CRESCENT POINT ENERGY TRUST $24.32 (Toronto symbol CPG.UN; Shares outstanding: 125.2 million; Market cap: $3.0 billion; SI Rating: Speculative) produces oil and gas in western Canada. Production is currently weighted 87% toward oil and 13% to natural gas.
Crescent Point’s debt of $723.6 million is low, at around 22% of market cap. The trust’s monthly distribution of $0.23 gives the units a yield of 11.4%. Crescent Point flowed just 47% of its cash flow through to its unitholders in the latest quarter.
Crescent Point continues to focus on its light oil Bakken development in southeast Saskatchewan. The Bakken is one of the largest oil fields in Western Canada.
Crescent Point has identified nearly 1,000 drill sites at the Bakken development. The trust plans to spend at least $225 million this year on exploration and development.
Crescent Point’s cash flow for 2009 is forecast at $4.10 a share. The trust’s units trade at 5.9 times that estimate.
Crescent Point Energy Trust is a buy.
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