Market Chatter: Penn West Petroleum Board Mulls Breakup; Shares Add 3%

By
A A A

Bloomberg is reporting that Penn West Petroleum Ltd. ( PWE ), a Canadian oil producer that recently overhauled management, is poised to break up the company to boost its depressed share price.

According to the report, the company's new CEO and board leadership will explore options to increase returns after a two-year stock plunge has left the energy company trading at a 42% discount to book value. The $5 billion company's assets should be valued at as much as C$18.20 a share, 73% more than its closing price yesterday, according to three analyst and investor estimates compiled by Bloomberg.

PWE shares are up 3.3% to $10.65, amid a day's range of $10.17 - $10.77, within a 52-week range of $8.59 - $16.70.



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

Copyright (C) 2014 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


This article appears in: Investing , Commodities

Referenced Stocks: PWE

MT Newswires

MT Newswires

More from MT Newswires:

Related Videos

Stuck
Stuck                               
Yoga Surfer
Yoga Surfer                         

Stocks

Referenced

67%

Most Active by Volume

89,851,277
  • $17.05 ▲ 0.12%
61,694,953
  • $39.05 ▲ 1.03%
61,622,467
  • $102.64 ▲ 1.56%
56,476,509
  • $3.48 ▼ 1.14%
49,282,352
  • $5.31 ▲ 3.91%
37,301,083
  • $87.17 ▼ 3.03%
36,192,897
  • $78.29 ▲ 1.94%
33,401,171
  • $38.83 ▼ 1.89%
As of 9/23/2014, 04:15 PM

Find a Credit Card

Select a credit card product by:
Select an offer:
Search
Data Provided by BankRate.com