Zacks Investment Research upgraded shares of Pengrowth Energy Corporation (NYSE:PGH) (TSE:PGF) from a sell rating to a hold rating in a research report report published on Friday morning.

According to Zacks, “Pengrowth Energy Trust is a Canadian energy trust with crude oil and natural gas properties in the Western Canadian Sedimentary Basin and offshore the East Coast of Canada. “

PGH has been the subject of a number of other research reports. Raymond James Financial, Inc. cut shares of Pengrowth Energy Corporation from a market perform rating to an underperform rating in a report on Wednesday, July 5th. AltaCorp Capital reissued a sector perform rating on shares of Pengrowth Energy Corporation in a report on Wednesday, May 3rd. Natixis cut shares of Pengrowth Energy Corporation from a buy rating to a neutral rating in a report on Thursday, June 22nd. Canaccord Genuity cut shares of Pengrowth Energy Corporation from a speculative buy rating to a hold rating in a report on Tuesday, July 11th. Finally, ValuEngine cut shares of Pengrowth Energy Corporation from a sell rating to a strong sell rating in a report on Wednesday, August 16th. Four analysts have rated the stock with a sell rating and seven have issued a hold rating to the company’s stock. The company has an average rating of Hold and an average target price of $2.06.

Pengrowth Energy Corporation (NYSE:PGH) opened at 0.5618 on Friday. The firm’s market cap is $310.25 million. Pengrowth Energy Corporation has a 12-month low of $0.54 and a 12-month high of $1.77. The company’s 50 day moving average is $0.68 and its 200 day moving average is $0.92.

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Several hedge funds and other institutional investors have recently added to or reduced their stakes in PGH. Bank of America Corp DE increased its position in Pengrowth Energy Corporation by 8.9% in the first quarter. Bank of America Corp DE now owns 162,905 shares of the oil and gas company’s stock valued at $163,000 after buying an additional 13,320 shares in the last quarter. Vanguard Group Inc. increased its position in Pengrowth Energy Corporation by 6.3% in the first quarter. Vanguard Group Inc. now owns 10,481,695 shares of the oil and gas company’s stock valued at $10,481,000 after buying an additional 617,564 shares in the last quarter. Wellington Management Group LLP increased its position in Pengrowth Energy Corporation by 33.8% in the first quarter. Wellington Management Group LLP now owns 429,992 shares of the oil and gas company’s stock valued at $429,000 after buying an additional 108,505 shares in the last quarter. Letko Brosseau & Associates Inc. increased its position in Pengrowth Energy Corporation by 1.1% in the first quarter. Letko Brosseau & Associates Inc. now owns 42,245,621 shares of the oil and gas company’s stock valued at $42,176,000 after buying an additional 458,500 shares in the last quarter. Finally, JPMorgan Chase & Co. purchased a new position in Pengrowth Energy Corporation during the first quarter valued at about $117,000. 16.72% of the stock is owned by institutional investors.

Pengrowth Energy Corporation Company Profile

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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