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Analyst Actions: Canaccord Says It's Time to "Buy" Penn West

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.

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

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