CRESCENT POINT ENERGY CORP. $39.62 (Toronto symbol CPG; Shares outstanding: 329.1 million; Market cap: $13.0 billion; TSINetwork Rating: Extra Risk; Dividend yield: 7.0%; www.crescentpointenergy.com) produces oil and natural gas in western Canada. Its production is weighted 91% toward oil and 9% to gas.
The company continues to focus on its Bakken light-oil development in southeastern Saskatchewan.
In the three months ended March 31, 2012, Crescent Point’s cash flow per share rose 21.8%, to $1.34 from $1.10. The company’s shares yield a high 6.8%. Crescent Point paid out just 53% of its cash flow as dividends in the latest quarter, so its current dividend rate looks sustainable.
Higher oil prices in the latest quarter were the main reason for the increased cash flow. As well, Crescent Point raised its production by 19.5%, to 90,285 barrels of oil equivalent (including natural gas) from 75,574 barrels a year earlier.
The company’s 2012 cash flow is forecast at $4.60 a share based on today’s lower oil and gas prices. The stock trades at 8.6 times that estimate. That’s not unreasonable in light of Crescent Point’s growth prospects.
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