Pengrowth is down from its highs lately along with most other oil and gas trusts. However, we feel it has dropped enough to reflect today’s lower natural gas prices, ongoing volatility in crude oil markets and investor worries about further distribution cuts. Pengrowth is an attractive buy for the Resources component of your portfolio.
PENGROWTH ENERGY TRUST $18 (Toronto symbol PGF.UN; Aggressive Growth Portfolio, Resources sector; Units outstanding: 246.1 million; Market cap: $4.4 billion; SI Rating: Average) produces oil and natural gas from properties in Alberta and British Columbia. It also owns 8.4% of the Sable Offshore Energy Project, which extracts natural gas from several fields south of Nova Scotia. Oil accounts for 49% of Pengrowth’s production, while natural gas supplies the remaining 51%.
Pengrowth focuses on high quality, mature properties that generate plenty of steady cash flows. It also prefers to replenish its reserves with acquisitions instead of exploration.
Growing by acquisition adds risk. But Pengrowth would rather replace its reserves with…
Privacy Policy and Terms of Use
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Changes to this Policy
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