The Penn West Petroleum Ltd. (PWE) Stake Held by Grand Honest Limited

The Penn West Petroleum Ltd. (PWE) Stake Held by Grand Honest Limited

Grand Honest Limited recently stated that they own a 1% stake in Penn West Petroleum Ltd. (NYSE:PWE) in a Form 13D disclosure that was filed with the SEC on Friday, October 14th. The investor owns 5,000,000 shares of the stock valued at $9,400,000. The disclosure is available through Edgar at this link.

Other institutional investors also recently added to or reduced their stakes in the company. Creative Planning raised its position in Penn West Petroleum by 0.9% in the third quarter. Creative Planning now owns 460,275 shares of the company’s stock worth $833,000 after buying an additional 4,171 shares during the period. Hillsdale Investment Management Inc. bought a new position in Penn West Petroleum during the second quarter worth $105,000. Legal & General Group Plc raised its position in Penn West Petroleum by 7.5% in the second quarter. Legal & General Group Plc now owns 2,807,253 shares of the company’s stock worth $3,884,000 after buying an additional 195,746 shares during the period. Cubist Systematic Strategies LLC raised its position in Penn West Petroleum by 1,777.9% in the second quarter. Cubist Systematic Strategies LLC now owns 383,595 shares of the company’s stock worth $533,000 after buying an additional 363,168 shares during the period. Finally, Paloma Partners Management Co bought a new position in Penn West Petroleum during the second quarter worth $284,000. Institutional investors and hedge funds own 13.98% of the company’s stock.

Penn West Petroleum Ltd. (NYSE:PWE) traded up 0.798% during midday trading on Friday, hitting $1.895. The stock had a trading volume of 3,775,427 shares. The firm’s market cap is $951.60 million. Penn West Petroleum Ltd. has a 52 week low of $0.48 and a 52 week high of $1.97. The stock has a 50-day moving average of $1.75 and a 200-day moving average of $1.30.

A number of equities analysts recently weighed in on the company. TD Securities upgraded Penn West Petroleum from a “reduce” rating to a “hold” rating in a research report on Thursday, September 15th. RBC Capital Markets restated a “sector perform” rating and set a $2.50 price objective (up from $2.30) on shares of Penn West Petroleum in a research report on Thursday, September 8th. Zacks Investment Research upgraded Penn West Petroleum from a “sell” rating to a “hold” rating in a research report on Thursday, August 25th. Scotiabank restated a “sector perform” rating and set a $2.00 price objective on shares of Penn West Petroleum in a research report on Wednesday, August 10th. Finally, Barclays PLC upgraded Penn West Petroleum from an “underweight” rating to an “equal weight” rating and raised their price objective for the stock from $1.50 to $2.00 in a research report on Friday, July 22nd. Three investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and one has issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $1.69.

In related news, insider Cheuk Fund Ho sold 1,650,000 shares of the company’s stock in a transaction dated Thursday, September 29th. The stock was sold at an average price of $1.86, for a total value of $3,069,000.00. Following the completion of the sale, the insider now owns 48,780,897 shares in the company, valued at $90,732,468.42. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

About Penn West Petroleum

Penn West Petroleum Ltd. (Penn West) is an exploration and production company. The Company operates in the segment of exploring for, developing and holding 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.

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