Penn West Petroleum Ltd (PWE) has been under a strong bear grip, hence the stock is down -5.18% when compared to the S&P 500 in the past 4 weeks. However, in the near-term, buying emerged at lower levels and the stock has outperformed the S&P 500 by 8.2% in the past 1 week. The stock has risen by 8.66% in the past week indicating that the buyers are active at lower levels, but the stock is down -2.82% in the past 4 weeks.
Penn West Petroleum Ltd (NYSE:PWE): During Fridays trading session, Bulls were in full control of the stock right from the opening. The stock opened at $1.37 and $1.34 proved to be the low of the day. Continuous buying at higher levels pushed the stock towards an intraday high of $1.39. The buying momentum continued till the end and the stock did not give up its gains. It closed at $1.38, notching a gain of 2.22% for the day. The total traded volume was 1,248,237 . The stock had closed at $1.35 on the previous day.
The stock has recorded a 20-day Moving Average of 2.34% and the 50-Day Moving Average is 12.4%. Penn West Petroleum Ltd. is up 55.06% in the last 3-month period. Year-to-Date the stock performance stands at 64.29%.
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 Companys 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.