RE:CPG and share buybackshighalpha1 wrote: There is a lot of chirping on this forum about CPG management. I would like to point out that the new CEO tends to deliver on what he says. Prior to COVID, Craig B. announced NCIB of up to 7% of CPG's float. They began buying back shares with ernest and exercised about half of their maximum NCIB allotment before COVID hit and management made a subsequent announcement (March 2020) that they would be suspending to NCIB to protect the company's balance sheet.
Management is opting for NCIB rather than raising dividends to give itself maximum flexibility for its finances. Craig B. has repeated that the current NCIB will be exercised only once debt levels are at a very comfortable multiple (I am guessing about 1.5x). If WTI prices remain at the current level or higher, CPG will be trading well below 1.5x by the end of 2021. At that point, not only would the newy secured Dubernay assets be integrated into CPG's portfolio, but the balance sheet would be strong enough to raise (and sustain) a significant dividend increase as well as fulfilling the NCIB.
This post is a long way of saying that while previous management has messed up in the past, the current management is doing quite a decent job in communicating with the market as to how it intends on proceeding with enhancing shareholder value. You just have to be receptive to listening to what is being communicated.
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How has Crescent Point Energy performed over the past 5 years?
-30.8%
Historical annual earnings growth