Zacks Investment Research Downgrades Pengrowth Energy (PGH) to Hold

Pengrowth Energy (NYSE:PGH) (TSE:PGF) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Thursday.

According to Zacks, “Pengrowth Energy Trust is a Canadian energy trust with crude oil and natural gas properties in the Western Canadian Sedimentary Basin and offshore the East Coast of Canada. “

A number of other brokerages have also recently issued reports on PGH. AltaCorp Capital upgraded Pengrowth Energy from an “underperform” rating to a “sector perform” rating in a report on Wednesday, December 13th. ValuEngine upgraded Pengrowth Energy from a “strong sell” rating to a “sell” rating in a report on Friday, September 22nd. Canaccord Genuity cut Pengrowth Energy from a “hold” rating to a “sell” rating in a report on Wednesday, October 4th. TD Securities cut Pengrowth Energy from a “hold” rating to a “reduce” rating in a report on Monday, October 2nd. Finally, Royal Bank of Canada cut Pengrowth Energy from a “sector perform” rating to an “underperform” rating in a report on Friday, November 10th. Six research analysts have rated the stock with a sell rating and three have assigned a hold rating to the company’s stock. Pengrowth Energy has a consensus rating of “Sell” and a consensus target price of $1.50.

Shares of Pengrowth Energy (NYSE PGH) opened at $0.88 on Thursday. Pengrowth Energy has a 1-year low of $0.54 and a 1-year high of $1.45. The stock has a market capitalization of $489.58, a P/E ratio of -1.07 and a beta of 2.37. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.60.

Several large investors have recently modified their holdings of the company. Letko Brosseau & Associates Inc. boosted its holdings in shares of Pengrowth Energy by 1.6% during the second quarter. Letko Brosseau & Associates Inc. now owns 42,924,106 shares of the oil and gas company’s stock worth $33,713,000 after acquiring an additional 678,485 shares during the period. Grace & White Inc. NY boosted its holdings in shares of Pengrowth Energy by 10.5% during the third quarter. Grace & White Inc. NY now owns 3,511,892 shares of the oil and gas company’s stock worth $3,617,000 after acquiring an additional 335,066 shares during the period. Cetera Investment Advisers bought a new stake in shares of Pengrowth Energy in the second quarter valued at approximately $1,906,000. Schroder Investment Management Group boosted its stake in shares of Pengrowth Energy by 61.6% in the third quarter. Schroder Investment Management Group now owns 1,716,000 shares of the oil and gas company’s stock valued at $2,231,000 after buying an additional 653,900 shares during the period. Finally, Royal Bank of Canada boosted its stake in shares of Pengrowth Energy by 0.7% in the second quarter. Royal Bank of Canada now owns 1,217,285 shares of the oil and gas company’s stock valued at $961,000 after buying an additional 8,605 shares during the period. Institutional investors own 14.46% of the company’s stock.

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About Pengrowth Energy

Pengrowth Energy Corporation is engaged in the development, production and acquisition of, and the exploration for, oil and natural gas reserves in the provinces of Alberta, British Columbia, Saskatchewan and Nova Scotia. The Lindbergh thermal property is located approximately 420 kilometers north east of Calgary, Alberta and 50 kilometers south of Bonnyville, Alberta.

Analyst Recommendations for Pengrowth Energy (NYSE:PGH)

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