Long Position on PGH @ $5.91 on 9/27/2013 (Rumor)

Pengrowth Energy Corporation (PGH) engages in the acquisition, exploration, development, and production of oil and natural gas reserves in Canada.

It primarily explores for crude oil, natural gas, and natural gas liquids in the provinces of Alberta, British Columbia, Saskatchewan, Nova Scotia, and Ontario.

As of December 31, 2012, the company had total proved plus probable reserves of 512.0 millions of barrels of oil equivalent; and had an interest in 5,570 net producing and 2,157 net non-producing oil and natural gas wells. 

Shares have formed a 26-week bullish "cup & handle."

We are now hearing rumors of good news for this company. One of the rumors states that this stock will be named by the leading stock advisory service as one of its "top picks." This service is widely followed by mutual funds and institutional money managers. These investors have portfolios that mimic recommendations of this service. Their naming of the stock should lead to additional demand for the shares.

52-Week Trading Range:  $3.82 to $6.88

Entry Point:  $5.91

Stop Loss:  $5.61

Target Price:   $6.36

Updates

10/14/2013 10:12:33 AM

PGH reached our target price. Position closed at $6.37.

Position closed on 10/14/2013 at price of $6.37 with a 7.78% gain in 17 days.

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