Pengrowth Energy (PGF.TO) Buy, Sell or Hold

Pengrowth Energy (PGF.TO)

0.06

-0.00 (0.00%)

as of Jan 9, 2020, 9:00:00 pm Market Open.

120 watching

DON'T BUY

Better names within the higher yield energy space. Good management team. Transitioning business over last couple of years. Trying to re-position and transition business. Prefers other names.

DON'T BUY

Cutting dividends due to difficulty in maintaining payout dividends. The problem is the $20 spread between Edmonton and WTI. They are getting pressured on costs and margins are down.

HOLD

Disappointing they cut the dividend. Production has stayed stable. Problem was that stock was staying up there because of the yield. Not a lot of growth. Don’t buy, but hold.

DON'T BUY

Sold his holdings in order to buy Freehold Royalties (FRU-T) and missed the dividend cut. They were paying out more than they could afford.

COMMENT

Cut its dividend, which was the right thing to do. Balance sheet is a little bit stretched. At this time he expects they will break even in terms of growth. Depends on gas prices. If they can hedge it for $3 or better in 2013, dividend will be okay but he wouldn't be surprised to see pressure come back into gas prices.

DON'T BUY

Recently cut their dividend. A much more sustainable level but it could still be at risk. Has never been hugely excited with their assets. Sinking a lot of money onto their Lindbergh property.

COMMENT

His company has this is a "neutral" with a $9.50 target. He's owned this one for years but it has gotten big and he would rather participate in the newer, faster growing companies and he is slowly selling his holdings. They cut their dividend by 43% in June.

DON'T BUY

13% dividend. How safe is it. They are selling some assets off. Will the money handle cap-x and pay dividend. Market is saying no. Dividend very unsafe.

DON'T BUY

Not been a great performer this year. Completed a merger with NAL. Companies trimmed their cap-x. Executing well on a strategy of adding long-term assets that will keep the dividend going. Debt is a little higher than he likes to see it. Little worried that the dividend is not sustainable.

HOLD

Completed the NAL transaction and this will be dilutive to cash flows in the short run but will give them more light oil exposure. Have cut capital spending, which will be a little challenging for them for growth. Intend to dispose of about 10% of their non-core assets. Wouldn’t add to your position but you can Hold it here.

DON'T BUY

(Market Call Minute.) 50% gas. Down a lot but it is too hard to figure out a company like this at the moment.

DON'T BUY

Just bought NAL. He was not that happy with PGF people for a while. The only way they can hold the distribution is by selling assets. It’s going to be a tough road. Has PGF because he had NAE-T

COMMENT

(Market Call Minute.) He is cautious on overall oil prices. This would be a Hold to Sell. If you own, it would look long and hard into moving into cash.

WATCH

They did have a little miss in the most recent quarter and the big question is the sustainability of the dividend. No cut as of yet but if prices stay down for Nat Gas, in a year or so they would have to look at a dividend cut at some point in time. On the positive side they have projects and joint ventures going and are focusing on lighter oils and liquids in swan hills. This is a company that really the Jury is out on it. People are waiting to see if the commodity prices improve a little bit.

BUY

Midsize energy trust with about 50/50 oil and gas. Have been restructuring under a new CEO who has done a pretty good job. The issue here is that gas prices are very, very low and oil prices that are a little high. However, he thinks it is okay. 11.1% yield, which he thinks is safe.

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Pengrowth Energy (PGF.TO)