Crescent Point stock tumbles as oil driller eyes second billion-dollar deal in 2023

If the deal closes, Crescent Point says it plans to raise its dividend by 15 per cent on an annual basis. ) shares fell to their lowest levels since July on Tuesday as investors digested the company’s latest deal in Alberta’s Montney shale play.Under the terms, Hammerhead shareholders will receive $21 per fully diluted common share through a combination of about $1.5 billion in cash and 53.2 million common shares of Crescent Point. The companies expect the transaction to close in December.

“This transaction is expected to be immediately accretive to our per-share metrics and enhance our return of capital profile for shareholders,” Crescent Point CEO Craig Bryska stated in a news release on Monday. “Crescent Point will have a dominant position in both the Alberta Montney and Kaybob Duvernay plays."

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Crescent Point solidifies Montney dominance in $2.55B deal for Hammerhead EnergyCALGARY — Crescent Point Energy Corp. says it has signed a $2.55-billion deal to purchase Hammerhead Energy Inc, a Calgary-based energy company with assets...
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