Morningstar

Morningstar, Inc.

Equity Bottom-Up

<p>After taking a fresh look at no-moat Crescent Point Energy’s fourth-quarter results, we are lowering our fair value estimate to $3.50 (CAD 4.50) from our previous estimate of $4.00 (CAD 5.50) to reflect our lower forecasts for the company’s price realizations. Additionally, we are maintaining our no-moat rating.</p>

<p>No-moat Crescent Point Energy’s fourth-quarter pricing realizations surprised to the downside. Crude price realizations averaged CAD 54.38 per barrel of oil equivalent, which was 45% less than third-quarter pricing despite only a 15% decline in West Texas Intermediate prices. Fourth-quarter crude pricing was also below our expectations. Crescent Point’s operations are in a unique position. The majority of the production is located in the U. S. or not subject to apportionment points on Canadian…</p>

United States

Columbia Pipeline Group, Inc. owns, develops, and operates pipelines, storage, and related midstream assets. The Company supplies natural gas. Columbia Pipeline Group serves customers in the United States.

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