CRESCENT POINT ENERGY CORP. $43.17 (Toronto symbol CPG; Shares outstanding: 398.1 million; Market cap: $17.7 billion; TSINetwork Rating: Extra Risk; Dividend yield: 6.4%; 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, 2014, Crescent Point’s cash flow rose 26.2%, to $636.7 million from $504.4 million a year earlier.
The company increased its output by 16.7%, to 137,368 barrels of oil equivalent from 117,799. That, plus higher oil and gas prices, was the main reason for the higher cash flow. Cash flow per share rose at a slower rate of 18.3%, to $1.55 from $1.31, because Crescent Point issued shares to pay for acquisitions.
In May 2014, the company paid $1.1 billion in cash and shares for CanEra Energy, which 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 149,000 barrels a day.
The stock yields a high 6.2%. Crescent Point paid out just 45% of its cash flow as dividends in the latest quarter, so its current rate looks sustainable. The company will likely generate $6.45 a share in cash flow for all of 2014, based on today’s oil and gas prices. The stock trades at 6.7 times that estimate. That’s reasonable in light of Crescent Point’s strong growth prospects.
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