PENGROWTH ENERGY CORP. $9.98 - Toronto symbol PGF

PENGROWTH ENERGY CORP. $9.98 (Toronto symbol PGF; Shares outstanding: 329.3 million; Market cap: $3.3 billion; TSINetwork Rating: Average; Dividend yield: 8.4%; www.pengrowth.com) has improved its dividend
reinvestment plan (DRIP).

The company is now giving investors who are enrolled in the plan two options: they can reinvest their dividends in additional shares at a 5% discount to the market price, or they can receive a premium cash dividend equal to 102% of the regular dividend. Right now, Pengrowth pays monthly dividends of $0.07 a share. The annual rate of $0.84 yields 8.4%. The annual premium dividend rate of $0.86 yields 8.6%.

In addition, Pengrowth will let shareholders in either plan buy up to $1,000 of additional shares each month at a 5% discount.

Pengrowth is a buy.

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