Imperial Capital initiated coverage on shares of Penn Virginia Corp. (NYSE:PVA) in a research note released on Thursday morning, TheFlyOnTheWall.com reports. The firm issued an outperform rating and a $13.50 target price on the stock.
“We are initiating coverage of PVA shares with an Outperform rating and a one-year price target of $13.50, representing a 23% increase from the 12/4/13 closing price of $10.94. In a three-year time frame, PVA has transformed itself from a gas producer to an oil producer with a large 67,000 net acre position and rapidly growing production in the oil window of the Eagle Ford Shale. PVA plans to grow 2014 oil production by 65-85% sequentially, accomplished not just by the acquisition of Magnum Hunter’s Eagle Ford acreage, but also growth via the drillbit. PVA has also succeeded in improving operational efficiency and reducing costs, and we anticipate that liquids will grow by 64% in 2014, with overall production growing 33%. Beyond an 890 location inventory in the lower Eagle Ford, evaluating the highly prospective marl of the upper Eagle Ford is underway.,” the firm’s analyst wrote.
Other equities research analysts have also recently issued reports about the stock. Analysts at Canaccord Genuity reiterated a buy rating on shares of Penn Virginia Corp. in a research note to investors on Friday, November 22nd. They now have a $11.00 price target on the stock. Separately, analysts at Jefferies Group reiterated a buy rating on shares of Penn Virginia Corp. in a research note to investors on Friday, November 22nd. They now have a $15.00 price target on the stock. Finally, analysts at RBC Capital raised their price target on shares of Penn Virginia Corp. from $10.00 to $12.00 in a research note to investors on Wednesday, November 20th. They now have an outperform rating on the stock. One research analyst has rated the stock with a sell rating, one has given a hold rating and eight have given a buy rating to the company’s stock. The company currently has an average rating of Buy and an average target price of $12.06.
Shares of Penn Virginia Corp. (NYSE:PVA) traded down 1.82% during mid-day trading on Thursday, hitting $10.80. The stock had a trading volume of 428,199 shares. Penn Virginia Corp. has a 52-week low of $3.56 and a 52-week high of $11.21. The stock has a 50-day moving average of $9. and a 200-day moving average of $6.30. The company’s market cap is $702.7 million.
Penn Virginia Corp. (NYSE:PVA) last announced its earnings results on Thursday, October 31st. The company reported ($0.02) earnings per share for the quarter, missing the analysts’ consensus estimate of $0.48 by $0.50. The company had revenue of $121.60 million for the quarter, compared to the consensus estimate of $523.84 million. During the same quarter last year, the company posted ($0.17) earnings per share. Penn Virginia Corp.’s revenue was up 10.8% compared to the same quarter last year. On average, analysts predict that Penn Virginia Corp. will post $-0.40 earnings per share for the current fiscal year.
Penn Virginia Corporation (NYSE:PVA) is an independent oil and gas company primarily engaged in the exploration, development and production of natural gas and oil in various domestic onshore regions of the United States, including Texas, Appalachia, the Mid-Continent and Mississippi.
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