The stock of Penn West Petroleum Ltd (TSE:PWT) gapped up by $0.05 today and has $3.71 target or 67.00% above today’s $2.22 share price. The 8 months technical chart setup indicates low risk for the $1.14B company. The gap was reported on Nov, 15 by Barchart.com. If the $3.71 price target is reached, the company will be worth $763.80 million more.
Gaps up are useful for using as a support level and to some extent as a tradeable event. If investors already hold the stock and experience a price gap up, then its usually a good idea to hold the stock for a stronger up move. Back-tests of these patterns indicate that two-thirds of the times the stock performance improves after the gap. The area gaps close 89% of the time, the breakaway gaps, 2%, the continuation gaps 4% and the exhaustion gaps 61%. About 985,697 shares traded hands. Penn West Petroleum Ltd (TSE:PWT) has risen 76.03% since April 11, 2016 and is uptrending. It has outperformed by 72.11% the S&P500.
Penn West Petroleum Ltd (TSE:PWT) Ratings Coverage
Out of 7 analysts covering Penn West Petroleum (TSE:PWT), 0 rate it a “Buy”, 3 “Sell”, while 4 “Hold”. This means 0 are positive. $2.75 is the highest target while $0.55 is the lowest. The $1.53 average target is -31.08% below today’s ($2.22) stock price. Penn West Petroleum has been the topic of 27 analyst reports since July 21, 2015 according to StockzIntelligence Inc. The rating was upgraded by TD Securities to “Hold” on Friday, September 16. Barclays Capital upgraded it to “Equal-Weight” rating and $2 target price in Friday, July 22 report. The rating was maintained by Scotia Capital with “Underperform” on Wednesday, September 2. Dundee Securities downgraded it to “Sell” rating and $0.55 target price in Tuesday, January 12 report. TD Securities maintained Penn West Petroleum Ltd (TSE:PWT) on Wednesday, September 2 with “Reduce” rating. The rating was maintained by Raymond James with “Underperform” on Monday, June 6. The stock of Penn West Petroleum Ltd (TSE:PWT) has “Sector Perform” rating given on Thursday, November 3 by Scotia Capital. The stock has “Underperform” rating given by RBC Capital Markets on Friday, January 29.
More notable recent Penn West Petroleum Ltd (TSE:PWT) news were published by: Fool.com which released: “Penn West Petroleum Ltd.’s Stock Skyrockets After Asset Sale Announcements” on June 13, 2016, also Seekingalpha.com with their article: “Penn West Petroleum Management Is A Steal” published on November 07, 2016, Fool.ca published: “Is Penn West Petroleum Ltd. Worth Buying?” on October 21, 2016. More interesting news about Penn West Petroleum Ltd (TSE:PWT) were released by: Fool.ca and their article: “Could Penn West Petroleum Ltd. Hit $5?” published on October 24, 2016 as well as Business.Financialpost.com‘s news article titled: “Penn West Petroleum Ltd asset sale draws at least four bids: sources” with publication date: June 08, 2016.
Penn West Petroleum Ltd. is an exploration and production company. The company has a market cap of $1.14 billion. The Firm operates in the segment of exploring for, developing and holding 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. It currently has negative earnings. Penn West owns the petroleum and natural gas assets or over 100% of the equity, directly or indirectly, of the entities that carry on the remainder of the oil and natural gas business of Penn West, except for an unincorporated joint arrangement (the Peace River Oil Partnership).
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