PENGROWTH ENERGY CORP. $4.97 - Toronto symbol PGF

PENGROWTH ENERGY CORP. $4.97 (Toronto symbol PGF;Aggressive Growth Portfolio, Resources sector; Shares outstanding: 507.1 million; Market cap: $2.5 billion; Price-to-sales ratio: 1.6; Dividend yield: 9.7%; TSI Network Rating: Average;www.pengrowth.com) has agreed to sell its 10.02% interest in the Weburn oil project in Saskatchewan.

The company will receive $315 million when the deal closes by the end of January 2013. It will use the cash to pay down its long-term debt, which was $1.75 billion on September 30, 2012.That’s a high 70% of its market cap.
Pengrowth is a buy.

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