Penn West Petroleum LTD. (NYSE: PWE) is expected to unveil their Q1 financial and operating results on May the 16th, before the open of North American markets. The discussion, analysis and statements will also be available on the company’s website at PennWest.com. As the crude oil prices have continued to climb, many have turned their attention to the PWE stock. The troubled oil producer has worked diligently to reduce their operating costs and has announced the same of non-core assets. Analysts have given the company a consensus recommendation of “Sell” with an average price target of $.86.
In order PWE related news, Connor Clark & Lunn Investment increased their stake in the company by 120.3%, during the 4th quarter, as initially reported by Holdings Channel. The fund purchased an additional 1,532,425 shares, which put their total up to 2,806,708. In their most recent SEC filing, Connor Clark & Lunn Investment Management LTD. owned .56% of Penn West Petroleum.
Current consensus EPS forecast for Penn West’s first quarter is $-0.11. During the same quarter last year, the company posted a EPS of $-.41. The company’s last four earning reports resulted in negative earnings surprises. The company’s stock price has climbed from $0.46 in September of 2015 to $1.21 during trading on April 29, 2016. Yesterday, May 4th, the stock opened at $0.955 and reached a high of $0.993, before closing at $0.95. During the day, 1047507 shares were traded.
