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NEW YORK ( TheStreet) -- Penn West Petroleum (NYSE: PWE) hit a new 52-week low Wednesday as it is currently trading at $12.43, below its previous 52-week low of $12.45 with 1.2 million shares traded as of 11:45 a.m. ET. Average volume has been two million shares over the past 30 days. Penn West has a market cap of $5.93 billion and is part of the basic materials sector and energy industry. Shares are down 35.8% year to date as of the close of trading on Tuesday. Penn West Petroleum Ltd., an exploration and production company, engages in acquiring, exploring, developing, exploiting, and holding interests in petroleum and natural gas properties and related assets in Western Canada. The company has a P/E ratio of 4.5, below the average energy industry P/E ratio of 14 and below the S&P 500 P/E ratio of 17.7.