PENGROWTH ENERGY $4.01 - Toronto symbol PGF

PENGROWTH ENERGY $4.01 (Toronto symbol PGF; Shares outstanding: 530.1 million; Market cap: $2.2 billion; TSINetwork Rating: Average; Dividend yield: 6.0%; www.pengrowth.com) has cut its capital spending plans and dividend to conserve cash in the face of falling oil prices.

Capital spending will drop 74.0%, to $200 million from $770 million in 2014. The company is also cutting its monthly dividend by 50.0%, from $0.04 a share to $0.02. The new rate still yields a high 6.0%.

Pengrowth is still a buy.

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