BidaskClub Lowers Penn Virginia (NASDAQ:PVAC) to Strong Sell

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BidaskClub cut shares of Penn Virginia (NASDAQ:PVAC) from a sell rating to a strong sell rating in a research note issued to investors on Saturday morning, BidAskClub reports.

PVAC has been the subject of several other reports. 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 Thursday, October 31st. Finally, Northland Securities reaffirmed a buy rating and set a $54.00 target price 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 given a hold rating and three have issued a buy rating to the stock. Penn Virginia currently has an average rating of Hold and a consensus target price of $60.50.

Shares of PVAC stock traded down $2.16 during trading hours on Friday, hitting $24.01. 389,156 shares of the company’s stock were exchanged, compared to its average volume of 221,556. 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 firm has a market cap of $397.44 million, a P/E ratio of 2.61 and a beta of 1.37. The firm has a 50 day moving average of $26.56 and a two-hundred day moving average of $30.79. Penn Virginia has a fifty-two week low of $23.00 and a fifty-two week high of $62.92.

Penn Virginia (NASDAQ:PVAC) last announced its earnings results on Thursday, November 7th. The company reported $1.97 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.89 by $0.08. The business had revenue of $119.30 million during the quarter, compared to the consensus estimate of $121.18 million. Penn Virginia had a return on equity of 29.06% and a net margin of 56.77%. On average, equities analysts forecast that Penn Virginia will post 8 earnings per share for the current fiscal year.

In related news, CFO Steven A. Hartman sold 18,586 shares of the business’s stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $32.98, for a total transaction of $612,966.28. Also, CFO Steven A. Hartman sold 12,925 shares of the business’s stock in a transaction that occurred on Thursday, August 22nd. The stock was sold at an average price of $32.58, for a total value of $421,096.50. The disclosure for this sale can be found here. 0.36% of the stock is currently owned by insiders.

Several institutional investors and hedge funds have recently modified their holdings of the stock. Royal Bank of Canada increased its position in shares of Penn Virginia by 12.6% during the second quarter. Royal Bank of Canada now owns 3,734 shares of the company’s stock worth $114,000 after purchasing an additional 417 shares in the last quarter. Strs Ohio increased its position in shares of Penn Virginia by 7.1% during the second quarter. Strs Ohio now owns 12,000 shares of the company’s stock worth $368,000 after purchasing an additional 800 shares in the last quarter. Prescott Group Capital Management L.L.C. increased its position in shares of 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 in the last quarter. Hillcrest Asset Management LLC increased its position in shares of 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 in the last quarter. Finally, Tyers Asset Management LLC purchased a new stake in shares of Penn Virginia during the second quarter worth approximately $31,000. Hedge funds and other institutional investors own 98.22% of the company’s stock.

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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