RE:RE:Institutional investors are abandoning CPG as well as This is just more noise that arises when a dramatic selloff occurs. You see comments suggesting bankruptcy. These opinions come from those who really don't grasp accounting, who can't read a balance sheet or cash flow statement. CPG has paid ~C$198 million in dividends over the TTM, amounting to 11% of their C$1.8 billion in cash flow. Companies only cut their dividends when they are in serious financial trouble. They want to keep their institutional holders happy. CPG is far from dire straits financially. They are setting a new course based on living within their means, generating free cash flow (operating cash flow minus capex) and selling assets in order to reduce debt. Whether the projections occur, and quickly enough, is an open question. But with C$1.5 billion in available liquidity and 175k barrels of production, the dividend is safe.
I think the mass liquidation was based on two things: hiring Mr. Bryksa and Mr. Heinemann rather than a couple of supermen from outside. And the projected cut of only C$200 million in capex for 2019. Investors were hoping for a "clear the decks" revamping and only got a relatively slow and conservative change in strategy.