Pengrowth loses a listing

Article Excerpt

PENGROWTH ENERGY $0.97 (Toronto symbol PGF; Shares outstanding: 547.4 million; Market cap: $539.4 million; TSINetwork Rating: Speculative; No dividends paid; www.pengrowth.com) produces oil and natural gas, mostly in Western Canada. This includes its Lindbergh oil sands project in the Cold Lake area of Alberta. In addition to their primary listing on the Toronto exchange, the company’s shares also trade on the New York Stock Exchange (NYSE), symbol PGH. However, the stock has stayed below $1.00 U.S. for the past few months. As a result, the NYSE plans to delist Pengrowth on June 1, 2018. After that, its shares will continue to trade in the U.S. under the over-the-counter pink market electronic quotation service. The company had already decided against a consolidation, or a reverse stock split, to maintain its NYSE listing. Pengrowth is a hold. hold…

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