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Pengrowth Energy Corporation (PGH)

NYSE - NYSE Delayed Price. Currency in USD
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0.911+0.03 (+3.23%)
At close: 4:02PM EDT
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  • Managements approach makes PGH very Troubling

    I have been holding PGH for quite a while and today I am more uneasy about future prospects for this company with the positions that management is bent on taking going forward. I base this on a CEO who has not performed since the day he arrived and with the BOD more or less sanctioning every move he has made that has led to nothing less then a disaster. Plus the market does show any confidence in this company primarily due to Mr. Evans leadership. Even if you go back and look at the 1st quarter 2017 you will see a loss from hedging of 53 million. What were these guys thinking to hedge at such a low price. That's just one issue. The cash flow DOES NOT suppot the post debt after paying off 2018 debt which should leave a balance of debt due of approx., 700 million. They are by all measures way above the debt level they should be in at that point. They need to reduce in my opinon 300-400 million more for this balance sheet to be solid. Evans is relying on WTI US60 by third quarter which is not realistic and why set such high projections when Oil is not even close to that now and after the Opec meeting does not seem to be achievable. Where the heck is this guys head. That one reason I think PGH is having a hard time to renegoiate the covenants. He makes and always has been wrong and short on his numbers. He just doesn't get it, Nothing personal but he has done a terrible job resetting PGH up to date and leaves many questions from the market and lenders that have put this company no better then it was stock wise a year ago. At least come up with a positive plan for getting the balance sheet down to a realictic level and show a plan for growth without investing and getting more debt to finance Lindberg 2. Timing is everything and first you need to get your house in order and then move forward. PGH is in heavy debt and he wants to add more debt for Lindberg. What about organic growth with other properties that will return quicker netbacks and cash flow and postponing Lindberg until PGH is on very solid footing. Also lowering expenses is anohter issue. You need to take the bull by the horns at this point and cut and do with less. The whole idea is to SURVIVE and turn this baby around. The BOD and C-suite should take not deferred by sizeable reductions in there pay until such time the company can afford to re-instate a realisitc renumeration. Perception is everything in the public market and while PGH has made a huge reduction in debt if you look at the numbers they need to do more in reducing debt and also expenses to make this more of a viable company. They need to become a more low cost producer and not depend on OIl prices which they cannot control. All the small O&G companies (like PWE) are postioning themselves as low cost producers with a more diversified portfolio not depending on just thermal to happen. It may and it may not. SO far Lindberg is cash flowing but not profitable. If il does go to 60 it would be great but what if it doesn't. Does that mean more pain for the company. I just do not understand the thinking of management and for them to get the 600 million they will if they can get it ,a very high interest charge for it. PGH needs to get back to the basics. They need to SELL more assets to reduce debt to a very mangageble level, keep cots even more, RESOLVE COVENANT ISSUE now and show a reasonable growth story over the next three years of at least 15-25% . Better yet they need to bring in a turn artist like PWE did. These guys are just not maing it happen and is reflected in the price of the stock. My only hope is that leading up to the AGM there will be some very postive announcements to address these issues. I am not hanging my hat on this as they have not been transparent to the market. You get no time to ask questions on the CC so you pick through the numbers and find the questions you need to have answered by the CEO. Very troubling
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  • I got a "sell" signal on Thursday, 05/25 and a trend line break (that doesn't mean you are to sell).
    However, the initial downside target would be the previous low at $0.75
    PGH needs to close decisively over $1.00 to continue the up trend
  • Like I said, Obama set the bar so LOW. It's no wonder Trump is making him look like a FOOL on a daily basis. I am so delighted at the progress Trump is making. Make America Great Again. Go Trump Go.
  • Professional Trader, I come here to read about Pengrowth, an Alberta energy company. I do not come here to read about Trump (except where his specific policies may impact Pengrowth). Please stop posting about Trump.
  • PT - its been a good month or so since you went long here at $1.12
    Although it was a little later you stopped insisting you make 20% a month trading your wise plan.

    Obviously PGH hurt your this month...but that is not uncommon with trades and your apparently still long as your plan believing your plan will come to fruition.

    But - put all us doubters here to rest...post some of your winners this month that got you your 20% net...and as you spend fair amount of time here...I would expect to see some of your presence on those other stocks boards too...

    Or are you...Heaven forbid...Phony?
  • You can't make this stuff up ... SOO FUNNY!!!!

    "DANIEL -
    Thank you for your thoughtful comments ... we need more people here who can express an intelligent thought clearly ..."

    "DANIEL -
    It would improve the "readability" of your post if you would separate your ideas in PARAGRAPHS. You post looks like something a high school graduate would do ..."
  • STEVIE -
    A quick check would have shown you that the FAKE garbage coming from Breitbart was FALSE, and highly distorted news. You KNOW that the sleezebag, that ran Brietbart was working for Thrump to get him elected.

    As for Comey, again your info is FALSE ... he is a man of integrity.
    I hope you read the SNOPES discussion ...

    FALSE: FBI Director James Comey Took Millions from the Clinton Foundation
    There is no evidence that FBI Director James Comey financially benefited from Bill and Hillary Clinton's charitable foundation.
  • So does anyone else have any strong opinions on voting yes or no on any of the matters, that want to share? I take it a non vote is a yes vote?
  • Well next week we should get the news the deal went through , thus more debt paid off and maybe we will get lucky and thrown another bone . Sure could use it after I buy my next few shares . Nobody has been more wrong on this stock and stuck it out as long , sure hope I don't get another lesson . I dont seem to learn anything from them .
  • Ok Professional Trader that's all the time I have for you in todays Session. We will resume your therapy and counseling again when I have more time. As I do have a life.
  • This article is over a year old but it is an interesting quick read. My apologies for a bad cut and paste, couldn't get the link to work.

    oil and gas firms going private

    Low share prices create opening to buy control

    Calgary Herald 24 Mar 2016

    More Calgary oil and gas companies are expected to dump their public market listings to “go private” as long as low commodity prices continue to erode their public market value, according to law firm Bennett Jones.

    In a report released Wednesday, the Calgary firm notes that three junior oil and gas companies have used private funds to buy back their publicly traded shares and become unlisted, non- reporting entities since July of last year, following a path taken by only 15 other Canadian energy firms over the past 10 years.

    It said the trend isn’t surprising given the total $ 230- billion decline in market capitalization among public Canadian oil and gas companies since July 2014 — with about $ 11.4 billion of those losses hitting shares and options held by company managers and other insiders.

    “The stars have aligned here and there’s an opportunity in the market,” said co- author John Mercury, a partner and head of private equity at Bennett Jones, adding private equity funds in Canada and the U. S. have raised billions of dollars in the past year to invest.

    “Our clients are mostly private equity players in our group and they’re looking to deploy capital. When they look at Canadian businesses, they see a lot of public companies that are stuck in neutral in terms of their ability to access capital.”

    The report points out that North American private equity funds are well- fuelled and actively looking for deals, with Americans in particular looking to buy in Canada because of the favourable exchange rate.

    On the other side, management teams frustrated by their inability to raise growth capital in public markets are willing to turn to private equity to meet their corporate goals.

    The three Calgary companies cited in the study are Platino Energy Corp., Canamax Energy Ltd. and Boulder Energy Ltd.

    Colombia- focused oil producer Platino announced last May it had struck a deal to be sold to an affiliate of a fund advised by Bostonbased Denham Capital Management LP for 25 cents per share, or about $ 17.4 million.

    It complained in a news release that low oil prices had been preventing it from accessing equity or debt markets.

    “These issues have significantly affected the company’s ability to continue executing on its planned operational activities ( such activities being aimed at increasing oil production and associated cash flow during the year) and have culminated in the company potentially not having sufficient funds during the balance of 2015 to cover its costs,” it noted.

    The deal closed in July and its TSX Venture Exchange shares were delisted.

    In December, Canamax, which specializes in probing the Montney formation of northwestern Alberta, announced its senior managers and other insiders would partner with Dallas- based Edge Natural Resources LLC to buy all of the company’s shares for about $ 82 million and take it private.

    The price represented a 100 per cent premium to the most recent closing market price.

    Last month, Alberta oil driller Boulder announced it had agreed to be acquired by private equity firm ARC Financial Corp. of Calgary in a $ 268- million deal.

    The company had only existed for nine months after being created, along with Granite Oil Corp., by splitting junior oil and gas producer DeeThree Exploration Ltd. in two. ARC offered $ 2.59 per share or $ 120 million in cash, and agreed to take on about $ 143 million in debt.

    Boulder’s market price at the time of $ 1.52 represented an 87 per cent decline from the intraday high of $ 12.03 on its first day of trading.

    The deal requires support of two- thirds of shareholders to be completed at a meeting scheduled for April.

    Bennett Jones also pointed out that a number of public companies have been running strategic alternative reviews for long periods of time and therefore may be more amenable to accepting a cash- out offer made by a private equity fund
  • If you're interested ... I've had a BUY signal since 05/10 at 0.86 close.
    It's OK to buy ...
  • Any company worth its salt would put out a headline of any kind to get delisting notice article off the top line. PWE and PGH both leave a lot to be desired in the communications department.
  • Hillary took millions in foundation contributions from Rosatom to reward her for approving the sale of 20% of our uranium mines to this Russian company. Bill took hundreds of thousands from Russia for a speech, and also smoked grass in the Kremlin years ago. James Comey oversaw HSBC as they led the world in money laundering, and many of their clients gave to the Foundation. Chelsea took 4 million from the foundation to pay for her wedding, and another 11 million to help pay for her townhouse. And somehow people think they are the good guys. These people love them, and worship them, and will lie to protect them.