Barclays Maintains an 'Underweight' on Pengrowth Energy Trust (PGH) After Attending Information Session on Lindbergh Project

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Barclays maintains an 'Underweight' on Pengrowth Energy Trust (NYSE: PGH) price target of CAD9.00.

Analyst, Grant Hofer, attended a company meeting that discussed it's Lindbergh SAGD project. Hofer noted Pengrowth's high confidence in the project, but wasn't enamored by the conservative approach, cost assumptions and reservoir quality.

All in, Hofer, said, "We remain concerned with the company's declining production per share through 2014 as Lindbergh is under development, and are maintaining our 3-UW rating."

For an analyst ratings summary and ratings history on Pengrowth Energy Trust click here. For more ratings news on Pengrowth Energy Trust click here.

Shares of Pengrowth Energy Trust closed at $6.91 yesterday, with a 52 week range of $6.74-$13.60.

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