Crescent Point Energy Raises Dividend 24%

Calgary-based oil and gas producer Crescent Point Energy (CPG) has raised its quarterly dividend by 24% to $0.08 per share.

It’s the second time in as many months that the company has hiked its dividend payment to shareholders. In May, Crescent Point announced a dividend increase of 40%.

The newest dividend hike will be reflected in Crescent Point’s next quarterly payment to shareholders on October 3 of this year.

The company said the dividend increases are the result of it paying down its debt.

Crescent Point said it was able to lower its debt to $1.3 billion sooner than anticipated due to the sale of multiple assets, including some non-core assets in Saskatchewan that the company received $260 million for.

Crescent Point also said in a news release that it plans to continue returning capital to shareholders and is considering both special dividend payments and share buybacks.

Crescent Point stock is up 16% this year to $8.34 per share.