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Crescent Point Energy Trust

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Msg  3105 of 3131  at  1/25/2023 8:34:35 AM  by


CPG Comment from ATB Capital

repost from E I board by PricetellsAll

Globe says ATB's Asif likes Crescent Point's pullback

Crescent Point Energy Corp (C:CPG)
Shares Issued 551,309,683
Last Close 1/19/2023 $9.74
Thursday January 19 2023 - In the News

The Globe and Mail reports in its Thursday, Jan. 19, edition that ATB Capital Markets analyst Amir Asif has assumed coverage of Crescent Point Energy with an "outperform" recommendation. The Globe's David Leeder writes that Mr. Asif shaved his share target by a loonie to $14. Analysts on average target the shares at $14.02. Mr. Asif says in a note: "Historically, Crescent Point has traded at a discount to its large cap peers. We believe that this was due to its historic balance sheet leverage relative to the group and the mismatch between size of wells relative to the production base of the company. With the balance sheet improved and the North Dakota Bakken and expanded Duvernay position providing the scalability for a company of its size, we believe that the discount to group should narrow over time as the Kaybob Duvernay position is further developed and derisked. With a valuation of 2.8 times 2023 estimated EV/DACF [enterprise value to debt-adjusted cash flow] vs. the group at 3.7 times, only 50 per cent of cash flow being allocated to capex, a meaningful capital return framework in place, and the expanded Duvernay position, we would be buyers of the stock following the recent pullback in the space."

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Msg # Subject Author Recs Date Posted
3106 Re: CPG Comment from ATB Capital movin_on_again 0 1/25/2023 9:17:07 AM

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