PENGROWTH ENERGY $1.54(Toronto symbol PGF; Shares outstanding: 543.0 million; Market cap: $792.8 million; TSINetwork Rating: Average; No dividends paid; www.pengrowth.com) has moved up on news that prominent Toronto investor Seymour Schulich now owns 14.7% of the company’s shares. That makes him Pengrowth’s largest shareholder.
Schulich has a long history of investing in small oil and mining firms. These include a 27.6% stake in Birchcliff Resources (Toronto symbol BIR). Birchcliff is a recommendation of Stock Pickers Digest, our newsletter that focuses on aggressive investments.
Schulich’s involvement is likely a plus for Pengrowth. But its shares will need stronger oil prices in order to move higher.
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