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

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

A number of other research firms have also weighed in on PVAC. Zacks Investment Research raised shares of Penn Virginia from a sell rating to a hold rating in a report on Tuesday. Capital One Financial raised shares of Penn Virginia from an equal weight rating to an overweight rating in a report on Thursday, May 23rd. Finally, Northland Securities reissued a buy rating and set a $60.00 target price on shares of Penn Virginia in a report on Thursday, August 8th. Two research analysts have 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 has a consensus rating of Hold and a consensus price target of $75.00.

PVAC traded down $1.61 during trading on Thursday, reaching $32.58. 24,359 shares of the company’s stock were exchanged, compared to its average volume of 178,917. Penn Virginia has a one year low of $27.33 and a one year high of $88.21. The company has a current ratio of 0.64, a quick ratio of 0.64 and a debt-to-equity ratio of 1.15. The stock has a market capitalization of $520.39 million, a PE ratio of 3.54 and a beta of 1.41. The firm has a fifty day moving average price of $30.94 and a two-hundred day moving average price of $37.54.

Penn Virginia (NASDAQ:PVAC) last posted its earnings results on Wednesday, August 7th. The company reported $1.96 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.95 by $0.01. Penn Virginia had a net margin of 47.90% and a return on equity of 37.14%. The firm had revenue of $122.77 million for the quarter, compared to analyst estimates of $122.43 million. Sell-side analysts expect that Penn Virginia will post 8.21 earnings per share for the current year.

In other news, CFO Steven A. Hartman sold 12,925 shares of the business’s stock in a transaction that occurred on Thursday, August 22nd. The shares were sold at an average price of $32.58, for a total value of $421,096.50. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.36% of the stock is currently owned by insiders.

Several hedge funds and other institutional investors have recently modified their holdings of the company. Texas Permanent School Fund lifted its position in shares of Penn Virginia by 4.0% in the 1st quarter. Texas Permanent School Fund now owns 9,128 shares of the company’s stock worth $403,000 after purchasing an additional 349 shares during the period. Comerica Bank lifted its position in shares of Penn Virginia by 2.8% in the 1st quarter. Comerica Bank now owns 13,744 shares of the company’s stock worth $590,000 after purchasing an additional 376 shares during the period. Royal Bank of Canada lifted its position 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 worth $114,000 after purchasing an additional 417 shares during the period. Bank of Montreal Can lifted its position in shares of Penn Virginia by 6.6% in the 1st quarter. Bank of Montreal Can now owns 7,631 shares of the company’s stock worth $336,000 after purchasing an additional 475 shares during the period. Finally, Rhumbline Advisers lifted its position in shares of Penn Virginia by 1.4% in the 1st quarter. Rhumbline Advisers now owns 37,477 shares of the company’s stock worth $1,653,000 after purchasing an additional 508 shares during the period. Hedge funds and other 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.

Further Reading: Recession

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