The Company, through its subsidiary, Pengrowth Corporation, engages in the acquisition, ownership, and operation of working interests and royalty interests in oil and natural gas properties in Canada.
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Strong dividend play at current 11.3% with 10 year history of 14% total annual yield.
Distribution cut again this year, this time by 30% to around 7% now. While oil and NG have potential for a near-term runup it seems that to position themselves for the transition from a distribution paying trust that they may keep cutting the payout and using the cash to buy up new properties. Unless oil jumps to over $100 I don't expect to see a divy increase any time soon. And while I consider their capital expenditures positive in the long run it puts a lot of downward pressure in the near-term. I'm looking to re-renter in the $8-9 range after holding for over 2 years.