Penn Virginia (NASDAQ:PVAC) Raised to Sell at BidaskClub

BidaskClub upgraded shares of Penn Virginia (NASDAQ:PVAC) from a strong sell rating to a sell rating in a report published on Wednesday morning, BidAskClub reports.

Several other equities analysts have also commented on PVAC. Northland Securities reissued a buy rating and set a $60.00 price objective on shares of Penn Virginia in a research report on Thursday, August 8th. ValuEngine lowered Penn Virginia from a buy rating to a hold rating in a research report on Thursday, October 31st. Finally, Zacks Investment Research lowered Penn Virginia from a hold rating to a sell rating in a research report on Tuesday, October 8th. Two analysts have rated the stock with a sell rating, one has issued a hold rating and three have assigned a buy rating to the company. The stock currently has an average rating of Hold and a consensus price target of $60.50.

PVAC traded up $0.75 on Wednesday, reaching $28.03. The company had a trading volume of 298,500 shares, compared to its average volume of 222,296. The company has a market cap of $417.26 million, a price-to-earnings ratio of 3.05 and a beta of 1.37. The business has a 50 day simple moving average of $27.41 and a 200 day simple moving average of $31.60. Penn Virginia has a 52-week low of $23.00 and a 52-week high of $66.83. The company has a debt-to-equity ratio of 1.15, a quick ratio of 0.64 and a current ratio of 0.64.

Penn Virginia (NASDAQ:PVAC) last released its quarterly earnings results on Thursday, November 7th. The company reported $1.97 earnings per share for the quarter, beating the consensus estimate of $1.89 by $0.08. The business had revenue of $119.30 million for the quarter, compared to analysts’ expectations of $121.18 million. Penn Virginia had a net margin of 47.90% and a return on equity of 37.14%. As a group, equities research analysts predict that Penn Virginia will post 8.06 EPS for the current fiscal year.

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In other Penn Virginia news, CFO Steven A. Hartman sold 12,925 shares of the business’s stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $32.58, for a total value of $421,096.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Steven A. Hartman sold 18,586 shares of the business’s stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $32.98, for a total value of $612,966.28. 0.36% of the stock is owned by insiders.

A number of large investors have recently modified their holdings of PVAC. Royal Bank of Canada grew its stake in shares of Penn Virginia by 12.6% during the 2nd quarter. Royal Bank of Canada now owns 3,734 shares of the company’s stock valued at $114,000 after purchasing an additional 417 shares during the period. Strs Ohio raised its holdings in Penn Virginia by 7.1% during the 2nd quarter. Strs Ohio now owns 12,000 shares of the company’s stock valued at $368,000 after buying an additional 800 shares during the period. Prescott Group Capital Management L.L.C. increased its stake in Penn Virginia by 0.3% in the second quarter. Prescott Group Capital Management L.L.C. now owns 234,861 shares of the company’s stock worth $7,206,000 after purchasing an additional 800 shares during the period. Hillcrest Asset Management LLC increased its stake in Penn Virginia by 0.6% in the second quarter. Hillcrest Asset Management LLC now owns 166,974 shares of the company’s stock worth $5,123,000 after purchasing an additional 1,000 shares during the period. Finally, Tyers Asset Management LLC purchased a new stake in Penn Virginia in the second quarter worth $31,000. 98.22% of the stock is owned by institutional investors and hedge funds.

Penn Virginia Company Profile

Penn Virginia Corporation, an independent oil and gas company, engages in the onshore exploration, development, and production of crude oil, natural gas liquids, and natural gas in the United States. It primarily operates wells in the Eagle Ford Shale field in South Texas. As of December 31, 2018, it had total proved reserves of approximately 123 million barrels of oil equivalent; and 460 gross productive wells, as well as owned approximately 98,200 gross acres of leasehold and royalty interests.

Further Reading: Commodities

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