NEW YORK (TheStreet) --Shares of Penn West Petroleum Ltd. (PWE) are higher by 11.84% to $7.84 on heavy volume in mid-morning trading on Thursday, after the company reported an increase in 2014 second quarter net income to C$143 million, or 29 cents per diluted share, compared to a net loss of C$53 million, or 11 cents per diluted share for the same period last year.
However, the Canadian exploration and production company's gross revenue declined to C$650 million, for the most recent quarter, from C$745 million from the 2013 second quarter.
So far, 2.96 million shares of Penn West have exchanged hands as compared to its average daily volume of 2.06 million shares.STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.
Separately, TheStreet Ratings team rates PENN WEST PETROLEUM LTD as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:
"We rate PENN WEST PETROLEUM LTD (PWE) a SELL. This is driven by some concerns, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its disappointing return on equity, weak operating cash flow, feeble growth in its earnings per share and generally disappointing historical performance in the stock itself."
You can view the full analysis from the report here: PWE Ratings ReportPWE data by YCharts