Royal Bank Of Canada Downgrades Pengrowth Energy Co. (PGF) to Underperform
Pengrowth Energy Co. (TSE:PGF) (NYSE:PGH) was downgraded by equities research analysts at Royal Bank Of Canada from a “sector perform” rating to an “underperform” rating in a report released on Friday. They presently have a C$1.15 price objective on the stock, up from their prior price objective of C$1.00. Royal Bank Of Canada’s price objective indicates a potential downside of 9.45% from the company’s previous close.
A number of other equities analysts have also issued reports on PGF. Barclays PLC lowered their price target on Pengrowth Energy from C$1.00 to C$0.50 in a report on Monday, July 24th. TD Securities reduced their price objective on shares of Pengrowth Energy from C$1.10 to C$1.05 and set a “hold” rating for the company in a research report on Tuesday, August 15th. National Bank Financial reduced their price objective on shares of Pengrowth Energy from C$1.00 to C$0.80 and set a “sector perform” rating for the company in a research report on Friday, September 8th. Canaccord Genuity downgraded shares of Pengrowth Energy from a “hold” rating to a “sell” rating and raised their price objective for the company from C$0.85 to C$0.90 in a research report on Wednesday, October 4th. Finally, AltaCorp Capital downgraded shares of Pengrowth Energy from a “sector perform” rating to an “underperform” rating in a research report on Friday, October 6th. Six research analysts have rated the stock with a sell rating, one has given a hold rating and one has given a buy rating to the stock. Pengrowth Energy has an average rating of “Sell” and a consensus target price of C$1.29.
Pengrowth Energy (TSE PGF) opened at C$1.27 on Friday. Pengrowth Energy has a twelve month low of C$0.68 and a twelve month high of C$2.32.
In related news, insider Seymour Schulich purchased 3,000,000 shares of Pengrowth Energy stock in a transaction dated Monday, September 25th. The stock was bought at an average cost of C$1.41 per share, for a total transaction of C$4,230,000.00.
About Pengrowth Energy
Pengrowth Energy Corporation is engaged in the development, production and acquisition of, and the exploration for, oil and natural gas reserves in the provinces of Alberta, British Columbia, Saskatchewan and Nova Scotia. The Lindbergh thermal property is located approximately 420 kilometers north east of Calgary, Alberta and 50 kilometers south of Bonnyville, Alberta.
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