Penn West Energy Trust (NYSE:PWE) was upgraded from "Buy" to "Action List Buy" by TD Newcrest.
"PWT will focus on light oil development in 2010 and 2011 using horizontal drilling and multi-stage fraccing. With industry average industry average capital efficiency results (an improvement from the past) our analysis shows the trust able to show modest growth in our analysis. Recent Joint Venture announcements should also help improve weak historical capital efficiencies as will the increased focus on horizontal drilling," said TD.
TD has a price target of $24 on the energy trust, which closed Tuesday at $19.16, gaining $0.14, or 0.74 percent.
Penn West is an open-end investment trust, which engages in buying, exploring, developing, exploiting, and holding interests in petroleum and natural gas properties and assets.
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