CPG:CC - Crescent Point Q1 results - strong cash flow higher shareholder returns

Crescent Point (CPG) released Q1 results ahead of the market open Thursday, meeting Street earnings expectations, while generating very strong free cash flow, bumping the dividend and lifting capex guidance:  Earnings - adjusted earnings per share came in at 41c CAD, versus Street expectations for 42c CAD. Cash flow - the company generated C$290m in free cash flow during the quarter, or ~6.2% of the company's current market cap. Capital allocation - the dividend was bumped to 6.5c CAD quarterly, a ~3% yield, and C$110m of equity has been repurchased since December 2021, ~2% of shares outstanding; net debt fell by C$230m during the quarter. Guide - management expects to hit its C$1.3b net debt target by Q3, annual production guidance was unchanged despite impacts from a blizzard in North Dakota; however, the midpoint of Crescent Point's (CPG) capital spend guide was lifted to C$888m from C$863m to reflect 15%

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Crescent Point Q1 results - strong cash flow, higher shareholder returns