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

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

Several other analysts also recently issued reports on the company. Zacks Investment Research raised Penn Virginia from a sell rating to a hold rating in a research note on Thursday, November 14th. ValuEngine downgraded Penn Virginia from a buy rating to a hold rating in a research note on Tuesday, December 3rd. Finally, Northland Securities reissued a buy rating and issued a $54.00 price target on shares of Penn Virginia in a research note on Friday, November 8th. One analyst has rated the stock with a sell rating, two have issued a hold rating and three have assigned a buy rating to the company’s stock. Penn Virginia has an average rating of Hold and a consensus target price of $60.50.

Penn Virginia stock traded up $1.04 during mid-day trading on Wednesday, hitting $27.25. 8,187 shares of the company’s stock were exchanged, compared to its average volume of 202,402. The firm has a market capitalization of $390.78 million, a P/E ratio of 2.95 and a beta of 1.36. Penn Virginia has a fifty-two week low of $23.00 and a fifty-two week high of $61.76. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 1.09. The company’s 50 day simple moving average is $25.73 and its 200-day simple moving average is $29.07.

Penn Virginia (NASDAQ:PVAC) last released its quarterly earnings results on Thursday, November 7th. The company reported $1.97 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.89 by $0.08. Penn Virginia had a return on equity of 29.06% and a net margin of 56.77%. The firm had revenue of $119.30 million for the quarter, compared to the consensus estimate of $121.18 million. Research analysts expect that Penn Virginia will post 8.01 EPS for the current year.

In other news, CFO Steven A. Hartman sold 18,586 shares of the firm’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. Company insiders own 0.36% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Royal Bank of Canada grew its holdings in shares of Penn Virginia by 12.6% in the 2nd quarter. Royal Bank of Canada now owns 3,734 shares of the company’s stock valued at $114,000 after acquiring an additional 417 shares in the last quarter. Strs Ohio grew its holdings in shares of Penn Virginia by 7.1% in the 2nd quarter. Strs Ohio now owns 12,000 shares of the company’s stock valued at $368,000 after acquiring an additional 800 shares in the last quarter. Prescott Group Capital Management L.L.C. grew its holdings in Penn Virginia by 0.3% during 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 grew its holdings in Penn Virginia by 0.6% during 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 bought a new position in Penn Virginia during the second quarter worth about $31,000. Institutional investors own 98.22% of the company’s stock.

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.

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