Crescent Point (CPG) Price Target - Feb 13

[dan_s]

This morning I received a new report from RBC Capital that covers several large and mid-cap Canadian upstream companies.

CPG.TO is trading for $9.94Cdn this morning. < RBC Capital's price target is $13.00Cdn. My current valuation for CPG is $11.50US (about $15.00Cdn)

All of RBC's valuations are based on their forecasts of WTI averaging $92US/bbl and Henry Hub natural gas averaging $4.75US/MMbtu in 2023.

For 2024, RBC is forecasting $109US/bbl for WTI and $4.25US/MMbtu for HH gas.

It does appear that RBC's 2023 and 2024 forecasts do not include the impact of the recently announced Kaybob Acquisition, which should increase CPG's production by ~4,000 Boepd (~50% liquids) in March to ~141,000 Boepd.