Crescent Point Energy Corp (CPG.TO) Buy, Sell…

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Crescent Point Energy Corp (CPG.TO)

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11.72

-0.04 (0.34%)

as of May 14, 2024, 8:00:00 pm Market Open.

1026 watching

TOP PICK

Good management. Hedged their oil at $80 a barrel. Recently paid down some debt. Have access to bank credits if needed. Did a financing, which was oversubscribed. One of the top trusts for safety of distributions. 12% yield is a little high.

BUY

(Market Call Minute.) Very well managed. Has suffered like everything else and there has been a reduction in the payouts.

PAST TOP PICK

(A Top Pick Jan 29/08. Up 3.6%.) Dominant player in the light oil Bakken Bock and play in south-east Saskatchewan. Management feels they can maintain distribution at these prices. Active hedgers. Relatively low debt to cash flow.

BUY

Basically a play on the Bakken in southwest Saskatchewan. Significant oil in place. Balance sheet is reasonable. Possibly will convert early to a Corp.

BUY ON WEAKNESS

Likes conventional (not oil sands) plays in this environment. Sitting on 4 billion barrels of oil in the Bakkens in southern Saskatchewan with 1400 drillable locations. Great future. Terrific management. Have hedged forward to 2011 at $100 oil. Buy on weakness but don't wait too long.

WAIT

Pure oil play in the Bakken field in Manitoba/Saskatchewan. Would be buying once he was satisfied that the price of oil would pick up. Distributions could come down but probably will be modest.

TOP PICK

Light oil producer in Saskatchewan. 40,000 barrels a day. Very concentrated asset package with low operating costs. Extremely attractive hedge position. There is a risk if commodity prices stay down they might want to reduce distributions. Even with that it is very attractive.

COMMENT

Have very positive fundamentals against the group. All of them have some risks to their distributions. If you are looking for a trust name in this group, this is one he would consider.

BUY

Has years of potential property to develop, a lot of it in the Bakken field. Extremely well managed.

PAST TOP PICK

(Past Top Pick Jan 21/08. Up 1%.) One of the bigger operators in the Bakken light oil play. Very cheap. A Buy.

HOLD

Likes some of the things they are doing. In on the Bakken play in Saskatchewan. Good operators. Distributions in all oil/gas trusts are somewhat suspect.

BUY

One of the better positions in the oil/gas royalty trusts space. Graduated hedging program, which offers them a lot of protection at $75 Cdn longer-term. Selling has been indiscriminate. Also concerns that royalty trusts are going to have to cut distributions dramatically. Given this trust’s relatively lower payout ratio and their hedging they are less likely to cut. Great company.

BUY

If you're looking at trusts generally, take a very hard look at what happens to the cash flow per unit if oil stays at $50 as well as what happens to distributions in 2011. The 2 that come out the best are Crescent Point (CPG.UN-T) and Vermilion Energy (VET.UN-T).

TOP PICK

(A Top Pick Jan 29/08. Up 11%.) Dominant player in the Bakkens in Saskatchewan. Has aggregated core land position in that area. Using multi-frac technology to enhance recovery. Now tapping into another zone that looks very promising. Relatively low debt at about 1 X 2009 cash flow on conservative commodity prices. Looking for enormous increase on the unit price.

COMMENT

A well-run income trust. Have been great at consolidating the Bakken play in Saskatchewan. Biggest landowner and producer in the area.

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Crescent Point Energy Corp (CPG.TO)