Pengrowth Energy (PGH) Upgraded to Buy by Zacks Investment Research

Zacks Investment Research upgraded shares of Pengrowth Energy (NYSE:PGH) (TSE:PGF) from a hold rating to a buy rating in a research report report published on Thursday. Zacks Investment Research currently has $1.00 price target on the oil and gas company’s stock.

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. “

PGH has been the topic of a number of other reports. Royal Bank of Canada cut Pengrowth Energy from a sector perform rating to an underperform rating in a research note on Friday, November 10th. AltaCorp Capital cut Pengrowth Energy from a sector perform rating to an underperform rating in a research note on Friday, October 6th. ValuEngine cut Pengrowth Energy from a sell rating to a strong sell rating in a research note on Monday, October 2nd. TD Securities cut Pengrowth Energy from a hold rating to a reduce rating in a research note on Monday, October 2nd. Finally, Canaccord Genuity cut Pengrowth Energy from a hold rating to a sell rating in a research note on Wednesday, October 4th. Six equities research analysts have rated the stock with a sell rating and three have given a hold rating to the stock. The company currently has a consensus rating of Sell and an average price target of $1.50.

Pengrowth Energy (NYSE:PGH) traded up $0.02 during mid-day trading on Thursday, reaching $0.90. The company’s stock had a trading volume of 536,000 shares, compared to its average volume of 605,033. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.07 and a quick ratio of 1.07. The company has a market capitalization of $502.86, a PE ratio of -1.10 and a beta of 2.37. Pengrowth Energy has a 12 month low of $0.54 and a 12 month high of $1.49.

A number of institutional investors and hedge funds have recently modified their holdings of PGH. Guardian Capital Advisors LP increased its stake in Pengrowth Energy by 127.2% in the 2nd quarter. Guardian Capital Advisors LP now owns 105,995 shares of the oil and gas company’s stock worth $101,000 after purchasing an additional 59,340 shares in the last quarter. UBS Asset Management Americas Inc. grew its stake in Pengrowth Energy by 49.5% during the 2nd quarter. UBS Asset Management Americas Inc. now owns 430,557 shares of the oil and gas company’s stock valued at $338,000 after acquiring an additional 142,500 shares in the last quarter. Diversified Investment Strategies LLC purchased a new position in Pengrowth Energy during the 3rd quarter valued at about $385,000. Shell Asset Management Co. grew its stake in Pengrowth Energy by 154.6% during the 3rd quarter. Shell Asset Management Co. now owns 148,424 shares of the oil and gas company’s stock valued at $871,000 after acquiring an additional 90,124 shares in the last quarter. Finally, Royal Bank of Canada grew its stake in Pengrowth Energy by 0.7% during the 2nd quarter. Royal Bank of Canada now owns 1,217,285 shares of the oil and gas company’s stock valued at $961,000 after acquiring an additional 8,605 shares in the last quarter. 14.46% of the stock is currently owned by hedge funds and other institutional investors.

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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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