Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on PENGROWTH ENERGY CORP. We currently have 36 research reports from 1 professional analysts.
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PENGROWTH ENERGY CORP
PENGROWTH ENERGY CORP
Reports 2Q16 Results, Lowers Operating Cost Guidance
08 Aug 16
Second quarter results were in line to slightly ahead of both our estimates and the consensus. With continued success in terms of cost reductions, Management has reduced operating cost guidance for the year, which will lead to increased financial flexibility to help manage 2017 debt maturities. Given the pullback in commodity prices, Management noted the potential for covenant violations in 2H17 should current strip pricing playout, which could weigh on the stock over the near-term. Despite positive moves to our cash flow forecast, we have maintained both our $2.50 per share target price and Market Perform ranking in light of a deteriorating futures strip outlook.
2Q16e Quarterly Preview
26 Jul 16
Some Recovery on Segmented Cash Flow Generation Over Q1 Though Still Down 56% Y/Y. In aggregate, the Intermediate, Mid, and Small Cap groups are expected to generate 2Q16e cash flow of $1,281 mm, $183 mm, and $53 mm, or $1.517 billion in total, that while depressed relative to the same period last year (~$2.647 billion combined), is up 17% sequentially from the prior quarter, largely on the strength of crude oil price recovery in the period. Severely weak natural gas pricing picture markedly reversed into summer, market likely to ignore financials for natural gas producers and look ahead to winter and formalization of sell-side 2018e estimates in coming months. Spot AECO natural gas prices recently crested C$2.60/mcf, and with a reasonable alignment of previously distressed NE BC Stn2 differentials, augmented by a withdrawal expected next week, view the market psyche as constructive and looking ahead, with the analogy that this market is shaping up to mirror 2012 still holding. That said, with crude oil poised to retest support levels, combined with strong stock price performance broadly observed YTD, we would characterize sentiment as slightly pessimistic in the near-term which could reduce or unwind momentum-based investment strategies that have worked thus far in 2016.
RECEIVES REGULATORY APPROVAL FOR THE 17,500 BARREL PER DAY SECOND COMMERCIAL PHASE OF THE LINDBERGH THERMAL PROJECT
31 May 16
Impact: Neutral. As anticipated, Phase II of Pengrowth's Lindbergh project has received EPEA approval which allows for annual average production above the Phase I nameplate capacity of 12,500 bbl/d.
Reports 1Q16 Results, Maintains Financial Flexibility
05 May 16
Pengrowth’s first quarter financial results were in line with the consensus estimates, although came in ahead of our cash flow estimate as a result of royalties and operating costs that were lower than we had forecast. Management reiterated its 2016e capital expenditure and expense guidance, although has trimmed production guidance by ~3,000 boe/d at the midpoint largely due to minor disposition activity in the first quarter. Notable was a $173 mm decrease in total debt compared to year-end aided by a favorable foreign exchange revaluation on the Company’s US denominated debt, while further reduced by cash flow that outpaced capital spending. Following first quarter results, we have realigned our target price to $1.75 per share and have maintained our Market Perform ranking.
REPORTS FIRST QUARTER RESULTS
04 May 16
Pengrowth reported first quarter results including production of 62,056 boe/d that was in line with our 62,658 boe/d estimate along with the consensus estimate of 62,298 boe/d. The reported cash flow of $106.2 mm or $0.19 per diluted share was also in line with consensus ($0.19 per share), although ahead of our estimate of $94.8 mm or $0.17 per diluted share as a result of lower royalties and operating costs than we had forecast.
19 Apr 17
We take a look at the supply and demand dynamics of the world’s largest diamonds. Less than 200 very large (>200 carat) gem quality diamonds have ever been found, yet 23 of these have been found in the past three years. This dramatic increase is being driven by a combination of the rapid increase in the number of billionaires and hence price and demand, combined with technological developments that have improved large diamond recovery and a certain amount of geological good luck.
Small Cap Breakfast
19 Apr 17
Global Ports Holding—Intention to float on Standard List. International cruise ports operator. Seeking $250m raise including $75m primary offer. Dorcaster—Schedule One Update. Admission now expected 3 May. RTO of Escape Hunt raising £14m at 135p Verditek— Intention to float on AIM. On Admission, the Company's subsidiaries will be involved in advanced solar photovoltaic, filtration and absorption technologies specialising in providing environmental services. Raising £3.5m. Admission in May. Eddie Stobart Logistics— Schedule 1. Admission expected 25 April but capital raising details TBC. ADES International Holding— Intends to join the Standard List in May raising up to $170m plus a vendor sale. Provider of offshore and onshore oil and gas drilling and production services in the Middle East and Africa. Admission expected in May. Tufton Oceanic Assets– Offer extended to 9 May to enable investors to complete further due diligence.