Penn West (PWT:TSX) recently held its analyst day in Calgary, but research firm Macquarie Equities Research's Outperform rating and target share price for the company were unaffected by the event.

The company reaffirmed its strategy of acquiring more lands for drilling oil. Penn West announced that it recently acquired properties in Duvernay, the Alberta Bakken and Second White Specks. It also stated its priority of maintaining production at a rate of between four and six percent and continuing its monthly dividend of C$0.09 per share.

Macquarie based its target price for Penn West on an eight times multiple of EV/DACF. The research firm believes that Penn West is starting to get a better handle on its operations and that improved production will lead to better funding from investors and the company outperforming its peers. Penn West's stock opened at C$16.24 on September 23 and hit a 52-week high/low of C$28.20 and C$16.18, respectively.