I bought some PGH today after reading their investor presentation. I like how they were completely committed to the dividend which will mitigate the risk of lower oil prices as I am mostly an income investor. I like PWE in the short run better because I think there is more room for significant capital efficiency improvement this year and their large light oil position. It appears as though PGH will be making significant capital expenditures for years before seeing the return. Market will probably want to see results before giving a significantly higher stock price.
They were completely committed to the dividend before they cut it from 7c to 4c, and also before they cut it from 10c to 7c, and also before they cut from 17c to 10c, and also before they cut from 22.5c to 17c, and also before they cut from 25c to 22.5c.
No doubt they will still be completely committed to the dividend after they cut it to 2c.