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Daily Stock Opinions and Ratings
Stockchase Opinions

Glenn MacNeill, P.Eng.Pengrowth Energy Trust (A)PGF.A.TOBUYAug 15, 2005

One of the larger oil and gas trusts. Has performed reasonably well. An undervalued situation. Operating costs are a little higher than its competition. Long reserve life.
Glenn MacNeill, P.Eng.Glenn MacNeill, P.Eng.
Unknown
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$28.60

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BUY

Pengrowth Energy Trust (A)(PGF.A.TO)

Jun 14, 2007
The name has been around for a long time. Have recently hired on some good people and made some good acquisitions, and are now positioned to make some good organic growth.
Photo of Dean OrricoDean OrricoUnlock Rating
$25.30

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DON'T BUY

Pengrowth Energy Trust (A)(PGF.A.TO)

Aug 11, 2006
Acquiring Esprit Energy (EEE.UN-T), which will be positive for them. He tends to favour the more “new generation” trusts. They have taken some steps to strengthen their team and are moving in the right direction and he is watching them.
Photo of Garth JestleyGarth Jestley
No
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$25.30

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DON'T BUY

Pengrowth Energy Trust (A)(PGF.A.TO)

Jul 28, 2006
Merging with Esprit Energy (EEE.UN-T). They have good assets but anytime you have a merger in play, you're upside caps.
Photo of Sandy McIntyreSandy McIntyre
No
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$25.30

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DON'T BUY

Pengrowth Energy Trust (A)(PGF.A.TO)

Jul 15, 2005
In other oil/gas trusts you have seen an evolution in a more sustainable model of trusts. This one was one of the earlier ones and was focused on their position in replacement of production. Trying to change to a more sustainable model, but are having trouble keeping people on board.
Photo of Michele RobitailleMichele Robitaille
No
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$27.80

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WEAK BUY

Pengrowth Energy Trust (A)(PGF.A.TO)

Jul 08, 2005
Split into A and B depending on whether it's a Canadian or foreign holder. Now a non-issue with the Canadian government, so could eventually be merged back together. Has some really good, long life properties in Alberta. There are others that he likes a little better.
Photo of Glenn MacNeill, P.Eng.Glenn MacNeill, P.Eng.
No
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$27.77

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COMMENT

Pengrowth Energy Trust (A)(PGF.A.TO)

Jun 24, 2005
Doesn't like dual class shares.
Photo of Michael SprungMichael SprungUnlock Rating
$27.33

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DON'T BUY

Pengrowth Energy Trust (A)(PGF.A.TO)

Apr 22, 2005
Owns, but and underweight holding. One of the original trusts and the model then is very different than the model today. They grew through acquisitions, but buying today is very expensive and very tough to do. Payout ratio is about 85% not leaving much room to buy assets. Needs to improve on its technical expertise and needs to improve the model.
Photo of Dean OrricoDean Orrico
Owned
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$25.40

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SELL

Pengrowth Energy Trust (A)(PGF.A.TO)

Apr 08, 2005
One of the older royalty trusts. He is going underweight on this one as he is finding better quality names. Would sell on any strength.
Photo of Robert LauzonRobert Lauzon
Owned
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$24.62

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DON'T BUY

Pengrowth Energy Trust (A)(PGF.A.TO)

Mar 16, 2005
Feels that some of the cross-border trusts are a little over valued because of US players bidding them up. Payout ratio and operating costs are a bit high.
Photo of Matt BaillieMatt Baillie
No
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$25.03

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DON'T BUY

Pengrowth Energy Trust (A)(PGF.A.TO)

Dec 30, 2004
A $6/7 spread between the "A" shares and the "B" shares because of government ruling on US ownership. Management hasn't done a great job in running these trusts. If you buy, buy the "B" which is cheaper as they may discontinue the US one.
Photo of Gavin GrahamGavin Graham
No
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$25.14

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SELL

Pengrowth Energy Trust (A)(PGF.A.TO)

Dec 10, 2004
The cross border royalty trusts have a bit of a problem in that the government had them cut out foreign ownership and then back tracked. They don't know which way to go. He wouldn't buy until this issue clears up.
Photo of Matt BaillieMatt Baillie
No
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$23.60

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DON'T BUY

Pengrowth Energy Trust (A)(PGF.A.TO)

Nov 05, 2004
Have a concern on their payout ratio of 115%. Have a fairly large amount of debt and will probably have an offering at some time which they would consider. Good group of properties.
Photo of Glenn MacNeill, P.Eng.Glenn MacNeill, P.Eng.
No
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$20.58

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TOP PICK

Pengrowth Energy Trust (A)(PGF.A.TO)

Oct 13, 2004
Has a good long history of being able to cope with varying prices of the oil market.
Photo of Ross HealyRoss HealyUnlock Rating
$20.88

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DON'T BUY

Pengrowth Energy Trust (A)(PGF.A.TO)

Sep 29, 2004
Not a favourite.
Photo of Peter BriegerPeter Brieger
No
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$22.35

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