21:41:09 EDT Thu 28 Mar 2024
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or Name
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Pengrowth Energy Corp
Symbol PGF
Shares Issued 552,246,104
Close 2018-02-14 C$ 0.95
Market Cap C$ 524,633,799
Recent Sedar Documents

Globe says Pengrowth Energy seen as "fairly valued"

2018-02-14 08:23 ET - In the News

The Globe and Mail reports in its Wednesday, Feb. 14, edition that Canaccord Genuity analyst Dennis Fong, citing both the chance for outperformance from realized pricing and share price underperformance over the past four months, upgraded Pengrowth Energy (91 cents) to "hold" from "sell." The Globe's David Leeder writes in the Eye On Equities column that Mr. Fong continues to target the shares at $1, which is three cents above the consensus. Mr. Fong says in a note: "Our Sell thesis on Pengrowth revolved around a run up in share price from an individual investor building a significant position in the company and exceeding our intrinsic value. PGF shares are down 33 per cent in the past four months. Given this underperformance, we believe the valuation has transitioned from overvalued to fairly valued. We continue to believe the company's above-average leverage is a focal point for investors, but items like the physical contracts to sell its heavy oil at $15 (U.S.) per barrel means that realized pricing and cash flow could outperform expectations." The Globe reported on Dec. 14, 2017, that AltaCorp Capital analyst Nick Lupic boosted his rating to "sector perform." The shares could then be had for 99 cents.

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