PENGROWTH ENERGY TRUST $9.90 (Toronto symbol PGF.UN; Shares outstanding: 255.66 million; Market cap: $2.7 billion; SI Rating: Average) produces oil and gas in western Canada, as well as offshore Nova Scotia. Production is weighted 49% toward oil and liquids and 51% natural gas.
Pengrowth’s debt stands at 50% of market cap. To conserve cash in the face of lower oil and gas prices, Pengrowth cut its quarterly distribution with the January, 2009 payment by 24.5%, to $0.17 from $0.225. The units now yield 20.6%.
Pengrowth now trades at 3.9 times its estimated 2009 cash flow of $2.55 a share.
Pengrowth is still a buy.
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