Analyst Actions: Raymond James Downgrades Pengrowth Energy to Market Perform; Shares Slump to 52-Week Low

By Midnight Trader,  June 25, 2012, 01:35:40 PM EDT

Raymond James has downgraded Pengrowth Energy Corp. (PGF.TO) to "market perform" from "outperform," citing uncertainty around the company's capital expenditures and dividend plans in the current commodity price environment, according to a Reuters report.

Reuters did not provide a price target.

"We expect that the company will be reviewing spending and the monthly dividend in the context of lower commodity prices near-term to help manage debt levels," Reuters quoted the brokerage as saying in a research note.

Pengrowth had about C$1 billion in long-term debt as of March 31, according to Reuters, and had been paying a monthly dividend of 7 cents per share since November 2009.

Shares are under significant selling pressure in early afternoon trading, down 42 cents, or 6.4%, at $6.13. Shortly after 12 noon it hit an intraday low of $6.08, a 52-week low.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Commodities

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