CPG Crescent point

[Fraser921]

Nuttall mentioned this one as one of his top 3 picks

Top Picks:

Cenovus Energy
Athabasca Oil
Crescent Point Energy

full replay from todays show, 45 minutes

https://www.bnnbloomberg.ca/market-call/full-episode-market-call-for-friday-september-29-2023~2772124

Just his picks here. 7 minutes

https://www.bnnbloomberg.ca/market-call/eric-nuttall-s-past-picks~2777157

[dan_s]

CPG is trading below book value and just 2.7 X 2023 operating cash flow per share.

NO PROFITABLE UPSTREAM COMPANY SHOULD TRADE BELOW BOOK VALUE.
CPG's Net Income Per Share ($Cdn)
> 2022 Actual = $2.67 EPS (including $0.31/share MTM non-cash gain on hedges and $0.77/share non-cash impairment reversal)
> 1H 2023 Actual = $0.79 EPS and 2H 2023 Forecast = $0.98 EPS
> 2024 Forecast = $1.81 EPS

CPG's operating cash flow per share
> 2022A = $4.02
> 2023E = $4.21 ($1.94 in 1H 2023A) <<< Full year free cash flow should be over $1Cdn Billion (over $2.00/share)
> 2024E = $3.77

My current valuation is $16.22Cdn per share / $12.00US

Timing is good on this one because CPG is going to report BIG INCREASES IN PRODUCTION during Q3 and Q4.

[dan_s]

I will highlight Crescent Point in today's podcast.

[allen46]

I have a large position in CVE. An integrated oil sands firm that has about 30 years of reserve life. Heavy oil! Dan, you should take a good look at them.

[Fraser921]

Athabasca Oil, ATH is a strong one too! I like the Canadian energy names