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PENN WEST ENERGY TRUST $16.04 (Toronto symbol PWT.UN; Shares outstanding: 384.4 million; Market cap: $6.2 billion; SI Rating: Speculative) is the largest conventional oil and gas trust in North America.
In the three months ended September 30, 2008, Penn West’s revenue rose 113.6%, to $1.2 billion from $628 million, largely due to acquisitions. Cash flow per unit rose 20.1%, to $1.73 from $1.44. Penn West trades at 2.3 times cash flow per share based on the 12 months.
Penn West now has average daily production of 190,177 barrels of oil equivalent (weighted 44% to natural gas and 56% to oil). The units yield 25.4%.
Penn West is still a buy.
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