Canaccord Genuity Downgrades Pengrowth Energy Corp (PGF) to Sell
Pengrowth Energy Corp (TSE:PGF) (NYSE:PGH) was downgraded by Canaccord Genuity from a “hold” rating to a “sell” rating in a research report issued on Wednesday. They currently have a C$0.90 target price on the stock, up from their prior target price of C$0.85. Canaccord Genuity’s target price would suggest a potential downside of 30.23% from the company’s current price.
Other equities research analysts also recently issued reports about the stock. Royal Bank Of Canada decreased their price objective on shares of Pengrowth Energy Corp from C$1.75 to C$1.50 and set a “sector perform” rating for the company in a research note on Wednesday, July 12th. TD Securities decreased their price target on shares of Pengrowth Energy Corp from C$1.05 to C$0.85 and set a “hold” rating for the company in a research report on Friday, September 8th. Barclays PLC decreased their price target on shares of Pengrowth Energy Corp from C$1.00 to C$0.50 in a research report on Monday, July 24th. Finally, National Bank Financial lowered their price target on Pengrowth Energy Corp from C$1.00 to C$0.80 and set a “sector perform” rating for the company in a report on Friday, September 8th. Four research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has given a buy rating to the stock. Pengrowth Energy Corp has an average rating of “Hold” and an average price target of C$1.21.
Pengrowth Energy Corp (TSE PGF) traded down 2.33% during midday trading on Wednesday, hitting $1.26. The company had a trading volume of 1,266,975 shares. Pengrowth Energy Corp has a 52-week low of $0.68 and a 52-week high of $2.32. The stock has a 50 day moving average of $0.91 and a 200 day moving average of $1.09. The firm’s market cap is $695.83 million.
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In related news, insider Seymour Schulich bought 3,000,000 shares of the business’s stock in a transaction dated Monday, September 25th. The shares were acquired at an average price of C$1.41 per share, for a total transaction of C$4,230,000.00.
About Pengrowth Energy Corp
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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