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    CPG   CA22576C1014

CRESCENT POINT ENERGY CORP.

(CPG)
  Report
Delayed Toronto Stock Exchange  -  04:00 2022-09-30 pm EDT
8.500 CAD   +0.47%
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09/14CRESCENT POINT ENERGY CORP. : Ex-dividend day for
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Crescent Point reports adjusted earnings jump on higher oil prices

07/27/2022 | 10:59am EDT

CALGARYCrescent Point Energy Corp. says it had a net income of $331.5 million in the second quarter, down from a $2.1 billion net income for the same quarter last year when earnings were boosted by a large reversal of a non-cash impairment.

The Calgary-based oil and gas producer reports adjusted earnings of $272.1 million for the quarter ending June 30, compared with $117.6 million for the same quarter last year.

Adjusted earnings per share came in at 47 cents each, compared with 20 cents per share last year.

Crescent Point reports that it returned $108 million or about 30 per cent of its excess cash flow to shareholders through its base dividend and share repurchases in the quarter, part of a trend of energy companies funnelling a substantial amount of earnings from higher oil and gas prices to shareholders instead of targeting increased production.

The company said in early July that it would target to return up to 50 per cent of its discretionary excess cash flow, on top of its base dividend, through a combination of share repurchases and special dividends.

Oil and gas companies have seen a strong boost to earnings as energy prices have spiked because of Russia's invasion of Ukraine, with Crescent Point reporting its average selling price for crude oil and condensate coming in at $134.50 a barrel for the quarter, up from $75.88 for the same quarter last year.

This report by The Canadian Press was first published July 27, 2022.

Companies in this story: (TSX:CPG)

© 2022 The Canadian Press. All rights reserved., source Canadian Press DataFile

All news about CRESCENT POINT ENERGY CORP.
09/27National Bank of Canada Says Crescent Point's Share Chart Breaks Down From Nine-Month T..
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07/27Crescent Point reports adjusted earnings jump on higher oil prices
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Analyst Recommendations on CRESCENT POINT ENERGY CORP.
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Financials
Sales 2022 4 672 M 3 403 M 3 403 M
Net income 2022 2 092 M 1 524 M 1 524 M
Net Debt 2022 909 M 662 M 662 M
P/E ratio 2022 2,31x
Yield 2022 3,07%
Capitalization 4 824 M 3 513 M 3 513 M
EV / Sales 2022 1,23x
EV / Sales 2023 1,31x
Nbr of Employees 748
Free-Float 99,6%
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Mean consensus BUY
Number of Analysts 13
Last Close Price 8,50 CAD
Average target price 14,96 CAD
Spread / Average Target 76,0%
EPS Revisions
Managers and Directors
Craig Bryksa President, Chief Executive Officer & Director
Kenneth R. Lamont Chief Financial Officer
Barbara Munroe Chairman
Justin Foraie Vice President-Engineering & Marketing
Ryan Gritzfeldt Chief Operating Officer
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