The stock of Penn West Petroleum Ltd (TSE:PWT) gapped up by $0.11 today and has $2.52 target or 9.00% above today’s $2.31 share price. The 8 months technical chart setup indicates low risk for the $1.13B company. The gap was reported on Nov, 30 by Barchart.com. If the $2.52 price target is reached, the company will be worth $101.70M 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 1.51 million shares traded hands or 22.76% up from the average. Penn West Petroleum Ltd (TSE:PWT) has risen 55.88% since April 26, 2016 and is uptrending. It has outperformed by 50.66% 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 -33.77% below today’s ($2.31) stock price. Penn West Petroleum has been the topic of 27 analyst reports since July 21, 2015 according to StockzIntelligence Inc. The firm has “Reduce” rating by TD Securities given on Wednesday, September 2. Dundee Securities downgraded it to “Sell” rating and $0.55 target price in Tuesday, January 12 report. The stock has “Underperform” rating given by RBC Capital Markets on Friday, January 29. Raymond James maintained the shares of PWT in a report on Monday, June 6 with “Underperform” rating. The company was maintained on Wednesday, September 2 by Scotia Capital. The firm earned “Sector Perform” rating on Thursday, November 3 by Scotia Capital. The stock of Penn West Petroleum Ltd (TSE:PWT) earned “Hold” rating by TD Securities on Friday, September 16. The stock of Penn West Petroleum Ltd (TSE:PWT) has “Equal-Weight” rating given on Friday, July 22 by Barclays Capital.
More notable recent Penn West Petroleum Ltd (TSE:PWT) news were published by: Seekingalpha.com which released: “OPEC Controls Penn West’s Fate” on November 27, 2016, also Business.Financialpost.com with their article: “Connacher files for CCAA as Penn West Petroleum Ltd. warns it could default by …” published on May 16, 2016, Fool.ca published: “Could Penn West Petroleum Ltd. Hit $5?” on October 24, 2016. More interesting news about Penn West Petroleum Ltd (TSE:PWT) were released by: Seekingalpha.com and their article: “Penn West Petroleum Is Making The Right Moves” published on November 16, 2016 as well as Fool.ca‘s news article titled: “Is Penn West Petroleum Ltd. Worth Buying?” with publication date: October 21, 2016.
Penn West Petroleum Ltd. is an exploration and production company. The company has a market cap of $1.13 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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