Pengrowth Energy Corp (PGH) Downgraded by Scotiabank to Underperform

Pengrowth Energy Corp (NYSE:PGH) (TSE:PGF) was downgraded by equities research analysts at Scotiabank from a “sector perform” rating to an “underperform” rating in a research note issued to investors on Monday, The Fly reports.

Other research analysts have also recently issued reports about the stock. Canaccord Genuity raised shares of Pengrowth Energy Corp from a “hold” rating to a “buy” rating in a report on Friday. Royal Bank of Canada cut shares of Pengrowth Energy Corp to a “hold” rating and set a $2.00 price objective for the company. in a report on Wednesday, March 22nd. Zacks Investment Research cut shares of Pengrowth Energy Corp from a “buy” rating to a “hold” rating in a report on Wednesday, January 4th. Raymond James Financial, Inc. reissued a “market perform” rating and set a $2.50 price objective (up from $2.25) on shares of Pengrowth Energy Corp in a report on Monday, December 19th. Finally, Barclays PLC reissued an “underweight” rating and set a $2.00 price objective (up from $1.50) on shares of Pengrowth Energy Corp in a report on Friday, December 16th. Four equities research analysts have rated the stock with a sell rating, five have issued a hold rating and one has given a buy rating to the company’s stock. Pengrowth Energy Corp currently has a consensus rating of “Hold” and an average price target of $1.99.

Analyst Recommendations for Pengrowth Energy Corp (NYSE:PGH)

Pengrowth Energy Corp (NYSE:PGH) traded down 3.3273% on Monday, reaching $1.0634. 471,073 shares of the company traded hands. Pengrowth Energy Corp has a 1-year low of $0.96 and a 1-year high of $2.08. The stock’s 50-day moving average is $1.20 and its 200-day moving average is $1.42. The stock’s market capitalization is $582.43 million.

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A number of hedge funds have recently made changes to their positions in PGH. Letko Brosseau & Associates Inc. raised its stake in shares of Pengrowth Energy Corp by 4.3% in the fourth quarter. Letko Brosseau & Associates Inc. now owns 41,787,121 shares of the company’s stock valued at $60,065,000 after buying an additional 1,734,100 shares during the period. Schroder Investment Management Group raised its stake in shares of Pengrowth Energy Corp by 132.1% in the third quarter. Schroder Investment Management Group now owns 1,957,667 shares of the company’s stock valued at $4,052,000 after buying an additional 1,114,244 shares during the period. Mackenzie Financial Corp acquired a new stake in shares of Pengrowth Energy Corp during the third quarter valued at about $1,264,000. Scotia Capital Inc. raised its stake in shares of Pengrowth Energy Corp by 57.9% in the fourth quarter. Scotia Capital Inc. now owns 784,117 shares of the company’s stock valued at $1,127,000 after buying an additional 287,560 shares during the period. Finally, CIBC World Markets Inc. raised its stake in shares of Pengrowth Energy Corp by 160.1% in the third quarter. CIBC World Markets Inc. now owns 424,230 shares of the company’s stock valued at $675,000 after buying an additional 261,148 shares during the period. Institutional investors own 17.28% of the company’s stock.

About Pengrowth Energy Corp

Pengrowth Energy Corporation is a resource company, which is engaged in the production, development, exploration and acquisition of oil and natural gas assets. The Company owns and operates Lindbergh thermal project, which is located in the Cold Lake area of Alberta and encompasses over 42.5 sections of land.

5 Day Chart for NYSE:PGH

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