pengrowth
PENGROWTH ENERGY CORP. $4.15 (Toronto symbol PGF; Aggressive Growth and Income Portfolios, Resources sector; Shares outstanding: 530.2 million; Market cap: $2.2 billion; Price-to-sales ratio: 1.8; Dividend yield: 5.8%; TSINetwork Rating: Average; www.pengrowth.com) recently started up its Lindbergh oil sands project in eastern Alberta, which should produce 16,000 barrels a day by the end of 2015.
Due to falling oil prices and Lindbergh’s completion, Pengrowth plans to spend $200 million to upgrade and maintain its properties in 2015, down 74.0% from $770 million last year.
But even with the lower spending, Pengrowth expects to produce between 73,000 and 75,000 barrels a day (57% oil and liquids, 43% natural gas) in 2015, or about 1.5% more than in 2014, thanks to Lindbergh.
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Due to falling oil prices and Lindbergh’s completion, Pengrowth plans to spend $200 million to upgrade and maintain its properties in 2015, down 74.0% from $770 million last year.
But even with the lower spending, Pengrowth expects to produce between 73,000 and 75,000 barrels a day (57% oil and liquids, 43% natural gas) in 2015, or about 1.5% more than in 2014, thanks to Lindbergh.
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PENGROWTH ENERGY CORP. $4.15 (Toronto symbol PGF; Aggressive Growth and Income Portfolios, Resources sector; Shares outstanding: 530.2 million; Market cap: $2.2 billion; Price-to-sales ratio: 1.8; Dividend yield: 5.8%; TSINetwork Rating: Average; www.pengrowth.com) recently started up its Lindbergh oil sands project in eastern Alberta, which should produce 16,000 barrels a day by the end of 2015. Due to falling oil prices and Lindbergh’s completion, Pengrowth plans to spend $200 million to upgrade and maintain its properties in 2015, down 74.0% from $770 million last year. But even with the lower spending, Pengrowth expects to produce between 73,000 and 75,000 barrels a day (57% oil and liquids, 43% natural gas) in 2015, or about 1.5% more than in 2014, thanks to Lindbergh....
POWER CORP. $31.38 (Toronto symbol POW; Shares outstanding: 412.6 million; Market cap: $15.1 billion; TSINetwork Rating: Above Average; Divd. yield: 3.7%; www.powercorporation.com) is a diversified holding company. It holds its financial assets through 65.7%-owned Power Financial. These financial assets include 68.1% of Great- West Lifeco, one of Canada’s largest life insurers, and 58.7% of IGM Financial, a leading Canadian mutual fund provider. Power Financial also owns 50% of holding company Parjointco, which holds 55.5% of Switzerland- listed Pargesa Holdings SA. Pargesa has 95% of its assets in five large European companies: Imerys (minerals), Total SA (oil), Pernod Ricard (wine and spirits), SGS (inspection, testing and certification services) and Lafarge (cement and building materials). Power Corp. also has investments in Asia....
CANADIAN PACIFIC RAILWAY LTD., $218.78, Toronto symbol CP, has agreed to form a 50/50 joint venture with DREAM Unlimited Corp., Toronto symbol DRM. This new business—called DREAM Van Horne Properties—will redevelop several of CP’s real estate holdings, including surplus land near its rail lines in Toronto, Montreal, Edmonton and Chicago. This venture should help CP unlock some of these assets’ hidden value. Meanwhile, CP earned $460 million in the quarter ended December 31, 2014, up 36.1% from $338 million a year earlier. Earnings per share jumped 40.3%, to $2.68 from $1.91, on fewer shares outstanding. That beat the consensus estimate of $2.58....
PENGROWTH ENERGY $3.35 (Toronto symbol PGF; Shares outstanding: 530.1 million; Market cap: $1.8 billion; TSINetwork Rating: Average; Dividend yield: 14.3%; www.pengrowth.com) has started injecting steam into its Lindbergh oil sands project in Alberta to loosen the tar-like bitumen and pump it to the surface.
Pengrowth believes that Lindbergh’s low operating costs will let it generate positive cash flow, even at today’s depressed oil prices.
As well, now that construction on Lindbergh has ended, the company’s 2015 capital spending will fall sharply from the $740 million to $770 million it probably spent in 2014.
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Pengrowth believes that Lindbergh’s low operating costs will let it generate positive cash flow, even at today’s depressed oil prices.
As well, now that construction on Lindbergh has ended, the company’s 2015 capital spending will fall sharply from the $740 million to $770 million it probably spent in 2014.
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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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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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PENGROWTH ENERGY $3.35 (Toronto symbol PGF; Shares outstanding: 530.1 million; Market cap: $1.8 billion; TSINetwork Rating: Average; Dividend yield: 14.3%; www.pengrowth.com) has started injecting steam into its Lindbergh oil sands project in Alberta to loosen the tar-like bitumen and pump it to the surface. Pengrowth believes that Lindbergh’s low operating costs will let it generate positive cash flow, even at today’s depressed oil prices. As well, now that construction on Lindbergh has ended, the company’s 2015 capital spending will fall sharply from the $740 million to $770 million it probably spent in 2014....
PLEASE NOTE: This is our last Hotline for 2014. Our next Hotline will go out on Friday, January 9, 2015.
ENCANA CORP., $16.41, Toronto symbol ECA, plans to invest more in its shale oil properties in 2015, even though lower oil prices will cut its cash flow.
In 2015, the company’s capital expenditures will be between $2.7 billion and $2.9 billion (all amounts expect share price in U.S. dollars), up from $2.6 billion this year.
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ENCANA CORP., $16.41, Toronto symbol ECA, plans to invest more in its shale oil properties in 2015, even though lower oil prices will cut its cash flow.
In 2015, the company’s capital expenditures will be between $2.7 billion and $2.9 billion (all amounts expect share price in U.S. dollars), up from $2.6 billion this year.
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PENGROWTH ENERGY $4.36 (Toronto symbol PGF; Shares outstanding: 528.1 million; Market cap: $2.2 billion; TSINetwork Rating: Average; Dividend yield: 11.0%; www.pengrowth.com) produces oil and natural gas in Western Canada and off the Nova Scotia coast. Gas accounts for 46% of its production; the other 54% is oil.
In the three months ended September 30, 2014, Pengrowth produced 72,472 barrels a day (including gas), down 13.0% from 83,275 barrels a year earlier. That’s mainly because it sold several less important oil and gas properties in Western Canada.
Pengrowth is investing the proceeds from these sales in more promising projects, like its Lindbergh oil sands development in Alberta’s Cold Lake region. Lindbergh should start up in early 2015 and produce 12,500 barrels a day. Future phases will raise the project’s daily output to 50,000 barrels.
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In the three months ended September 30, 2014, Pengrowth produced 72,472 barrels a day (including gas), down 13.0% from 83,275 barrels a year earlier. That’s mainly because it sold several less important oil and gas properties in Western Canada.
Pengrowth is investing the proceeds from these sales in more promising projects, like its Lindbergh oil sands development in Alberta’s Cold Lake region. Lindbergh should start up in early 2015 and produce 12,500 barrels a day. Future phases will raise the project’s daily output to 50,000 barrels.
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PENGROWTH ENERGY $4.36 (Toronto symbol PGF; Shares outstanding: 528.1 million; Market cap: $2.2 billion; TSINetwork Rating: Average; Dividend yield: 11.0%; www.pengrowth.com) produces oil and natural gas in Western Canada and off the Nova Scotia coast. Gas accounts for 46% of its production; the other 54% is oil. In the three months ended September 30, 2014, Pengrowth produced 72,472 barrels a day (including gas), down 13.0% from 83,275 barrels a year earlier. That’s mainly because it sold several less important oil and gas properties in Western Canada. Pengrowth is investing the proceeds from these sales in more promising projects, like its Lindbergh oil sands development in Alberta’s Cold Lake region. Lindbergh should start up in early 2015 and produce 12,500 barrels a day. Future phases will raise the project’s daily output to 50,000 barrels....