Raymond James Upgrades Penn West Petroleum Ltd (USA) to Outperform

Brokerage firm Raymond James Upgrades its rating on Penn West Petroleum Ltd (USA)(NYSE:PWE). The shares have been rated Outperform. Previously, the analysts had a Underperform rating on the shares. The rating by Raymond James was issued on Jun 13, 2016.

In a different note, On Jun 6, 2016, Raymond James said it Downgrades its rating on Penn West Petroleum Ltd (USA). The shares have been rated ‘Underperform’ by the firm.

Penn West Petroleum Ltd (USA) (PWE) made into the market gainers list on Fridays trading session with the shares advancing 3.82% or 0.05 points. Due to strong positive momentum, the stock ended at $1.36, which is also near the day’s high of $1.39. The stock began the session at $1.37 and the volume stood at 37,57,482 shares. The 52-week high of the shares is $1.9 and the 52 week low is $0.45. The company has a current market capitalization of $683 M and it has 50,21,62,990 shares in outstanding.

Penn West Petroleum Ltd (USA)(PWE) last announced its earnings results on May 16, 2016 for Fiscal Year 2016 and Q1.Company reported revenue of $177.87M. Analysts had an estimated revenue of $199.55M. Earnings per share were $-0.15. Analysts had estimated an EPS of $-0.14.

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 Company’s 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.

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