Up after hours. Hedgie has accumulated sub 5.50 and is now holding their millions of shares. Does remove quite a bit of supply from the float. Limited supply will drive the stock higher next week. Gap up on Monday. Congrats longs on another good week, more games of engagement to be played in the 6's.
Was interesting seeing the wall of selling @ 5.35 and 5.40...then today the sell side just stopped. Was away at closed and was surprised to see the pop above 5.5. Glad to see and will be interesting to see how we do next week. I suspect a wall next week at the 200 day average. If we were pop thru that we might spike to high 6's. I have a hard time seeing us get very far past 7 though as the yield will have dropped allot when we get above 6.95. Unless someone thinks the 1QRT 2013 is going to a blow out on earnings and thus making the div "safe" and also showing that the div "might" get increased even a penny would move us thru 7.00
In Pengrowth's current financial position the dividend is safe but the company needs all it's cash flow and asset sales to cover the aforementioned dividend and capital expendures for Lindberg.
So the dividend won't be raised unless energy price improve significantly. The encouraging thing is that natural gas prices have sky rocketed to $3.81 this week which will help PGH's revenues and cash flow.