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.
GMP FirstEnergy ― UK Energy morning research package
06 Dec 16
Transglobe Energy (TGL CN); BUY, C$5.25: Homeward bound… back to Canada | Great Eastern Energy Corporation (GEEC LN) (not covered): Reserves update in India | BP (BP LN) (not covered): Acquiring interest in Tangguh in Indonesia | Exillon Energy (EXI LN) (not covered): Production update in Russia | Genel Energy (GENL LN); SPECULATIVE BUY, £2.60: Receipt of payment for Taq Taq export in Kurdistan | ExxonMobil (XOM US) (not covered): Relinquishing blocks in Kurdistan
The Slide Rule
12 Jan 17
What is The Slide Rule? The Slide Rule has been designed to dramatically simplify the identification of the best companies in the UK small/mid-cap sector by making a quantitative assessment of the relative potential of each company. At its core, The Slide Rule aims to identify those companies that create genuine shareholder value through strong returns on capital and solid growth, but also present a value opportunity with the potential tailwind of earnings momentum. Companies are assessed within a Quality, Value, Growth and Momentum (QVGM) framework.
16 Jan 17
We take a look at the rankings of the various countries in Africa that have a significant exposure to mining. We take the Transparency International corruption rankings as our starting point and modify these for exceptional geology and for current UK government travel warnings. Ghana, Botswana and Namibia come out as our top three, with Eritrea, Kenya and Zimbabwe at the bottom of our rankings.
The Monthly January 2017
09 Jan 17
Despite all the hullaballoo of the Brexit vote and the subsequent election of Donald Trump as the next US President, the UK stock market prospered last year, especially in the latter few months of 2016. The combination of a depreciating currency – making $ earnings more valuable in relative terms - and the Trump emphasis on infrastructure expenditure drove the stock market higher
Small Cap Breakfast
17 Jan 17
Global Energy Development (GED.L) — To be renamed Nautilus Marine Services. Schedule 1 from developer and seller of hydrocarbons and related products. Reverse takeover. Raising $10.5m via a convertible. Expected 9 Feb. Eco (Atlantic) Oil & Gas—TSX-V listed oil and gas exploration has announced its intention to float on AIM. Assets in Guyana and Namibia. Proposed £2m-£3m fundraise. Diversified Gas & Oil—According to LSE website first day of trading on AIM now expected for 30 January.