Penn West Petroleum Ltd (NYSE:OBE) Rating Lowered to Sell at Zacks Investment Research

Zacks Investment Research lowered shares of Penn West Petroleum Ltd (NYSE:OBE) (TSE:PWT) from a hold rating to a sell rating in a research note issued to investors on Wednesday morning.

According to Zacks, “Obsidian Energy Ltd. is a conventional oil and natural gas producer and development company. Obsidian Energy Ltd, formerly known as Penn West Petroleum Ltd, is based in Calgary, Canada. “

Other equities analysts have also recently issued research reports about the company. Canaccord Genuity assumed coverage on Penn West Petroleum in a report on Monday, June 5th. They set a hold rating for the company. ValuEngine cut Penn West Petroleum from a hold rating to a sell rating in a report on Tuesday, June 13th. Raymond James Financial, Inc. cut Penn West Petroleum from an outperform rating to a market perform rating in a report on Wednesday, April 12th. Finally, AltaCorp Capital cut Penn West Petroleum from an outperform rating to a sector perform rating in a report on Tuesday, April 11th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and one has issued a buy rating to the company. The stock presently has a consensus rating of Hold and an average target price of $2.37.

Shares of Penn West Petroleum (NYSE OBE) opened at 0.9765 on Wednesday. The company’s market cap is $492.38 million. The stock’s 50 day moving average price is $1.40 and its 200 day moving average price is $1.61. Penn West Petroleum has a one year low of $0.95 and a one year high of $2.05.

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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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