Canaccord Genuity analyst Brian Kristjansen said in a research note today that Penn West Petroleum Ltd.'s (PWT.TO) third quarter, which saw the oil and gas producer's declining production per share streak reversed, represents the start of a new growth trend in production and reserves and the time to buy the stock is now, according to The Globe and Mail report. Mr. Kristjansen reportedly noted: "We believe the company is at an inflection point, with the current share price being relatively undervalued."
Canaccord Genuity initiated coverage with a "buy" rating and $22.75 price target.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
