Rhumbline Advisers cut its position in shares of Penn Virginia (NASDAQ:PVAC) by 17.4% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 12,103 shares of the company’s stock after selling 2,550 shares during the quarter. Rhumbline Advisers owned 0.08% of Penn Virginia worth $473,000 at the end of the most recent quarter.
A number of other hedge funds have also recently bought and sold shares of PVAC. SG Americas Securities LLC purchased a new stake in Penn Virginia during the third quarter valued at about $181,000. Highbridge Capital Management LLC purchased a new stake in Penn Virginia during the third quarter valued at about $414,000. Allianz Asset Management GmbH purchased a new stake in Penn Virginia during the third quarter valued at about $424,000. Russell Investments Group Ltd. purchased a new stake in Penn Virginia during the third quarter valued at about $550,000. Finally, Wells Fargo & Company MN lifted its stake in Penn Virginia by 53.0% during the third quarter. Wells Fargo & Company MN now owns 16,125 shares of the company’s stock valued at $644,000 after buying an additional 5,588 shares in the last quarter. 89.18% of the stock is owned by institutional investors.
NASDAQ PVAC opened at $35.68 on Friday. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 1.20. The company has a market capitalization of $528.69, a PE ratio of 12.39 and a beta of 1.46. Penn Virginia has a 52-week low of $31.00 and a 52-week high of $50.00.
A number of research firms have commented on PVAC. Zacks Investment Research lowered shares of Penn Virginia from a “strong-buy” rating to a “hold” rating in a research note on Friday, March 9th. BidaskClub lowered shares of Penn Virginia from a “sell” rating to a “strong sell” rating in a research note on Friday, February 16th. SunTrust Banks set a $55.00 price objective on shares of Penn Virginia and gave the company a “buy” rating in a research note on Wednesday, January 24th. Finally, Northland Securities set a $63.00 price objective on shares of Penn Virginia and gave the company a “buy” rating in a research note on Wednesday, January 3rd. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and three have given a buy rating to the stock. Penn Virginia presently has an average rating of “Hold” and an average price target of $56.67.
About Penn Virginia
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. The company also has operations in the Granite Wash in Oklahoma.
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