Crescent Point Energy: Too Cheap
(all $ in CAD)
Crescent Point (CPG) is a Canadian oil focused production company, with assets in Saskatchewan, Alberta and North Dakota. After a fight with activists, engineering-focused junior management was promoted to replace the C suite in September 2018, with a mandate to sell assets, cut expenses, and return capital. They have done just that: in 2019, they sold $1.45 billion of assets, paid down $1.7 billion in debt, and repurchased $100 million of stock. Despite these shareholder-friendly actions and a strong, sustainable business, they trade for a discount