I'm sure yitearp will continue to whine but like BMO, CIBC also see a $50 target for CPG in the next 12 - 18 months. GLTA
Crescent Point Energy Corp.
2013 Focuses On Integration Of Acquisitions And Organic Growth; 15% Growth YOY
? Crescent Point announced its 2013 capital budget, guiding to a spending of $1.35 Bln in 2013, and an expected ~15% YOY increase in production to an average of 112,000 Boe/d (from 97,000 Boe/d expected in 2012), with a 2013 exit rate of 114,000 Boe/d.
? CPG expects to allocate ~87% of its budget ($1.17 Bln) to drilling and completions, with a total of 455 net wells planned. The remainder is budgeted to investments in infrastructure, undeveloped land and seismic across all core areas.
? CPG will focus on major oil plays in 2013, namely the Viewfield Bakken and Flat Lake areas ($510MM), the Shaunavon ($283MM), and the Uinta Basin ($195MM). The company continues to anticipate production growth from converting wells to water injection wells in the Bakken and Shaunavon.
? We are maintaining our Sector Outperformer rating on Crescent Point with an unchanged price target of $50.00/share. Our price target is based on an unchanged 1.1x target multiple to our Risked NAV (in line with the group average target multiple of 1.0x