CRESCENT POINT ENERGY CORP. $29.65 (Toronto symbol CPG; Shares outstanding: 443.3 million; Market cap: $13.2 billion; TSINetwork Rating: Extra Risk; Dividend yield: 9.3%; 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 September 30, 2014, Crescent Point’s cash flow rose 11.6%, to $618.4 million from $554.1 million a year earlier.
The company raised its daily output by 19.7%, to 141,183 barrels of oil equivalent from 117,963. That, plus higher oil and gas prices, was the main reason for the rising cash flow. Cash flow per share rose at a slower rate of 2.1%, to $1.45 from $1.42, because Crescent Point issued shares to pay for acquisitions.
Its latest buys include CanEra Energy for $1.1 billion in cash and shares in May 2014. CanEra produces an average of 10,000 barrels of oil a day and has plenty of exploration potential. Crescent Point now expects to end 2014 with output of over 155,000 barrels a day.
The stock yields a very high 9.3%. Crescent Point paid out just 48% of its cash flow as dividends in the latest quarter, so its current rate looks sustainable. As well, until oil prices recover, it likely won’t raise its exploration and development spending above this year’s $2-billion level.
The company is forecast to generate cash flow of $5.90 a share in 2015, though that estimate will fall if oil prices remain below $80 U.S. a barrel for some time. The stock trades at 5.0 times the current forecast, which is reasonable in light of Crescent Point’s strong growth prospects.
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