Zacks Investment Research upgraded shares of Penn Virginia (NASDAQ:PVAC) from a hold rating to a buy rating in a research note published on Saturday morning. Zacks Investment Research currently has $88.00 target price on the stock.
According to Zacks, “Penn Virginia Corporation is an oil and gas company. It engaged in exploration, development and production of oil, NGLs and natural gas. The company operates primarily in Eagle Ford Shale in South Texas and Oklahoma. Penn Virginia Corporation is headquatered in Houston, Texas. “
A number of other research firms have also commented on PVAC. BidaskClub raised shares of Penn Virginia from a hold rating to a buy rating in a research report on Friday, August 3rd. LADENBURG THALM/SH SH lifted their price target on shares of Penn Virginia from $100.00 to $110.00 and gave the company a buy rating in a research report on Friday, July 6th. SunTrust Banks lifted their price target on shares of Penn Virginia from $100.00 to $108.00 and gave the company a buy rating in a research report on Friday, June 22nd. Finally, TheStreet raised shares of Penn Virginia from a d+ rating to a c- rating in a research report on Wednesday, June 13th. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the company. Penn Virginia currently has an average rating of Buy and a consensus price target of $92.25.
Penn Virginia (NASDAQ:PVAC) last issued its quarterly earnings data on Wednesday, August 8th. The company reported $2.46 earnings per share for the quarter, beating the consensus estimate of $2.44 by $0.02. The firm had revenue of $111.58 million for the quarter, compared to analyst estimates of $105.90 million. Penn Virginia had a negative net margin of 3.23% and a positive return on equity of 36.88%. sell-side analysts anticipate that Penn Virginia will post 9.88 earnings per share for the current fiscal year.
In related news, Director Diversified Asset Manageme Kls sold 174,411 shares of the business’s stock in a transaction on Wednesday, May 23rd. The shares were sold at an average price of $66.45, for a total transaction of $11,589,610.95. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 0.41% of the company’s stock.
Hedge funds have recently made changes to their positions in the stock. Piedmont Investment Advisors LLC bought a new position in Penn Virginia during the second quarter worth $266,000. Earnest Partners LLC acquired a new stake in Penn Virginia during the first quarter worth $2,749,000. Dalton Greiner Hartman Maher & Co. acquired a new stake in Penn Virginia during the first quarter worth $2,195,000. BNP Paribas Arbitrage SA boosted its stake in Penn Virginia by 2,293.4% during the second quarter. BNP Paribas Arbitrage SA now owns 72,424 shares of the company’s stock worth $6,148,000 after buying an additional 69,398 shares in the last quarter. Finally, Wells Fargo & Company MN boosted its stake in Penn Virginia by 156.5% during the first quarter. Wells Fargo & Company MN now owns 53,850 shares of the company’s stock worth $1,886,000 after buying an additional 32,854 shares in the last quarter. 90.01% of the stock is currently owned by institutional investors and hedge funds.
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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