Crescent Point Energy Corporation CPG announced that its board of directors approved an increase in fourth-quarter dividend payout to 3 cents per share, which is 11 times higher than the previous quarter’s dividend.As previously announced, the company’s upcoming third-quarter dividend of 0.25 cents per share will be paid out on Oct 1, 2021.With oil prices increasing rapidly, Crescent Point made significant progress in strengthening its balance sheet and ensured a solid financial footing from which it will return to a path of sustainable growth. The hike in dividend puts Crescent Point back on track, with a significant payout that will be about 5% of its cash flows in 2022.The surge in commodity prices has enabled many companies to pay debts more rapidly this year and focus on spending their money to pay shareholders. Most analysts opine that there is a significant potential for further dividend increases, should oil pricing hold.The company expects production in 2022 to be 131,000-135,000 barrels of oil equivalent per day. The tentative estimate is in accordance with the company’s development capital expenditures of $825-$900 million, a significant increase from $475-$525 million for 2021. The company’s annual expenditures will continue to include a portion of capital allocated to long-term projects like decline mitigation and various environmental initiatives.Crescent Point expects to meet its leverage target in mid-2022, when its debt will be equal to its cash flow. The company anticipates generating significant excess cash flow for additional balance sheet strength and the opportunity to boost shareholders’ value.Company Profile & Price PerformanceHeadquartered in Calgary, AB, Crescent Point is a leading oil and gas producer that focuses on the development of high-return resource plays.Shares of the company have underperformed the industry in the past six months. The stock has declined 6% against the industry’s 3.7% growth.Image Source: Zacks Investment ResearchZacks Rank & Stocks to ConsiderThe company currently has a Zack Rank #4 (Sell).Some better-ranked players in the energy space are Matador Resources Company MTDR, Summit Midstream Partners, LP SMLP and Denbury Inc. DEN, each currently sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.Matador's 2021 earnings are expected to rise 31% year over year.Summit Midstream’s 2021 earnings are expected to surge 114.2% year over year.Denbury’s 2021 earnings are expected to grow 126.8% year over year. Zacks Names "Single Best Pick to Double" From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all. You know this company from its past glory days, but few would expect that it's poised for a monster turnaround. Fresh from a successful repositioning and flush with A-list celeb endorsements, it could rival or surpass other recent Zacks' Stocks Set to Double like Boston Beer Company which shot up +143.0% in a little more than 9 months and Nvidia which boomed +175.9% in one year.Free: See Our Top Stock and 4 Runners Up >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Summit Midstream Partners, LP (SMLP): Free Stock Analysis Report Matador Resources Company (MTDR): Free Stock Analysis Report Crescent Point Energy Corporation (CPG): Free Stock Analysis Report Denbury Inc. (DEN): Get Free Report To read this article on Zacks.com click here. Zacks Investment Research