PineBridge Investments L.P. reduced its position in Penn West Petroleum Ltd. (NYSE:PWE) by 52.6% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 186,307 shares of the company’s stock after selling 206,384 shares during the period. PineBridge Investments L.P.’s holdings in Penn West Petroleum were worth $335,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. increased its position in shares of Penn West Petroleum by 15.3% in the second quarter. Vanguard Group Inc. now owns 8,369,036 shares of the company’s stock worth $11,633,000 after buying an additional 1,108,448 shares during the period. Scoggin Management LP purchased a new position in shares of Penn West Petroleum during the second quarter worth $5,226,000. UBS Asset Management Americas Inc. increased its position in shares of Penn West Petroleum by 8.7% in the second quarter. UBS Asset Management Americas Inc. now owns 296,226 shares of the company’s stock worth $411,000 after buying an additional 23,700 shares during the period. GMT Capital Corp purchased a new position in shares of Penn West Petroleum during the second quarter worth $1,752,000. Finally, PNC Financial Services Group Inc. increased its position in shares of Penn West Petroleum by 227.8% in the second quarter. PNC Financial Services Group Inc. now owns 87,096 shares of the company’s stock worth $121,000 after buying an additional 60,525 shares during the period. Institutional investors and hedge funds own 13.98% of the company’s stock.

Shares of Penn West Petroleum Ltd. (NYSE:PWE) opened at 1.79 on Wednesday. Penn West Petroleum Ltd. has a 12-month low of $0.45 and a 12-month high of $1.87. The firm has a 50-day moving average of $1.60 and a 200-day moving average of $1.21. The firm’s market cap is $898.87 million.

A number of research analysts have weighed in on the stock. TD Securities upgraded shares of 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 target (up previously from $2.30) on shares of Penn West Petroleum in a research report on Thursday, September 8th. Zacks Investment Research upgraded shares of 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 target on shares of Penn West Petroleum in a research report on Wednesday, August 10th. Finally, Barclays PLC upgraded shares of Penn West Petroleum from an “underweight” rating to an “equal weight” rating and upped their price target for the stock from $1.50 to $2.00 in a research report on Friday, July 22nd. Three research analysts have rated the stock with a sell rating, seven have issued a hold rating and one has issued a buy rating to the company. Penn West Petroleum has a consensus rating of “Hold” and an average target price of $1.54.

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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