The Globe and Mail reports in its Thursday, July 13, edition that Pengrowth Energy has a buyer for its Garrington/Olds assets in southern Alberta for $300-million, but has lost a buyer for its Swan Hills asset. The Globe's Gillian Livingston writes that AltaCorp Capital says in a note: "Despite the failed Swan Hills sale, the $300-million sale continues to move PGF toward lowering its debt. ... Although the $827-million of asset sales expected to close in 2017 is impressive, investors should be aware that the CF [cash flow] generation of these assets leave the company precariously at risk of breaching its trailing 12 month Senior Debt to EBITDA [earnings before interest, taxes, depreciation and amortization] ratio covenant of 3.5 times by mid-2017. With today's update management has reiterated that it continues to work with lenders to renegotiate or refinancing its remaining term debt. The company has about $372-million of debt due in 2018." AltaCorp cut its share target to $1.20 from $1.35, but kept its "sector perform" rating. Analysts on average target the shares at $1.24. The Eye column reported that TD analyst Aaron Bilkoski hiked Pengrowth to "neutral" from "reduce" on April 28. It was then worth $1.32.