NEW YORK (TheStreet) -- Shares of Penn West Petroleum (PWE) are advancing by 6.70% to $2.07 on heavy volume in mid-afternoon trading on Thursday. The stock is getting a boost from the rally in the price of oil, which is driving other energy and related stocks higher today.
Oil prices are in the green today following Wednesday's data from the Energy Information Administration showing a decline in U.S. oil storage levels. Last week, U.S. stock piled fell by 2.7 million barrels, The Wall Street Journal reports.
U.S. oil output also declined to its lowest level since the beginning of February, 9.3 million barrels per day.
Crude oil (WTI) is up by 2.44% to $60.42 per barrel and Brent crude is rising by 1.80% to $66.20 per barrel this afternoon, according to the index provided by CNBC.com.
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 multiple weaknesses, 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 feeble growth in its earnings per share, deteriorating net income, disappointing return on equity, weak operating cash flow and generally disappointing historical performance in the stock itself."