11:34 AM EDT, 11/27/2020 (MT Newswires) -- Tudor, Pickering & Holt on Thursday reiterated its hold rating on the shares of Crescent Point Energy (CPG.TO) with a C$2.50 target price after the oil and gas producer reported stronger than expected third-quarter earnings.
"We expect modest outperformance today for CPG, as cash flow and production beat the Street by 11% and 2%, respectively, with preliminary 2021 guidance largely in-line with expectations," the investment bank said in a note. "Q3 cash flow beat consensus numbers by ~11% with the beat vs. our model driven by stronger realized pricing and slightly stronger cash costs. Production of ~113mboepd was in-line with TPHe (113mboepd) and slightly above the Street (111mboepd), while development capex of ~C$93MM was slightly below TPHe/Street at C$100/C$105MM. Production guidance for 2020 was narrowed to the top end of the prior range, now at 121mboepd vs. 119-121mboepd previously, while holding development capex at C$665MM."
(MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us)
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