CRESCENT POINT ENERGY CORP. $19.86 (Toronto symbol CPG; Shares outstanding: 498.3 million; Market cap: $9.4 billion; TSINetwork Rating: Extra Risk; Dividend yield: 6.0%; www.crescentpointenergy.com) produces oil and natural gas in Western Canada, with a focus on its Bakken light oil development in southeastern Saskatchewan. Its output is 91% oil and 9% gas.
In the three months ended June 30, 2015, Crescent Point’s cash flow fell 17.7%, to $524.3 million from $636.7 million a year earlier. The company raised its daily output by 10.4%, but lower oil and gas prices offset that increase.
Cash flow per share declined 26.5%, to $1.14 from $1.55, because the company issued shares to pay for acquisitions, including $1.5 billion for Legacy Oil + Gas in June 2015.
Like many oil and gas producers, Crescent Point has cut back on exploration and development spending. This year, it will devote $1.45 billion to this purpose, down from $2.17 billion in 2014.
Even with the lower spending, its 2015 output should rise to an average of 163,500 barrels of oil equivalent a day from 140,800 in 2014. But with oil now under $50 U.S. a barrel—and gas near four-year lows at $2.40 U.S. per thousand cubic feet—Crescent Point’s per-share cash flow will likely fall 25.9% this year, to $4.24 from $5.72.
The stock now trades at 4.7 times this year’s forecast cash flow per share. That’s reasonable for a company with strong potential to grow when oil and gas prices recover. The shares yield 6.0%.
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