior exploration company to be publicly listed and led by Wild Stream CEO Neil Roszell. | Comment!
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