Penn Virginia (PVAC) Upgraded at Zacks Investment Research

Penn Virginia (NASDAQ:PVAC) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a research report issued to clients and investors on Saturday, Zacks.com reports.

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. “

Several other research firms also recently commented on PVAC. BidaskClub downgraded shares of Penn Virginia from a “sell” rating to a “strong sell” rating in a report on Friday, April 5th. Capital One Financial downgraded shares of Penn Virginia from an “overweight” rating to an “equal weight” rating in a report on Wednesday, February 13th. TheStreet downgraded shares of Penn Virginia from a “c-” rating to a “d+” rating in a report on Tuesday, April 16th. ValuEngine raised shares of Penn Virginia from a “sell” rating to a “hold” rating in a report on Monday, February 4th. Finally, Imperial Capital reaffirmed an “outperform” rating and issued a $67.00 price objective (down from $70.00) on shares of Penn Virginia in a report on Monday, May 13th. Two analysts have rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $95.75.

Penn Virginia stock opened at $38.22 on Friday. Penn Virginia has a twelve month low of $36.13 and a twelve month high of $96.13. The company has a market cap of $586.85 million, a PE ratio of 4.16 and a beta of 0.93. The company has a quick ratio of 1.21, a current ratio of 0.60 and a debt-to-equity ratio of 1.26.

Penn Virginia (NASDAQ:PVAC) last released its earnings results on Wednesday, February 27th. The company reported $2.56 earnings per share for the quarter, missing the Zacks’ consensus estimate of $3.80 by ($1.24). Penn Virginia had a net margin of 37.49% and a return on equity of 45.92%. The company had revenue of $124.86 million for the quarter, compared to the consensus estimate of $143.60 million. On average, equities analysts expect that Penn Virginia will post 9.41 EPS for the current fiscal year.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PVAC. Alpine Associates Management Inc. bought a new position in Penn Virginia in the 4th quarter worth approximately $13,023,000. Prescott Group Capital Management L.L.C. boosted its holdings in Penn Virginia by 679.5% in the 1st quarter. Prescott Group Capital Management L.L.C. now owns 234,061 shares of the company’s stock worth $10,322,000 after buying an additional 204,034 shares during the period. Manikay Partners LLC bought a new position in Penn Virginia in the 4th quarter worth approximately $9,606,000. Assenagon Asset Management S.A. bought a new position in Penn Virginia in the 1st quarter worth approximately $5,980,000. Finally, Westwood Holdings Group Inc. boosted its holdings in Penn Virginia by 19.9% in the 1st quarter. Westwood Holdings Group Inc. now owns 791,256 shares of the company’s stock worth $34,894,000 after buying an additional 131,478 shares during the period. 99.25% of the stock is owned by institutional investors.

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. 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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