Pengrowth Energy CorporationNYSE
Pengrowth Energy: The Sky Is Not Falling
Albert Alfonso • 64 Comments
Albert Alfonso • 64 Comments
Wed, Nov. 2, 5:17 PM
Fri, Oct. 7, 10:57 AM
- The before-tax NPV of the Lindbergh oil sands asset using a 10% discount rate as of September 30 is $2.55B or $4.66 per share, up 63% from $1.56B and $2.87 at the start of the year.
- The boost comes after the company was allowed expansion of the project to 30K barrels per day, plus ongoing positive performance, as well as additional reserves related to future infill wells.
- Barclays remains cautious, noting elevated debt levels, declining production volumes, and diminishing hedge support over time. The team keeps its Underweight rating and C$2 price target.
- PGH +2.6% to $1.72 in the U.S.; it's up 2.25% o C$2.28 in Toronto.
Fri, Aug. 5, 2:09 PM
Thu, Aug. 4, 6:08 PM
Tue, May 3, 5:36 PM
- Pengrowth Energy (NYSE:PGH): Q1 EPS of $0.05 misses by $0.01.
- Revenue of $114.2M (-42.9% Y/Y) misses by $30.63M.
Wed, Mar. 23, 11:58 AM
- Pengrowth Energy (PGH +5.2%) pops higher on news that Canadian billionaire Seymour Schulich acquired a 14.7% stake in the company.
- Schulich also is expected to seek the appointment of Ron Binns, CFO of Schulich's Nevada Capital Corp, to PGH’s board, WSJ reports.
- Schulich owns or controls 80M shares, valued at $78.4M based on the company’s latest closing stock price.
Mon, Mar. 21, 12:52 PM
Wed, Feb. 24, 5:46 PM
- Pengrowth Energy (NYSE:PGH): Q4 EPS of -$0.85; FFO $0.21.
- Revenue of $169.1M (-42.0% Y/Y) misses by $6.72M.
Thu, Feb. 11, 6:21 PM
- Hedges that shielded Canadian oil producers such as Crescent Point Energy (NYSE:CPG) and Whitecap Resources (OTC:SPGYF) from the full pain of $30/bbl oil are winding down this year and next, which may prompt companies to accelerate output and cost cuts, including dividends.
- CIBC says 19 small-to-mid-sized producers have an average of 19% of their crude hedged at ~$58/bbl this year, and only 3% at about the same price in 2017.
- CPG tells Bloomberg it is “well protected” with hedges in 2016 and with costs cut by 30% last year, and the “longer we stay in $30-$35 environment, the more this cost structure will come down.”
- Selling oil at a lower price may prompt CPG to cut its dividend, FirstEnergy Capital's Cody Kwong says, which he thinks would be received by the market as "a positive note."
- Northern Blizzard Resources (OTC:NBZZF) and Pengrowth Energy (NYSE:PGH) are the two most-hedged producers this year among the companies covered by CIBC data; for PGH, the hedges are “a big, big lifeline,” says Veritas analyst Nima Billou. “They will definitely be able to ride out 2016 because of these hedges.”
- The industry as whole may have a harder time: “Those hedges come off in 2017, and with oil prices continuing to fall, they could be in a difficult positions,” says a National Bank Financial analyst.
Thu, Jan. 21, 1:37 AM
- Pengrowth Energy (NYSE:PGH) says it is suspending its Q1 quarterly dividend and will continue to evaluate on an quarterly basis.
- The board approved FY16 capital budget of C$60M-C$70M to generate annual average production of 59K-61K boe/d to focus on maintenance activities.
- "Given the current operating environment characterized by low crude oil and natural gas prices, we have elected to pursue a very conservative 2016 budget as well as suspending the dividend” says Derek Evans, President and CEO.
Nov. 19, 2015, 4:51 PM
- Pengrowth Energy (NYSE:PGH) declares C$0.01/share quarterly dividend.
- Forward yield 3.48%
- Payable Dec. 15; for shareholders of record Nov. 30; ex-div Nov. 25.
Nov. 3, 2015, 5:14 PM
- Pengrowth Energy (NYSE:PGH): Q3 EPS of -$0.61 misses by $0.55.
- Revenue of $397.8M (+0.3% Y/Y) beats by $183.34M.
Oct. 6, 2015, 10:59 AM
- Pengrowth Energy (PGH +10.3%) agrees to sell its non-core Bodo property in eastern Alberta to an unnamed buyer for $95M, which will be used to reduce the company’s debt.
- The Bodo property produced 2.7K boe/day on average for first eight months of 2015, but PGH says it still expects to produce 70K-72K boe/day for the full year.
- PGH says the sale brings its total asset sales and committed sales for 2015 to $260M, and it expects to achieve its $600M target in dispositions of non-core assets for the year.
Sep. 1, 2015, 10:42 AM
- Pengrowth Energy (NYSE:PGH) says it will change its dividend policy, moving to a quarterly payment at a rate of $0.01 per share per quarter ($0.04 per share annually).
- The new dividend policy will take effect following the payment of the $0.02/share dividend payable on Sept. 15, 2015 with the first quarterly payment expected to be paid on Dec. 15, 2015.
- PGH -7%.
Aug. 13, 2015, 4:42 PM
- Pengrowth Energy (NYSE:PGH) declares C$0.02/share monthly dividend, in line with previous.
- Forward yield 14.23%
- Payable Sept. 15; for shareholders of record Aug. 24; ex-div Aug. 20.
Aug. 6, 2015, 6:27 PM
- Pengrowth Energy (NYSE:PGH): Q2 EPS of -$0.25 may not be comparable to consensus of -$0.01.
- Revenue of $249.9M (-38.6% Y/Y) misses by $6.48M.