10:53:29 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



Pengrowth Energy Corp
Symbol PGF
Shares Issued 552,246,104
Close 2017-11-10 C$ 1.27
Market Cap C$ 701,352,552
Recent Sedar Documents

Globe says RBC cuts Pengrowth Energy to "underperform"

2017-11-13 06:42 ET - In the News

The Globe and Mail reports in its Saturday, Nov. 11, edition that RBC Dominion Securities analyst Shailender Randhawa sees financing for the second phase expansion of Pengrowth Energy's ($1.27) Lindbergh thermal property as a "tall order." The Globe's David Leeder writes that his skepticism led him to downgrade the company's stock "until visibility improves" despite third quarter financial results that largely met his expectations. Mr. Randhawa cut Pengrowth to "underperform" from "sector perform." Mr. Randhawa raised his share target to $1.15 from $1.10. Analysts on average target the shares at 92 cents. Mr. Randhawa says in a note: "Pengrowth pointed to preliminary 2018 guidance targets of $50-million to $60-million capex (RBC estimate: $50-million) and targeted annual volumes between 22,500 to 24,500 barrels of oil equivalent per day (RBC: 23,500 boe/d). At mid-point volumes, we peg estimated 2018 cash generation at $58-million at our price deck and $72-million at strip ($56 U.S. per barrel). Given a two year project horizon, circa $600-million capital costs, and $330-million of credit capacity, we think funding Lindbergh without fresh capital is a tall order. We think a premium valuation is unwarranted."

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