JPMorgan Chase & Co. cut shares of Penn West Energy Trust (NYSE:PWE) from an overweight rating to a neutral rating in a research report sent to investors on Thursday morning, TheFlyOnTheWall.com reports.
JPMorgan Chase & Co. has also modified their ratings on a number of other financials stocks in the few days. The firm initiated coverage on shares of Lululemon. They issued an overweight rating on that stock and set a $84.00 price target. Also, JPMorgan Chase & Co. lowered its price target on shares of CTC Media from $14.50 to $13.80. Finally, JPMorgan Chase & Co. upgraded shares of Akzo Nobel from a neutral rating to an overweight rating.
Separately, analysts at Standpoint Research initiated coverage on shares of Penn West Energy Trust in a research note to investors on Monday. They set a buy rating and a $13.00 price target on the stock. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and two have issued a buy rating to the company. The company currently has a consensus rating of Hold and an average price target of $12.41.
Shares of Penn West Energy Trust (NYSE:PWE) traded up 2.43% during mid-day trading on Thursday, hitting $8.42. 3,795,362 shares of the company’s stock traded hands. Penn West Energy Trust has a 1-year low of $8.02 and a 1-year high of $13.16. The stock has a 50-day moving average of $10.67 and a 200-day moving average of $10.92. The company’s market cap is $4.107 billion.
Penn West Energy Trust (NYSE:PWE) last posted its quarterly earnings results on Wednesday, November 6th. The company reported $0.05 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.04 by $0.01. The company had revenue of $779.00 million for the quarter. The company’s revenue for the quarter was down .8% on a year-over-year basis. On average, analysts predict that Penn West Energy Trust will post $-0.18 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be paid a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a dividend yield of 6.65%. The ex-dividend date is Friday, December 27th.
Penn West Energy Trust (NYSE:PWE) is an open-ended investment trust.
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