PENGROWTH ENERGY $7.12 (Toronto symbol PGF; Shares outstanding: 526.2 million; Market cap: $3.7 billion; TSINetwork Rating: Average; Dividend yield: 6.7%; www.pengrowth.com) produced 75,102 barrels a day (55% oil and natural gas liquids, 45% natural gas) in the first quarter of 2014, down 16.3% from 89,702 a year earlier.
The drop was mainly because Pengrowth sold several less important oil and gas properties in Western Canada. It’s investing the proceeds in more promising projects, including its Lindbergh oil sands development in Alberta’s Cold Lake region.
Pengrowth’s cash flow, which excludes these losses, fell 6.9%, to $0.27 a share from $0.29. However, that beat the consensus estimate of $0.25.
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