NEW YORK (TheStreet) -- Shares of Penn West Petroleum (PWE) are lower by 1.65% to $1.79% to $1.79 at the end of trading on Wednesday morning, as slumping oil prices pushed some energy and related stocks into the red today.
The price of the commodity fell following data from the Energy Information Administration showing an unexpected rise in gasoline stocks, but a greater than expected decline in U.S. crude inventories, Reuters reports.
Crude oil (WTI) is falling by 1.21% to $60.27 per barrel and Brent crude is retreating by 1.32% to $63.60 per barrel this afternoon, according to the CNBC.com index.
Gasoline stocks increased by 680,000 barrels last week. Analysts polled by Reuters had forecast for a 304,000-barrel drop.
Crude inventories declined by 4.9 million barrels last week, while analysts were expecting a 2.1 million barrel reduction.
Penn West Petroleum is a senior exploration and production company based in Canada.
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 a few notable 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."