Crescent Energy (TSX:CPG) Posts C$21.7Mn Profit In Q1. Worth A Buy?

Summary

  • Canadian oil and gas company Crescent Point Energy Corp (TSX:CPG) reported a profit of C$ 21.7 million for Q1 2021 on Wednesday, May 12.
  • Following the release of its latest financials ahead of opening bell, CPG stocks shot up by five per cent.
  • Crescent plans to reduce emissions intensity by 50 per cent by 2025.

Canadian oil and gas company Crescent Point Energy Corp (TSX:CPG) reported a profit of C$ 21.7 million for Q1 2021 on Wednesday, May 12. This comes after it posted a loss of C$ 2.3 billion in Q1 2020.

In its latest earnings report, the company said that its profit for the quarter amounted to four cents per diluted share. Its oil and gas sales stood at C$ 630.2 million in the quarter ending 31 March 2021.

Following the release of its latest financials ahead of opening bell, CPG stocks shot up by five per cent and were trading at C$ 5.33 apiece on Wednesday morning (10:30AM EST).

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Crescent Energy (TSX:CPG) Stock Performance


The oil producer, with a market cap of C$ 3 billion and a debt-to-equity (D/E) ratio of 0.86, distributes a quarterly dividend of C$ 0.003. Crescent Energy’s  dividend yield, at the moment, stands at 0.197 per cent.

On March 11 this year, Crescent stock touched a fresh 52-week high of C$ 5.86. CPG scrips skyrocketed by 176 per cent in one year and grew 71 per cent year-to-date (YTD)

Crescent Energy Latest Financials

Crescent Energy says that it is committed to combating climate change and, as per its earnings report, it plans to reduce emissions intensity by 50 per cent by year 2025.

The oil producer also expects to generate excess cash flow in the range of C$ 525 million to C$ 650 million in 2021.

Crescent’s adjusted net earnings from operations stood at C$ 95.1 million in Q1 2021, almost double of what it achieved in Q1 2020. Its average selling price also climbed to C$ 58.65 per barrel of oil equivalent (boe) in Q1 2021, up from C$ 42.64 per boe in Q1 2020.

 

The above constitutes a preliminary view and any interest in stocks should be evaluated further from an investment point of view.

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