Penn West Petroleum Ltd (NYSE:OBE) (TSE:PWT) announced its quarterly earnings results on Wednesday. The oil and gas company reported ($0.02) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.03) by $0.01, Briefing.com reports. The company had revenue of $111 million during the quarter. Penn West Petroleum had a negative net margin of 95.25% and a negative return on equity of 22.87%. The company’s revenue was down 46.9% compared to the same quarter last year.
Penn West Petroleum (NYSE:OBE) traded down 3.64% during trading on Wednesday, hitting $1.06. 1,345,503 shares of the stock were exchanged. The stock’s market cap is $534.48 million. The stock has a 50 day moving average of $1.40 and a 200-day moving average of $1.61. Penn West Petroleum has a 52 week low of $1.06 and a 52 week high of $2.05.
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A number of analysts recently weighed in on the company. Zacks Investment Research upgraded Penn West Petroleum from a “sell” rating to a “hold” rating in a report on Wednesday, July 5th. Raymond James Financial, Inc. downgraded Penn West Petroleum from an “outperform” rating to a “market perform” rating in a report on Wednesday, April 12th. AltaCorp Capital cut shares of Penn West Petroleum from an “outperform” rating to a “sector perform” rating in a research report on Tuesday, April 11th. ValuEngine raised shares of Penn West Petroleum from a “sell” rating to a “hold” rating in a research report on Tuesday, May 16th. Finally, Canaccord Genuity began coverage on shares of Penn West Petroleum in a research report on Monday, June 5th. They set a “hold” rating on the stock. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and one has issued a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $2.37.
Penn West Petroleum Company Profile
Obsidian Energy Ltd, formerly Penn West Petroleum Ltd, is a Canada-based conventional oil and natural gas producer and development and production company. The Company operates a portfolio of opportunities with an oil position in the Cardium, Viking and Peace River areas of Alberta. The Alberta Viking area offers a mix of light-oil and gas with high-netback shorter cycle wells to complement longer cycle activities in the Cardium.
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