Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  Toronto Stock Exchange  >  Crescent Point Energy Corp    CPG   CA22576C1014

CRESCENT POINT ENERGY CORP

(CPG)
  Report  
Delayed Quote. Delayed Toronto Stock Exchange - 09/16 12:51:10 pm
6.235 CAD   +9.58%
10:05aEnergy rally helps TSX hover at record levels
RE
09/12CRESCENT POINT ENERGY CORP : Ex-dividend day for
FA
09/11TSX rises 0.45 percent to 16,611.14
RE
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsOfficial PublicationsSector newsAnalyst Recommendations

Crescent Point Energy : to raise C$912 million from asset sales to cut debt

share with twitter share with LinkedIn share with facebook
share via e-mail
0
09/03/2019 | 10:54am EDT

(Reuters) - Canada's Crescent Point Energy Corp said on Tuesday it would exit Uinta Basin in Utah and sell parts of its assets in southeast Saskatchewan for about C$912 million ($687.01 million) as it looks to cut debt under a new management.

The Uinta Basin asset, expected to produce about 20,000 barrels of oil equivalent per day (boepd) in 2020, was sold to a private operator for about C$700 million in cash, the company said without naming the buyer.

Investors have been pressing oil and gas explorers to boost cash reserves and invest more in share buybacks instead of aggressive expansion as oil prices remain volatile amid escalating global trade tensions.

Crescent expects the deal to help reduce its net debt to about C$2.75 billion at the end of 2019 from C$4.40 billion in 2018.

The asset sales will add to its debt-adjusted funds flow per share by about 11%, Crescent said, adding that it will buy back another C$100 million worth of shares by year end.

The oil and gas producer said it would sell more assets, including the remaining portion of its southeast Saskatchewan conventional assets.

"This should all resonate with investors in today's environment, with the potential for additional asset sales bringing the company's leverage position much closer to what investors are looking for in E&P companies today," Raymond James analysts wrote in a note.

Shares of the Calgary, Alberta-based company rose 4.1% to C$4.37 per share.

Including Tuesday's sale, the company said it has sold more than C$1.3 billion in assets since the new management took over in 2018.

The company said it now expects 2019 annual average production of between 160,000 boepd to 164,000 boepd, slightly below its earlier forecast of 168,000 boepd to 172,000 boepd.

(Reporting by Shariq Khan in Bengaluru; Editing by Shinjini Ganguli and Arun Koyyur)

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on CRESCENT POINT ENERGY CORP
10:05aEnergy rally helps TSX hover at record levels
RE
09/12CRESCENT POINT ENERGY CORP : Ex-dividend day for
FA
09/11TSX rises 0.45 percent to 16,611.14
RE
09/03CRESCENT POINT ENERGY : to raise C$912 million from asset sales to cut debt
RE
09/03CRESCENT POINT ENERGY : selling $912M in assets including Uinta Basin asset
AQ
09/03CRESCENT POINT ENERGY : Announces Sale of Uinta Basin and Non-Core Saskatchewan ..
AQ
07/25CRESCENT POINT : 2Q Earnings Snapshot
AQ
07/25CRESCENT POINT ENERGY : Announces Q2 2019 Results
AQ
07/25CRESCENT POINT ENERGY : Confirms Quarterly Dividend
AQ
07/18CRESCENT POINT ENERGY : Announces Q2 2019 Conference Call
AQ
More news
Financials (CAD)
Sales 2019 3 277 M
EBIT 2019 345 M
Net income 2019 344 M
Debt 2019 2 657 M
Yield 2019 0,70%
P/E ratio 2019 9,81x
P/E ratio 2020 10,9x
EV / Sales2019 1,76x
EV / Sales2020 1,91x
Capitalization 3 116 M
Chart CRESCENT POINT ENERGY CORP
Duration : Period :
Crescent Point Energy Corp Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends CRESCENT POINT ENERGY CORP
Short TermMid-TermLong Term
TrendsBullishNeutralBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 13
Average target price 7,34  CAD
Last Close Price 5,69  CAD
Spread / Highest target 58,2%
Spread / Average Target 29,0%
Spread / Lowest Target -20,9%
EPS Revisions
Managers
NameTitle
Craig Bryksa President, Chief Executive Officer & Director
Robert F. Heinemann Chairman
Ryan Gritzfeldt Chief Operating Officer
Kenneth R. Lamont Chief Financial Officer
Gerald A. Romanzin Independent Director
Sector and Competitors
1st jan.Capitalization (M$)
CRESCENT POINT ENERGY CORP37.44%2 349
CNOOC LTD-2.14%67 916
CONOCOPHILLIPS-8.04%63 656
EOG RESOURCES INC.-8.97%46 075
OCCIDENTAL PETROLEUM CORPORATION-26.54%40 332
CANADIAN NATURAL RESOURCES LTD2.16%30 155