Big purchase for Crescent

Article Excerpt

CRESCENT POINT ENERGY, $9.58, is a buy for aggressive investors. The company (Toronto symbol CPG; Shares o/s: 536.1 million; Market cap: $5.1 billion; TSINetwork Rating: Extra Risk; Dividend yield: 4.2%) is now buying Hammerhead Energy (Toronto symbol HHRS) for $2.55 billion. The deal will see Crescent Point acquire 105,000 acres and 800 drilling locations in the Montney region of northwest Alberta. That will make the company the largest landowner in the Montney. It’s already the largest landowner in the adjacent Kaybob Duvernay shale play. The purchase will also see Crescent Point become Canada’s seventh-largest oil and gas exploration and production company by volume, with production expected to total over 200,000 barrels of oil equivalent per day. Crescent Point is a buy for aggressive investors. investors…