A statement released earlier today by RBC Capital Markets about Penn West Petroleum (TSE:PWT) bumps the target price to $2.50

RBC Capital Markets increased the stock price target of Penn West Petroleum (TSE:PWT) to $2.50 reporting a possible upside of 0.44%.

Previously on Tuesday June 13, 2017, Raymond James reported on Penn West Petroleum (TSE:PWT) increased the target price from $2.50 to $2.75. At the time, this indicated a possible upside of 0.47%.

Yesterday Penn West Petroleum (TSE:PWT) traded -4.60% lower at $1.74. The company’s 50-day moving average is $1.89 and its 200-day moving average is $2.15. The last closing price is down -22.85% from the 200-day moving average, compared to the S&P 500 which has increased 0.04% over the same time period. 2,637,366 shares of the stock traded hands, up from an average trading volume of 959,450

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Penn West Petroleum has a 52 week low of $1.56 and a 52 week high of $2.72 The company’s market cap is currently $0.

In addition to RBC Capital Markets reporting its stock price target, a total of 13 brokers have issued a research note on the company. The average stock price target is $2.00 with 0 brokers rating the stock a strong buy, 4 brokers rating the stock a buy, 6 brokers rating the stock a hold, 3 brokers rating the stock a underperform, and finally 0 brokers rating the stock a sell.

General Information About Penn West Petroleum (TSE:PWT)

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. The Cardium is concentrated on the low-decline and high-netback light-oil production. The Company is focused on an integrated waterflood approach in which it maintain reservoir pressure from the start of production to reduce decline rates on new wells. The Peace River operates in a crude oil resource industry.

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