Pengrowth Energy Corp (USA) (NYSE:PGH) lower its monthly dividend by 43% to 4 Canadian cents on weak oil and gas prices and the company marked its first slash since November 2009.
West Texas Intermediate crude and Brent crude have both slipped almost 25% since their February highs.
Chief Executive Officer of Canadian oil and gas producer Pengrowth Derek Evans reported in a statement that the drop of the dividend should enhance their financial flexibility and provide them with dry powder.
As of March 31, Pengrowth had almost C$1 billion in long-term debt. In March, Pengrowth purchased NAL Energy Corp for almost C$1.30 billion or $1.30 billion in stock deal.
Shifting readers focus to broader market, let’s consider market performance of other stocks that significantly affect same sector. Baytex Energy Corp (USA) (NYSE:BTE) fell -1.35% to settle at $42.30, Penn West Petroleum Ltd (USA) (NYSE:PWE) moved down -4.63% to end at $13.39 while North European Oil Royalty (NYSE:NRT) plunged -0.69% to finish on Friday at $28.96.
Pengrowth Energy Corp (USA) (NYSE:PGH) last session volume of 3.45 million shares was higher than its average volume of 1.85 million shares. The stock after opening at $6.04 hit high price of $6.34 and then closed at $6.30 by scoring -2.93%.
The liquidity measure in recent quarter results of the company was recorded 0.43 as current ratio and on the other side the debt to equity ratio was 0.32 and long-term debt to equity ratio also remained 0.32. The Company book value per share as $8.96 in the most recent quarter.
The stock price volatility was 3.33% for a week and 3.70% for a month as well as price volatility’s Average True Range for 14 days was 0.26 and its beta remained 1.36.
PGH generated revenue of 1.13 billion in the following twelve months and earned $78.32 million. The Company showed a positive 6.90% in the net profit margin and as well as in its operating margin which remained 17.28%. Company’s annual sales growth for the past five year was 2.22%.
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