Short Interest in Pengrowth Energy Corporation (PGH) Drops By 17.0%

Pengrowth Energy Corporation (NYSE:PGH) (TSE:PGF) was the recipient of a large decrease in short interest in the month of October. As of October 13th, there was short interest totalling 11,377,794 shares, a decrease of 17.0% from the September 29th total of 13,709,405 shares. Based on an average daily volume of 711,864 shares, the days-to-cover ratio is currently 16.0 days. Currently, 2.8% of the shares of the company are sold short.

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Letko Brosseau & Associates Inc. lifted its holdings in Pengrowth Energy Corporation by 1.6% during the 2nd quarter. Letko Brosseau & Associates Inc. now owns 42,924,106 shares of the oil and gas company’s stock worth $33,713,000 after purchasing an additional 678,485 shares in the last quarter. Vanguard Group Inc. lifted its holdings in Pengrowth Energy Corporation by 6.3% during the 1st quarter. Vanguard Group Inc. now owns 10,481,695 shares of the oil and gas company’s stock worth $10,481,000 after purchasing an additional 617,564 shares in the last quarter. Grace & White Inc. NY lifted its holdings in Pengrowth Energy Corporation by 10.5% during the 3rd quarter. Grace & White Inc. NY now owns 3,511,892 shares of the oil and gas company’s stock worth $3,617,000 after purchasing an additional 335,066 shares in the last quarter. Cetera Investment Advisers purchased a new stake in Pengrowth Energy Corporation during the 2nd quarter worth about $1,906,000. Finally, Schroder Investment Management Group lifted its holdings in Pengrowth Energy Corporation by 61.6% during the 3rd quarter. Schroder Investment Management Group now owns 1,716,000 shares of the oil and gas company’s stock worth $2,231,000 after purchasing an additional 653,900 shares in the last quarter. 16.13% of the stock is currently owned by institutional investors and hedge funds.

Shares of Pengrowth Energy Corporation (NYSE PGH) traded down $0.02 on Monday, reaching $0.87. The company had a trading volume of 395,137 shares, compared to its average volume of 893,474. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.07 and a current ratio of 1.07. Pengrowth Energy Corporation has a twelve month low of $0.54 and a twelve month high of $1.76.

A number of brokerages have issued reports on PGH. Royal Bank Of Canada downgraded Pengrowth Energy Corporation from a “sector perform” rating to an “underperform” rating in a research note on Friday, November 10th. AltaCorp Capital downgraded Pengrowth Energy Corporation from a “sector perform” rating to an “underperform” rating in a research note on Friday, October 6th. Canaccord Genuity downgraded Pengrowth Energy Corporation from a “hold” rating to a “sell” rating in a research note on Wednesday, October 4th. TD Securities downgraded Pengrowth Energy Corporation from a “hold” rating to a “reduce” rating in a research note on Monday, October 2nd. Finally, Zacks Investment Research upgraded Pengrowth Energy Corporation from a “sell” rating to a “hold” rating in a research note on Wednesday, October 18th. Eight analysts have rated the stock with a sell rating and two have given a hold rating to the company. The stock has a consensus rating of “Sell” and a consensus target price of $1.99.

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About Pengrowth Energy Corporation

Pengrowth Energy Corporation is engaged in the development, production and acquisition of, and the exploration for, oil and natural gas reserves in the provinces of Alberta, British Columbia, Saskatchewan and Nova Scotia. The Lindbergh thermal property is located approximately 420 kilometers north east of Calgary, Alberta and 50 kilometers south of Bonnyville, Alberta.

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