Some Traders Are Very Bearish on Penn West Petroleum Ltd After Today’s Gap Down

 Some Traders Are Very Bearish on Penn West Petroleum Ltd After Today's Gap Down

The stock of Penn West Petroleum Ltd (TSE:PWT) gapped down by $0.04 today and has $1.91 target or 9.00% below today’s $2.10 share price. The 6 months technical chart setup indicates high risk for the $1.01B company. The gap down was reported on Nov, 29 by If the $1.91 price target is reached, the company will be worth $90.90 million less.
Gaps down are helpful for identifying a resistance level and to could also be used as a tradeable event. If traders are short the stock and it experiece gap down, then its usually advisable to hold the short for a bigger down move. Back-tests of such patterns show that two-thirds of the these patterns the stock performance worsens after the gap. The area gaps close 91% of the time, the breakaway gaps 1%, the continuation gaps 9% and the exhaustion gaps 64%. About 612,255 shares traded hands. Penn West Petroleum Ltd (TSE:PWT) has risen 63.16% since April 25, 2016 and is uptrending. It has outperformed by 57.90% 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 -27.14% below today’s ($2.1) stock price. Penn West Petroleum has been the topic of 27 analyst reports since July 21, 2015 according to StockzIntelligence Inc. On Wednesday, September 2 the stock rating was maintained by Scotia Capital with “Underperform”. As per Friday, January 29, the company rating was maintained by RBC Capital Markets. TD Securities maintained Penn West Petroleum Ltd (TSE:PWT) rating on Wednesday, September 2. TD Securities has “Reduce” rating and $1.20 price target. The firm has “Sector Perform” rating given on Thursday, November 3 by Scotia Capital. Barclays Capital upgraded Penn West Petroleum Ltd (TSE:PWT) on Friday, July 22 to “Equal-Weight” rating. TD Securities upgraded Penn West Petroleum Ltd (TSE:PWT) rating on Friday, September 16. TD Securities has “Hold” rating and $2.25 price target. Dundee Securities downgraded the stock to “Sell” rating in Tuesday, January 12 report. As per Monday, June 6, the company rating was maintained by Raymond James.

More notable recent Penn West Petroleum Ltd (TSE:PWT) news were published by: which released: “Connacher files for CCAA as Penn West Petroleum Ltd. warns it could default by …” on May 16, 2016, also with their article: “Could Penn West Petroleum Ltd. Hit $5?” published on October 24, 2016, published: “Penn West Petroleum Is Making The Right Moves” on November 16, 2016. More interesting news about Penn West Petroleum Ltd (TSE:PWT) were released by: and their article: “Is Penn West Petroleum Ltd. Worth Buying?” published on October 21, 2016 as well as‘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 $1.01 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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