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Sticking with my golf theme in honor of this week's Masters Tournament, for those who don't play - a bogey is one-over-par and not a good score.
A bogey because when Peyto hits pay-dirt (and it has a ~100% success rate), it primary only "scores" low-priced natural gas - so profits are hard to come by.
The Q3 report released Thursday night was another in a long line of disappointments, albeit hardly surprising.
Barring a takeout, Peyto will likely remain stagnant. Avoid the shares.