CRESCENT POINT ENERGY CORP. $37.79 (Toronto symbol CPG; Shares outstanding: 386.1 million; Market cap: $14.9 billion; TSINetwork Rating: Extra Risk; Dividend yield: 7.3%; www.crescentpointenergy.com) produces oil and natural gas in western Canada. Its output is weighted 90% toward oil and 10% to gas.
The company continues to focus on its Bakken light oil development in southeastern Saskatchewan.
In the three months ended June 30, 2013, Crescent Point’s cash flow rose 30.6%, to $504.4 million from $386.3 million a year earlier.
The company raised its production by 21.5%, to 117,799 barrels of oil equivalent (including gas) from 96,972 a year earlier. That was the main reason for the higher cash flow. Cash flow per share rose just 10.1%, to $1.31 from $1.19, because Crescent Point issued new shares to pay for acquisitions.
Crescent Point spent about $3 billion purchasing other companies in 2012. These deals included the late-2012 purchase of Ute Energy for $861 million U.S. Ute added 8,000 barrels of oil per day in Utah, as well as lots of expansion potential.
The stock yields a high 7.3%. Crescent Point paid out just 53% of its cash flow as dividends in the latest quarter, so its current payout rate looks sustainable.
The company’s 2013 cash flow is forecast at $4.90 a share, based on today’s oil and gas prices. The stock trades at 7.7 times that estimate. That’s reasonable in light of Crescent Point’s strong growth prospects.
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