On 21 Nov 2019, Crescent Point Energy Corp. (NYSE: CPG) stock observed trading -18.70% off 52-week high price. On the other end, the stock has been noted 59.26% away from low price over the last 52-weeks. The stock disclosed a move of -4.97% away from 50 day moving average and 10.20% away from 200 day moving average. Moving closer, we can see that shares have been trading -1.73% off 20-day moving average. It has market cap of $2110.04M and dividend yield of 0.78%.
Crescent Point Energy Corp (CPG) is happy to announce its operating and financial results for the quarter ended September 30, 2019.
KEY HIGHLIGHTS
- Executed about $950M of dispositions year-to-date 2019 and continue to work toward finalizing the monetization of certain gas infrastructure assets in Saskatchewan.
- Estimated net debt reduction of over $1.2B in 2019, driven by excess cash flow and asset dispositions.
- Repurchased about 13.8M shares year-to-date for total consideration of about $71M.
- Continued to enhance cost structure by reducing operating expenses by about seven percent, not including any benefit predictable to be realized from recently reported asset dispositions.
- Extended maturity date of covenant-based credit facilities to October 2023 with combined facilities totaling $3.0B and unutilized credit capacity predictable to amount to about $2.0B at year-end 2019, not including any further dispositions.
- Designated Barbara Munroe as Chair following Bob Heinemann’s retirement from the Board.
FINANCIAL HIGHLIGHTS
- Adjusted funds flow totaled $389.2M or $0.71 per share diluted during the third quarter, based on a strong operating netback of $30.93 per boe.
- For the quarter ended September 30, 2019, Crescent Point’s capital expenditures on drilling and development, facilities and seismic totaled $362.3M, including $337.1M spent on drilling and development to drill 133 (126.6 net) wells.
- Crescent Point’s net debt at the end of third quarter totaled about $3.4B, not accounting for the before reported disposition of its Uinta Basin asset that closed subsequent to the quarter. Based on guidance at current strip prices and proceeds from this disposition, the Company forecasts its net debt to be about $2.8B at year-end 2019.
- Subsequent to the quarter, Crescent Point elected to reduce its covenant-based credit facilities from $3.6B to $3.0B and extend the maturity dates of these facilities from June 2021 to October 2023. The Company’s covenants under its bank credit facilities and senior guaranteed notes both remain unchanged. Crescent Point retains important liquidity with no material near-term debt maturities. The Company’s unutilized credit capacity is predictable to total about $2.0B at year-end 2019 based on guidance at current strip prices and continued execution of its share repurchase program, not including any additional potential dispositions.
- As at October 25, 2019, Crescent Point had, on average, about 49 percent of its oil and liquids production, net of royalties, hedged for fourth quarter 2019 at a weighted average market value price of about CDN$79.00/bbl. The Company also had, on average, over 35 percent of its oil and liquids production hedged for 2020 at about CDN$77.00/bbl.
- Crescent Point repurchased about 2.4M shares during third quarter for total consideration of $14.3M. Since initiating its share repurchase program in first quarter 2019 up to and including October 30, 2019, the Company has repurchased, for cancellation, about 13.8M shares for total consideration of about $71M. Crescent Point’s 2019 budget continues to assume a total of about $125M of share repurchases, subject to the outlook for commodity prices.
- Subsequent to the quarter, the Company reported a quarterly cash dividend of $0.01 per share payable to shareholders on January 2, 2020.
- Crescent Point stated an after-tax net loss of $301.7M for third quarter 2019. This loss was primarily driven by after-tax charges totaling about $322.3M related to the Company’s recently reported asset dispositions. Third quarter results also include about $7.0M of severance costs, which related primarily to Crescent Point’s recent Uinta Basin asset disposition.
The Canada based company Crescent Point Energy Corp. moved with change of 0.52% to $3.87 with the total traded volume of 2762993 shares in recent session versus to an average volume of 2918.19K. The stock was observed in the 5 days activity at -2.03%. The one-month performance of stock was -5.38%. CPG’s shares are at 28.57% for the quarter and driving a 13.49% return over the course of the past year and is now at 28.15% since this point in 2018. Right now, the stock beta is # ref. The average volatility for the week and month was at 3.73% and 4.53% respectively. There are 545.23M shares outstanding and 539M shares are floated in market.
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