PENGROWTH ENERGY TRUST $18 (Toronto symbol PGF.UN; Aggressive Growth Portfolio, Resources sector; Units outstanding: 247.9 million;Market cap: $4.5 billion; SI Rating: Average) owns oil and natural gas properties in Alberta and B.C.
Pengrowth prefers to focus on mature, proven properties that provide it with steady cash flows. At
current production rates, Pengrowth’s reserves should last 10 years. The trust tends to replenish its
reserves with acquisitions instead of exploration. However, it typically pays with new units, which
conserves cash. Pengrowth’s annual distribution rate of $2.70 yields 15.0%.
Pengrowth is a buy.
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