Lowering CPG Fair Value Estimate; Stock Looks Overvalued
We are relaunching coverage of Crescent Point Energy and lowering our fair value estimate to $9 (CAD 13) from our previous estimate of $11 (CAD 15). The stock currently yields approximately 2.2%. Trading near $12 (CAD 16), which represents a 25% premium to our fair value estimate, the stock continues to look overvalued. Although we consider Crescent Point's assets to contain several low-cost resource plays, high finding and developing cost on the firm’s emerging assets dilutes the company's cost...Crescent Point Energy is an oil and gas exploration, development and production company with assets focused in properties consist of crude oil and natural gas reserves. Co. is engaged in acquiring, developing and holding interests in petroleum and natural gas properties and assets related thereto through a general partnership and wholly owned subsidiaries. As of Dec 31 2016, net proved reserves for light and medium crude oil were 141,850 million barrels, heavy crude oil were 19,993 million barrels, tight oil were 269,461 million barrels, natural gas liquids were 50,767 million cubic feet, shale gas were 221,238 million cubic feet and conventional natural gas were 115,041 million cubic feet.
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