Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on CRESCENT POINT ENERGY CORP. We currently have 31 research reports from 1 professional analysts.
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CRESCENT POINT ENERGY CORP
CRESCENT POINT ENERGY CORP
Closes $650 mm Financing, Preliminary 2017e Plans Highlight Return to Production Growth
20 Sep 16
Crescent Point successfully executed a ~$650 mm equity financing, with use of proceeds earmarked to accelerate 2016e and 2017e drilling activity levels. The 2016e budget increases to $1.1 billion, with commensurate average volumes moving to 167,000 boe/d. Management’s preliminary 2017e outlook includes a $1.4 billion capital program and an exit rate of between 175,000 to 177,000 boe/d. With the Company undertaking modest dilution in order to protect the Company’s balance sheet amidst the recent crude oil price glut we are reducing our target price to $25.00 per share and moving to an Outperform ranking.
Offers Solid 2Q16 Results
12 Aug 16
Crescent Point’s 2Q16e production and cash flow was modestly ahead of expectations in a relatively quiet quarter of operations that saw capital spending of only ~$90 mm. The Company announced two SE Saskatchewan asset acquisitions and a NW Alberta asset disposition for a net capital outlay of $221 mm. We are maintaining our target price of $29.00 per share and Top Pick ranking as the Company ramps up activity with 18 rigs currently running and a visible pathway to continue outperforming corporate guidance.
ANNOUNCES Q2 2016 RESULTS
11 Aug 16
Impact: Positive. The Company posted solid quarterly results with both production and cash flow coming in ahead of FirstEnergy and consensus estimates, and ideally through less spending than anticipated. A subsequent planned non-core disposition and two tuck-in acquisitions in 2Q16, carrying a net cost of $212 mm remains well inside of quarterly free cash flow of $278 mm, further highlighting the Company's dedication to grow within organic means. The Company looks primed to meet or exceed current 2016e production guidance with 18 rigs currently deployed.
2Q16e Quarterly Preview
26 Jul 16
Some Recovery on Segmented Cash Flow Generation Over Q1 Though Still Down 56% Y/Y. In aggregate, the Intermediate, Mid, and Small Cap groups are expected to generate 2Q16e cash flow of $1,281 mm, $183 mm, and $53 mm, or $1.517 billion in total, that while depressed relative to the same period last year (~$2.647 billion combined), is up 17% sequentially from the prior quarter, largely on the strength of crude oil price recovery in the period. Severely weak natural gas pricing picture markedly reversed into summer, market likely to ignore financials for natural gas producers and look ahead to winter and formalization of sell-side 2018e estimates in coming months. Spot AECO natural gas prices recently crested C$2.60/mcf, and with a reasonable alignment of previously distressed NE BC Stn2 differentials, augmented by a withdrawal expected next week, view the market psyche as constructive and looking ahead, with the analogy that this market is shaping up to mirror 2012 still holding. That said, with crude oil poised to retest support levels, combined with strong stock price performance broadly observed YTD, we would characterize sentiment as slightly pessimistic in the near-term which could reduce or unwind momentum-based investment strategies that have worked thus far in 2016.
Intermediates, Mid Caps & Small Cap Commodity Price Update
23 Jun 16
With this publication we highlight forecast revisions associated with our commodity price update (Natural Gas Update; Crude Oil Update), reaffirming a view of commodity price recovery in 2017e. In the interim until then, 2016e Canadian oil price realizations are up ~11% in the synthetic and Edmonton Light streams, with heavy WCS crude up ~20% which is amplified by Canadian oilsands output curtailments. While 2016e Canadian natural gas prices are projected to be ~20% lower, we expect much of this effect to be mitigated by strong hedging positions this year, and remain focused on price recovery next year with very strong increases reflected in both the strip and our revised forecast. Overall, broad valuations are flat to slightly higher coming out of this exercise, with oil/ liquids levered entities observing the highest 2017e CFO uptick. We remain constructive on the space, though the market will need to look past a trough of potentially weak pricing this summer.
ANNOUNCES Q1 2016 RESULTS AND RECORD PRODUCTION
12 May 16
The Company posted strong first quarter results with both production and cash flow coming in ahead of FirstEnergy and consensus estimates, and ideally through less spending than anticipated. With spring break-up field conditions being better than expected so far this year and ~66% of its 2016e capital budget still remaining we believe this is setting up for future upward revisions to its guidance, particularly with continued strength in the crude oil quote.
Strong trading leads to upgrades
22 Mar 17
On the back of today’s positive trading update and slightly upgraded profit forecasts for FY2017, FY2018 and FY2019 we have reviewed our DCF analysis. This has led to an increased DCF valuation per share of 1500p (from 1200p) which we have made our new target price (from 1200p). Both TFP and JC Paper have contributed to the upgrades shown in the table below as have favourable currency movements. With the potential for further upgrades due to capitalising 3DP costs to come we maintain our Add recommendation.
Small Cap Breakfast
21 Mar 17
First Sentinel—Investment company expecting NEX admission/introduction on 24 March. £636k raised pre-IPO. BioPharma Credit—Expected Gross Initial Acquisition Proceeds now c.$338m. Gross Cash Proceeds capped at $423m with placing and open offer. Results expected 23 March with admission now due 30 march. Tufton Oceanic Assets- The Company intends to invest in a diversified portfolio of second hand commercial sea-going vessels where the Investment Manager believes that an attractive opportunity exists in shipping. $150m raise. Admission 3 April.
Bang to rights
21 Mar 17
Tullow unexpectedly announced a US$750m rights issue on Friday at a 45.2% discount to the previous close. While this step confirms our investment thesis, the scale of the discount and the timing look like a slap in the face for investors and/or indicative of a weaker financial position than we are modelling. We publish revised estimates to reflect the impact of the issue and cut our Target Price to 215p per share (from 245p). We maintain our Hold recommendation.
Panmure Morning Note 22-03-2017
22 Mar 17
Acacia Mining and Endeavour Mining confirmed merger talks have now ended with Endeavour claiming an inability to “create adequate value for Endeavour shareholders”, most likely, we believe, given the disappointing ruling from the Tanzanian government on copper-gold concentrate sales. We were positive on the merger and believed a credible London listed Pan-African producer capable of challenging Randgold, would have been established. We make no change to our Hold recommendation today, and expect the shares to be marked lower in early trade.