Penn West Petroleum Ltd (USA) (PWE) is Downgraded by JP Morgan to Underweight

Penn West Petroleum Ltd (USA) (PWE) was Downgraded by JP Morgan to ” Underweight”. Earlier the firm had a rating of “Neutral ” on the company shares. JP Morgan advised their investors in a research report released on Jun 6, 2016.

On the company’s financial health, Penn West Petroleum Ltd (USA) reported $-3.20 EPS for the quarter, missing the analyst consensus estimate by $ -2.96 based on the information available during the earnings call on Mar 10, 2016. Analyst had a consensus of $-0.24. The company had revenue of $273.00 million for the quarter.The company’s revenue was down -42.3 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $-3.57 EPS.

Penn West Petroleum Ltd (USA) opened for trading at $0.655 and hit $0.7269 on the upside on Friday, eventually ending the session at $0.72, with a gain of 8.27% or 0.055 points. The heightened volatility saw the trading volume jump to 24,79,893 shares. Company has a market cap of $362 M.

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.

Penn West Petroleum Ltd (USA)

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