Dallas, Texas 09/17/2013 (Financialstrend) – Headquartered in Calgary, Canada, the oil and natural gas company, Pengrowth Energy Corp (USA) (NYSE:PGH) is involved in the acquisition, exploration development and production of crude oil, natural gas and natural gas liquids. It had an interest in more than 5500 net producing and over 2150 net non-producing wells in Alberta, British Columbia, Nova Scotia, Ontario and Saskatchewan. This year company has divested its non-core assets at Weyburn and most recently in southeast Saskatchewan.
Recently Pengrowth Energy Corp (USA) (NYSE:PGH) announced its monthly dividend of $0.039 (Cdn $0.04 using an exchange rate of Cdn $1.00:U.S. $0.969) per share scheduled to be paid on Tuesday, October 15, 2013. The dividend will be paid to investors on record at the end of business on Monday, September 23, 2013. This represents a $0.468 dividend with an annualized yield of 8.04% at the current price level. The shares of Pengrowth Energy Corp (USA) (NYSE:PGH) will trade ex-dividend from Thursday, September 19, 2013.
This dividend by Pengrowth Energy Corp (USA) (NYSE:PGH) is considered as ‘eligible dividend’ and ‘qualified dividends’ for Canadian and the U.S. income tax purposes respectively.
The company also offers Dividend Re-Investment Program both in Canada and the United States which allows eligible shareholders to purchase new shares of the company at a 5% discount to the average trading price on the applicable dividend payment date by reinvesting their dividends. Shareholders need not pay any commission or brokerage fees for purchase under this program.
Last week equities research analysts at Zacks downgraded Pengrowth Energy Corp (USA) (NYSE:PGH) to ‘underperform’ from ‘neutral’ with a price target of $5.50 on the stock. The consensus price target for the stock is around $6.68 with average ‘hold’ rating.
On Monday, September 16 the stock closed at $5.82, just over 0.34% up from its previous close. At the current price the stock is trading around 14% below its 52 week high of $6.76. The 52 week low remains at $3.66.