PENGROWTH ENERGY TRUST $10.09 (Toronto symbol PGF.UN; Shares outstanding: 254.6 million; Market cap: $2.6 billion; SI Rating: Average) produces oil and gas in western Canada, as well as offshore Nova Scotia.
Pengrowth’s average daily production of 80,981 barrels of oil equivalent is weighted 49% toward oil and liquids and 51% natural gas.
In the three months ended September 30, 2008, Pengrowth’s revenue rose 23.3%, to $518.7 million from $420.7 million. Cash flow per unit rose 23.6%, to $1.10 from $0.89.
Pengrowth’s long-term debt stands at 52% of market cap. The company distributed 62% of its cash flow as distributions in the latest quarter. The units trade at 2.6 times cash flow based on the 12 months, and yield 26.8%.
Pengrowth is still a buy.
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