Pengrowth may seek buyer

Article Excerpt

PENGROWTH ENERGY $0.25 (Toronto symbol PGF; Shares outstanding: 547.4 million; Market cap: $145.6 million; TSINetwork Rating: Speculative; No dividends paid; www.pengrowth.com) has two main properties: its Lindbergh oil sands project in Alberta, and its Groundbirch natural gas property in northeastern B.C. Pengrowth produced an average of 22,707 barrels a day (81% oil and liquids, 19% natural gas) in the three months ended June 30, 2019. That up 0.5% from 22,600 barrels a year earlier. A 13.6% jump in production at the Lindbergh project offset a 25.7% drop in gas output. Due to lower oil and natural gas prices, the company’s revenue in the quarter fell 1.7%, to $136.9 million from $139.2 million. Thanks to cost cuts, its adjusted cash flow (after capital expenditures) jumped to $0.05 a share from $0.02. The company is now conducting a strategic review of its operations. That could include the sale of some of its properties, or perhaps the entire firm. Pengrowth is still a hold, but only for…

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