Penn West Petroleum Ltd (PWE) Upgraded by Zacks Investment Research to Hold
Penn West Petroleum Ltd (NYSE:PWE) (TSE:PWT) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Wednesday.
According to Zacks, “PENN WEST ENERGY TRUST is a senior oil and natural gas energy trust based in Calgary, Alberta. Penn West trust units and debentures are listed on the Toronto Stock Exchange under the symbols PWT.UN, PWT.DB.A, PWT.DB.B, PWT.DB.C, PWT.DB.D, PWT.DB.E and PWT.DB.F and Penn West trust units are listed on the New York Stock Exchange under the symbol PWE. “
PWE has been the subject of a number of other reports. TD Securities raised shares of Penn West Petroleum from a “hold” rating to a “buy” rating in a research note on Wednesday, March 15th. AltaCorp Capital lowered shares of Penn West Petroleum from an “outperform” rating to a “sector perform” rating in a research note on Tuesday, April 11th. Raymond James Financial, Inc. lowered shares of Penn West Petroleum from an “outperform” rating to a “market perform” rating in a research note on Wednesday, April 12th. Finally, ValuEngine raised shares of Penn West Petroleum from a “sell” rating to a “hold” rating in a research note on Tuesday, May 16th. One analyst has rated the stock with a sell rating, nine have given a hold rating and one has assigned a buy rating to the stock. Penn West Petroleum presently has a consensus rating of “Hold” and an average price target of $2.27.
Shares of Penn West Petroleum (NYSE:PWE) remained flat at $1.45 during midday trading on Wednesday. The stock had a trading volume of 1,895,293 shares. Penn West Petroleum has a one year low of $0.63 and a one year high of $2.05. The company has a 50 day moving average of $1.54 and a 200-day moving average of $1.67. The company’s market capitalization is $731.24 million.
Penn West Petroleum (NYSE:PWE) last posted its quarterly earnings results on Thursday, May 4th. The oil and gas company reported $0.04 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.01) by $0.05. Penn West Petroleum had a negative net margin of 243.12% and a negative return on equity of 58.05%. The business had revenue of $99.72 million during the quarter. Analysts forecast that Penn West Petroleum will post ($0.07) EPS for the current year.
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Several hedge funds have recently modified their holdings of PWE. Cambridge Investment Research Advisors Inc. raised its stake in shares of Penn West Petroleum by 1.7% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 61,850 shares of the oil and gas company’s stock worth $105,000 after buying an additional 1,026 shares in the last quarter. Advisory Services Network LLC bought a new stake in shares of Penn West Petroleum during the first quarter worth $111,000. Horizon Kinetics LLC raised its stake in shares of Penn West Petroleum by 1.6% in the fourth quarter. Horizon Kinetics LLC now owns 63,562 shares of the oil and gas company’s stock worth $113,000 after buying an additional 1,000 shares in the last quarter. Two Sigma Securities LLC bought a new stake in shares of Penn West Petroleum during the first quarter worth $115,000. Finally, HPM Partners LLC bought a new stake in shares of Penn West Petroleum during the first quarter worth $178,000. 17.22% of the stock is owned by institutional investors.
About Penn West Petroleum
Penn West Petroleum Ltd. (Penn West) is a conventional oil and natural gas producer in Canada. The Company operates a portfolio of opportunities with an oil position in the Cardium, Viking and Peace River areas of Alberta. Penn West is a development and production company. During the fiscal year ended December 31, 2016, Penn West had produced 20 million barrels of oil equivalent (MMboe), consisting of eight million barrels (MMbbl) of light and medium crude oil, three MMbbl of heavy crude oil, 44 billion cubic feet (Bcf) of conventional natural gas and one MMbbl of natural gas liquids.
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