Energy stocks are having one of their best weeks in recent memory as the price of WTI crude has gained over 10% this week to crest $50 per barrel. While still well off of its $100+ levels of a little over a year ago, the rally has pushed WTI crude above $50 for the first time since July. Three energy stocks are among the day’s big gainers, and we’ll study the latest action on them and whether they appear to be good buys at their current price in this article.
Penn West Petroleum Ltd (USA) (NYSE:PWE)
- Investors with Long Positions (as of June 30): 15
- Aggregate Value of Investors’ Holdings (as of June 30): $93.89 Million
- Percentage of Shares Owned by Investors: 10.80%
Let’s start with Penn West Petroleum Ltd (USA) (NYSE:PWE), which has gained 8.80% today and a stunning 121.67% this week. In lockstep with oil prices, the rally has pulled Penn West’s shares up to their highest level since July, though they remain down by 36.06% year-to-date. Owing to the difficult energy environment, Penn West has divested itself of several of its assets this year, including its non-operated 9.5% working interest in its Weyburn unit in Saskatchewan, Canada, which has been producing roughly 2,500 barrels per day.
Investors in our database were slightly bearish on Penn West Petroleum Ltd (USA) (NYSE:PWE) in the second quarter, with ownership dipping by three funds and the value of funds’ collective holdings declining marginally, while shares rose slightly during the period. First Eagle Investment Management held the largest stake in the company of those investors, at 25.13 million shares, while Youlia Miteva’s Proxima Capital Management held 8.35 million shares valued at $14.45 million, representing over 2% of the value of its total public equity portfolio.
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