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ARK.V 0SGD.V 0.46AEM.TO -5.44MEQ.TO -0.59TRI.TO 2.94KKR 1.49CGI.TO 0.3KINS -0.06
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Glenn MacNeill, P.Eng.Pengrowth Energy Trust (B)PGF.B.TOWEAK BUYApr 29, 2005

One of the older trusts. Pays an exceptionally high return at about 15.5%. Had some positive management changes recently. Not on their radar screen.
Glenn MacNeill, P.Eng.Glenn MacNeill, P.Eng.
No
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$17.24

Stock price when the opinion was issued

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PAST TOP PICK

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

Apr 11, 2007
(A Top Pick April 21/06. Sold at a loss of about $4.) Converted to Pengrowth (PGF.UN-T) and he would not buy this on.
Photo of Michael SprungMichael SprungUnlock Rating
$25.31

Stock price when the opinion was issued

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HOLD

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

Dec 01, 2006
With the whole trust area collapse, we are getting back to fundamentals. Outlook for this company is quite strong. There is a good seasonal play in a lot of the oil/gas trusts. Fairly cheap.
Photo of Robert FloydRobert FloydUnlock Rating
$25.31

Stock price when the opinion was issued

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BUY

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

Nov 01, 2006
This company has had a long, long history of managing and income trust, so you have to like management. His fair market value is about double what the stock is trading at.
Photo of Ross HealyRoss HealyUnlock Rating
$25.31

Stock price when the opinion was issued

investment companiesfunds
HOLD

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

Sep 08, 2006
Starting to look at it a little bit closer now. Seems to be turning around. Debt and payout ratio is a little bit higher than he likes. As this gets corrected, it may be one that he would add.
Photo of Robert LauzonRobert Lauzon
No
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$25.31

Stock price when the opinion was issued

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BUY ON WEAKNESS

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

Aug 23, 2006
Recently sold his position. Payout ratio has come down to about 70% and hired a new management team that have strong technical skills. Recently acquired Esprit, which was good, but paid a full price for it. Will buy on weakness.
Photo of Glenn MacNeill, P.Eng.Glenn MacNeill, P.Eng.
No
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$25.31

Stock price when the opinion was issued

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WEAK BUY

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

Aug 03, 2006
This is a company that knows how to deal with replacing reserves. Very good management. This is one of a few income trusts that he would consider holding through the next period.
Photo of Ross HealyRoss HealyUnlock Rating
$25.31

Stock price when the opinion was issued

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BUY

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

Aug 02, 2006
In terms of some of the oil/gas trusts, it is timely to be looking at them right now. Check the yield and cash flows that are being generated.
Photo of Robert FloydRobert FloydUnlock Rating
$25.31

Stock price when the opinion was issued

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PAST TOP PICK

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

Jul 18, 2006
(A Top Pick Mar 23/06. Up 17%.) Looking to consolidate the A and B shares to make it one class.
Photo of Michael SprungMichael Sprung
Owned
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$27.11

Stock price when the opinion was issued

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COMMENT

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

Jun 23, 2006
As other trusts were running down their payout ratios, this one continued to pay on a relatively high level and relied on acquisitions to replace production. That model doesn't work any more. They are now changing. From a fundamental basis, they are improving.
Photo of Dean OrricoDean Orrico
Owned
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$25.14

Stock price when the opinion was issued

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DON'T BUY

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

Jun 21, 2006
The class structure is being dissolved. They have done a pretty good job over the last year of cleaning up some of their problems. Owns some in an index fund, only because he has to. Prefers others. Reserve life of about 11 years. Payout ratio is a little high.
Photo of Robert LauzonRobert Lauzon
Owned
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$24.15

Stock price when the opinion was issued

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HOLD

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

May 26, 2006
Combining their A and B shares together. At these levels, this is a pretty good hold.
Photo of Ravi SoodRavi Sood
Owned
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$24.40

Stock price when the opinion was issued

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TOP PICK

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

Apr 21, 2006
About 55% natural gas. Very good yield at 13%. Represents reasonably good value. Has good properties to develop. Very good balance sheet.
Photo of Michael SprungMichael Sprung
Owned
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$24.27

Stock price when the opinion was issued

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TOP PICK

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

Mar 23, 2006
Relatively safe with a good balance between oil (55%0 and natural gas (45%). 13% yield. Good reserve life and they continue to replace them. Payout is in the 80/5% range.
Photo of Michael SprungMichael Sprung
Owned
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$23.21

Stock price when the opinion was issued

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WAIT

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

Mar 05, 2006
Pengrowth has a really good asset base. They have had a lot of turnover in senior management especially on the technical side. Before entering this trust he would like to see a credible technical team on board. He really likes the assets.
Photo of Sandy McIntyreSandy McIntyreUnlock Rating
$22.86

Stock price when the opinion was issued

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DON'T BUY

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

Jan 27, 2006
Sold 2% of their production on an odd lot arrangement. Allows the company to capitalise on the possible upside of others drilling on their land without committing capital. Outlook for natural gas is weaker now and they are at the upper end of operating costs.
Photo of James LeungJames Leung
No
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$23.24

Stock price when the opinion was issued

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We paraphrase the experts by hand, we watch the shows and write down what we understood from the experts’ comments. We are human and can make mistakes, help us fix any errors. If you see something that you know is not right or if there is a problem with the site, feel free to email us at: [email protected].

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