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Crescent Point Energy Corp (TSX:CPG) has announced plans to buy Spartan Delta Corp's oil and gas assets in the Montney region of Alberta for C$1.7 billion (US$1.24 billion). Calgary-based Crescent Point said its 600 new Montney locations are adjacent to the Kaybob Duvernay assets that it bought over the past two years.
Is Crescent Point Energy (CPG) a great pick from the value investor's perspective right now? Read on to know more.
Crescent Point Energy benefited immensely during 2022 thanks to the booming oil and gas prices. This saw them deleverage significantly and also start directing more cash toward shareholder returns.
Crescent Point Energy Corp. is to pay out a 4.3% dividend yield to investors who hold the stock as of 10 March. If oil prices average $75 WTI, Crescent Point stock is priced at 5x free cash flow.
Oil prices decreased in the past few months. However, they are higher than the 5-year average. Crescent Point's new Kaybob Duvernay assets will increase its oil production by more than 4,000 BOE/d in 2023.
CPG is paying 50% of Excess Cash to shareholders, and that's growing. CPG has cleaned up its balance sheet and has made smart acquisitions which are already paying dividends.
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Crescent Point Energy production is mostly unhedged for 2023. Let's put a spotlight on this bearish aspect. Let's fully air this out. CPG's shareholder returns profile of 12.5% total yield discussed.
Crescent Point Energy surprised the markets with an acquisition. The purchase was a bit of a drift from its capital return and deleveraging strategy.
Crescent Point Energy achieved their net debt target earlier in 2022 thanks to the booming oil and gas prices. As a result, they are now providing higher shareholder returns via share buybacks and special dividends.