Penn Virginia (NASDAQ:PVAC) Now Covered by Analysts at Royal Bank of Canada

Royal Bank of Canada initiated coverage on shares of Penn Virginia (NASDAQ:PVAC) in a research note released on Tuesday morning, Price Targets.com reports. The brokerage issued a sector perform rating and a $21.00 price target on the stock.

Separately, Zacks Investment Research downgraded shares of Penn Virginia from a buy rating to a hold rating in a report on Saturday, May 8th. Three analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. The stock has an average rating of Hold and an average target price of $14.50.

PVAC stock opened at $17.48 on Tuesday. The company has a market capitalization of $267.62 million, a P/E ratio of -1.55 and a beta of 3.64. The company has a 50-day simple moving average of $13.90 and a 200 day simple moving average of $12.28. Penn Virginia has a fifty-two week low of $6.10 and a fifty-two week high of $20.18. The company has a quick ratio of 1.54, a current ratio of 1.54 and a debt-to-equity ratio of 1.49.

Penn Virginia (NASDAQ:PVAC) last posted its quarterly earnings data on Tuesday, May 4th. The company reported $0.39 earnings per share for the quarter, missing the consensus estimate of $0.42 by ($0.03). Penn Virginia had a positive return on equity of 19.99% and a negative net margin of 52.13%. Equities analysts anticipate that Penn Virginia will post 5.21 EPS for the current year.

A number of hedge funds and other institutional investors have recently modified their holdings of the business. BlackRock Inc. lifted its holdings in Penn Virginia by 5.5% in the 1st quarter. BlackRock Inc. now owns 2,494,169 shares of the company’s stock valued at $33,421,000 after acquiring an additional 130,157 shares during the last quarter. Geode Capital Management LLC lifted its holdings in Penn Virginia by 13.2% in the 1st quarter. Geode Capital Management LLC now owns 388,526 shares of the company’s stock valued at $5,206,000 after acquiring an additional 45,406 shares during the last quarter. Acadian Asset Management LLC lifted its holdings in Penn Virginia by 947.1% in the 1st quarter. Acadian Asset Management LLC now owns 243,493 shares of the company’s stock valued at $3,263,000 after acquiring an additional 220,238 shares during the last quarter. Prudential Financial Inc. lifted its holdings in Penn Virginia by 19.0% in the 1st quarter. Prudential Financial Inc. now owns 166,106 shares of the company’s stock valued at $2,226,000 after acquiring an additional 26,578 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its holdings in Penn Virginia by 1.4% in the 4th quarter. Bank of New York Mellon Corp now owns 140,997 shares of the company’s stock valued at $1,431,000 after acquiring an additional 1,957 shares during the last quarter. 73.35% 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, 2020, it had total proved reserves of approximately 126 million barrels of oil equivalent; and 532 gross productive wells, as well as owned approximately 98,300 gross acres of leasehold and royalty interests.

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