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CPG

Crescent Point Energy

$3.16

-0.1 (-3.07%)

07:57
09/03/19
09/03
07:57
09/03/19
07:57

Crescent Point Energy to sell Uinta Basin asset, Saskatchewan assets for $912M

Crescent Point Energy announced that it has entered into definitive agreements with select parties to sell its Uinta Basin asset in its entirety and certain southeast Saskatchewan conventional assets for total cash consideration of approximately $912M. The transaction includes agreements to sell 27,000 boe/d of upstream assets for approximately 4.7 times cash flow. Net debt is expected to improve to approximately $2.75B at year end, down from $4.4B prior to the changes in senior management in 2018. The transactions strengthen balance sheet and lower pro-forma net debt to adjusted funds flow ratio by approximately 0.4 times. The sale is accretive to debt-adjusted funds flow per share by approximately 11%, while also improving the corporate operating netback by approximately five percent, lowering the capital required to sustain annual production and enhancing the company's financial flexibility. The transaction also increases Crescent Point's ability to continue executing its share repurchase program, with approximately $100M of incremental share repurchases budgeted for the remainder of 2019, based on guidance at current strip prices.

CPG Crescent Point Energy
$3.16

-0.1 (-3.07%)

01/10/19
ADAM
01/10/19
DOWNGRADE
ADAM
Speculative Buy
Crescent Point Energy downgraded to Speculative Buy from Buy at Canaccord
04/11/19
MACQ
04/11/19
UPGRADE
MACQ
Outperform
Crescent Point Energy upgraded to Outperform from Neutral at Macquarie
05/09/19
ADAM
05/09/19
UPGRADE
ADAM
Buy
Crescent Point Energy upgraded to Buy from Speculative Buy at Canaccord
Canaccord analyst Anthony Petrucci upgraded Crescent Point Energy to Buy from Speculative Buy.
05/09/19
CIBC
05/09/19
UPGRADE
CIBC
Outperformer
Crescent Point Energy upgraded to Outperformer from Neutral at CIBC
CIBC analyst David Popowich upgraded Crescent Point Energy to Outperformer from Neutral with a price target of C$7.50. The analyst views the company's free cash flow visibility as "impressive."

TODAY'S FREE FLY STORIES

TBIO

Translate Bio

$11.01

0.405 (3.82%)

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NEXT

NextDecade

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LINX

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ROAD

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NVST

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$0.00

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INVH

Invitation Homes

$28.49

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AMC

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O

Realty Income

$75.76

1.81 (2.45%)

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NLNK

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YUMA

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ADBE

Adobe

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ARAY

Accuray

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FBK

FB Financial

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GM

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TOT

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SMMF

Summit Financial Group

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STLD

Steel Dynamics

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FDX

FedEx

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