Penn West Petroleum Ltd (PWE) Receives Average Recommendation of “Hold” from Analysts
Penn West Petroleum Ltd (NYSE:PWE) (TSE:PWT) has been assigned a consensus recommendation of “Hold” from the ten analysts that are currently covering the firm, Marketbeat reports. Two equities research analysts have rated the stock with a sell recommendation, seven have given a hold recommendation and one has assigned a buy recommendation to the company. The average 12-month target price among brokers that have covered the stock in the last year is $2.34.
A number of equities research analysts have recently weighed in on PWE shares. TD Securities raised Penn West Petroleum from a “hold” rating to a “buy” rating in a report on Wednesday, March 15th. AltaCorp Capital cut Penn West Petroleum from an “outperform” rating to a “sector perform” rating in a report on Tuesday, April 11th. Raymond James Financial, Inc. cut Penn West Petroleum from an “outperform” rating to a “market perform” rating in a report on Wednesday, April 12th. ValuEngine raised Penn West Petroleum from a “sell” rating to a “hold” rating in a report on Tuesday, May 16th. Finally, Zacks Investment Research cut Penn West Petroleum from a “hold” rating to a “sell” rating in a report on Wednesday, May 17th.
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Shares of Penn West Petroleum (NYSE:PWE) opened at 1.27 on Friday. The firm’s market capitalization is $640.46 million. Penn West Petroleum has a 12 month low of $1.17 and a 12 month high of $2.05. The company has a 50 day moving average price of $1.45 and a 200-day moving average price of $1.63.
Penn West Petroleum (NYSE:PWE) (TSE:PWT) last issued its earnings results on Thursday, May 4th. The oil and gas company reported $0.04 EPS for the quarter, beating the Zacks’ consensus estimate of ($0.01) by $0.05. Penn West Petroleum had a negative return on equity of 22.87% and a negative net margin of 95.25%. The company had revenue of $99.72 million during the quarter. Equities research analysts expect that Penn West Petroleum will post ($0.06) EPS for the current fiscal year.
Several hedge funds and other institutional investors have recently bought and sold shares of PWE. Allianz Asset Management AG boosted its position in Penn West Petroleum by 94.4% in the fourth quarter. Allianz Asset Management AG now owns 124,568 shares of the oil and gas company’s stock valued at $220,000 after buying an additional 60,481 shares in the last quarter. Two Sigma Investments LP boosted its position in Penn West Petroleum by 500.4% in the fourth quarter. Two Sigma Investments LP now owns 255,277 shares of the oil and gas company’s stock valued at $452,000 after buying an additional 212,759 shares in the last quarter. Horizon Kinetics LLC boosted its position in 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 valued at $113,000 after buying an additional 1,000 shares in the last quarter. Luminus Management LLC bought a new position in Penn West Petroleum during the fourth quarter valued at about $1,062,000. Finally, Norges Bank bought a new position in Penn West Petroleum during the fourth quarter valued at about $10,121,000. 19.74% of the stock is currently 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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