Crescent Point Energy Q2 Highlights: EPS Down Y/Y On Lower Oil & Gas Sales, Outlook Maintained
Portfolio Pulse from Lekha Gupta
Crescent Point Energy Corp (NYSE:CPG) reported a year-on-year decrease in Q2 2023 adjusted EPS due to lower oil and gas sales. Despite a 26% decline in sales and a 28% drop in royalties, the company maintained its 2023 guidance. The company also reported a 13% decrease in operating cash flow. However, average production rose and the company generated an excess cash flow of C$277.8 million in Q2 2023. The company reiterated its 2023 guidance and announced share repurchases and dividends.
July 26, 2023 | 4:21 pm
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Crescent Point Energy reported lower Q2 2023 earnings due to decreased oil and gas sales. However, the company's stock is trading higher, possibly due to the maintained 2023 guidance, share repurchases, and dividends.
Despite the decrease in Q2 2023 earnings, Crescent Point Energy's stock is trading higher. This could be due to the company maintaining its 2023 guidance, which may have reassured investors. Additionally, the company's announcement of share repurchases and dividends could have positively impacted the stock price.
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