BUZZ-Pengrowth Energy Corp: CIBC raises price target

Tue Jun 9, 2015 11:51am EDT
 
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** Canadian oil and gas explorer's shares up 10.7 pct at C$3.43; U.S.-listed shares up 11.2 pct at $2.79; among top 3 percentage gainers on the NYSE

** CIBC raises price target on stock to C$4.50 from C$4.25; National Bank Financial raises rating to "outperform" from "sector perform"

** Company said on Monday that its Lindbergh thermal project is producing more than 13,000 barrels/day (bbl/d), above estimated capacity of 12,500 bbl/d

** Also said it expects Husky sales line to be completed by end of June, bringing additional transportation and marketing opportunities

** Of 18 analysts covering Canada-listed stock, 5 have "buy" ratings, 10 "hold" and 3 "sell"

** Median price target is C$4.50

** Up to Monday's close, Canada-listed stock had fallen 15 pct this year; U.S.-listed stock had fallen 19 pct