Lower AECO Prices Hit Peyto; Reducing Our FVE
After updating our model for lower AECO prices, we are lowering our fair estimate for narrow-moat Peyto Exploration & Development to CAD 16 per share from CAD 20. With natural gas representing over 90% of the company’s output, AECO prices are a significant driver of our fair value estimate for Peyto. The recent downturn in prices has seen Peyto’s discount to the benchmark at nearly 3 times its historical average. We think prices will eventually recover, but the medium-term damage will negati...Peyto Energy is an unincorporated open-ended limited purpose trust established under the laws of the Province of Alberta. Through its direct and indirect subsidiaries, Co. is engaged in the acquisition, exploration, development and production of oil and natural gas in Western Canada.
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