CRESCENT POINT ENERGY CORP. $40.44 (Toronto symbol CPG; Shares outstanding: 395.7 million; Market cap: $16.1 billion; TSINetwork Rating: Extra Risk; Dividend yield: 6.8%; www.crescentpointenergy.com) produces oil and natural gas in Western Canada. Its output 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 December 31, 2013, Crescent Point’s cash flow rose 23.9%, to $533.3 million from $430.4 million a year earlier.
The company increased its production by 18.2%, to 127,641 barrels of oil equivalent (including gas) from 108,007. That was the main reason for the higher cash flow. Cash flow per share rose at a slower rate of 14.4%, to $1.35 from $1.18, because Crescent Point issued new shares to pay for acquisitions.
In 2013, the company spent $1.7 billion on exploration and development, up 15.8% from $1.5 billion in 2012. It aims to spend at least $1.8 billion this year. That would let it end 2014 with output of over 135,000 barrels.
The stock yields a high 6.8%. Crescent Point paid out just 52% of its cash flow as dividends in the latest quarter, so its current payout rate looks sustainable.
The company’s 2014 cash flow is forecast at $5.59 a share, based on today’s oil and gas prices. The stock trades at 7.2 times that estimate. That’s reasonable in light of Crescent Point’s strong growth prospects.
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