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

Crescent Point Energy Corp (CPG.TO)

11.72

-0.04 (0.34%)

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

1026 watching

STRONG BUY

About 75% oil weighted. Have an excellent play in Saskatchewan. Trades at a very low cash-flow multiple. Recently acquired Mission (MSO-T) and could be acquiring other small companies that are having financial difficulties. 13% yield. Undervalued.

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SELL

Not really stuck on this one.

BUY

50% of their oil is hedged at $70 US for 2007 and $75 for 2008. 15% yield.

HOLD

Strong management team and a good portfolio of assets.

COMMENT

Once the rules on trusts are clear, there will be some activity. This one has one of the most interesting oil pools in Saskatchewan and Manitoba. Recent acquisition of Mission (MSO-T) gives them a great horizon going forward.

PAST TOP PICK

(A Top Pick Nov 3/06. Up 2.8%.) Merged with Mission Oil (MSO-T) making them 2nd largest in Saskatchewan. Good management. About 50% hedged. Long reserve life. Still a Buy.

WAIT

Major attraction going forward is its acquisition of Mission Oil (MSO-T), which is part of a major oilfield in Saskatchewan and into the US. Once the confusion is over regarding income trusts, he would be a buyer.

BUY ON WEAKNESS

Have a very active gas-hedging program. Have made good acquisitions. Heavily gas weighted.

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BUY

His favourite trust. 50% of their oil is hedged at $70 US for 2007 and $75 for 2008. Have all kinds of targets for 2, 3 or 4 years of growth. 15% yield.

TOP PICK

Oil weighted. Oil should trend back to $55-$60 throughout 07. If so, the stock should move back to $17-$18. In the meantime, you are getting a 15% yield. 40% of their oil is hedged at $70, so doesn't think it will have to cut distributions. Trying to acquire Mission Oil & Gas (MSO-T), which is a nice growth story.

BUY

Merging with Mission Oil (MSO-T). Both are light oil and in the same area. Very favourable balance sheet, lots of drilling prospects and a reasonable reserve life.

COMMENT

Likes their Saskatchewan Battrum field. If they are successful in getting hold of Mission (MSO-T) it will be a terrific story to own.

COMMENT

Acquiring Mission Oil (MSO-T). Both stocks have dropped with the trust tax changes. There is now concern that the government may restrict the use of units to finance acquisitions. Not sure what happens now.

PAST TOP PICK

(A Top Pick June 23/06. Down 25.7%.) Still likes. Resource play in southern Saskatchewan. Good quality management. Relatively low payout ratio. Good assets.

TOP PICK

Recently acquired Mission Oil (MSO-T), a light oil play in Saskatchewan. Feels the street is not giving credit for these assets. Low operating costs. Good management.

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Crescent Point Energy Corp (CPG.TO)