Penn West Petroleum Ltd (PWE) : Traders are bullish on Penn West Petroleum Ltd (PWE) as it has outperformed the S&P 500 by a wide margin of 5.34% in the past 4 weeks. The bullishness in the stock continues even in the near-term as the stock has returned an impressive 7.91%, relative to the S&P 500. The stock has continued its bullish performance both in the near-term and the medium-term, as the stock is up 7.97% in the last 1 week, and is up 6.43% in the past 4 weeks. Buying continues as the stock moves higher, suggesting a strong appetite for the stock.
The stock has recorded a 20-day Moving Average of 10.21% and the 50-Day Moving Average is 14.42%. Penn West Petroleum Ltd (NYSE:PWE): stock turned positive on Friday. Though the stock opened at $1.47, the bulls momentum made the stock top out at $1.5 level for the day. The stock recorded a low of $1.46 and closed the trading day at $1.49, in the green by 1.36%. The total traded volume for the day was 1,522,468. The stock had closed at $1.47 in the previous days trading.
Institutional Investors own 13.8% of Penn West Petroleum Ltd shares. Also, Brokerage firm Barclays upgrades its rating on Penn West Petroleum Ltd (NYSE:PWE). The shares have been rated Equal-weight. Previously, the analysts had a Underweight rating on the shares. The rating by the firm was issued on July 22, 2016.
Penn West Petroleum Ltd. (Penn West) is a Canada-based senior exploration and production company. The Company operates to explore for, develop and hold interests in oil and natural gas properties and related production infrastructure in the Western Canada sedimentary basin directly and through investments in securities of subsidiaries holding such interests. The Companys portfolio of properties includes both unitized and non-unitized oil and natural gas production. The properties contain long-life, low-decline-rate reserves and include interests in several oil and gas fields. The majority of its proved plus probable reserves are located in Canada in Alberta, British Columbia, Saskatchewan, Manitoba and the Northwest Territories. It also has minor proved plus probable reserves interests in the United States in Wyoming. Penn West operates under the trade names of Penn West and Penn West Exploration.