Citigroup Inc. lifted its stake in shares of Penn Virginia Co. (NASDAQ:PVAC) by 31.6% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 173,583 shares of the company’s stock after acquiring an additional 41,712 shares during the quarter. Citigroup Inc. owned approximately 1.15% of Penn Virginia worth $7,655,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors and hedge funds also recently modified their holdings of the company. Hillcrest Asset Management LLC increased its holdings in Penn Virginia by 35.8% in the first quarter. Hillcrest Asset Management LLC now owns 165,974 shares of the company’s stock worth $7,319,000 after purchasing an additional 43,795 shares in the last quarter. Prescott Group Capital Management L.L.C. increased its holdings in Penn Virginia by 679.5% in the first quarter. Prescott Group Capital Management L.L.C. now owns 234,061 shares of the company’s stock worth $10,322,000 after purchasing an additional 204,034 shares in the last quarter. NumerixS Investment Technologies Inc bought a new stake in Penn Virginia in the first quarter worth approximately $156,000. Alpine Associates Management Inc. increased its holdings in Penn Virginia by 29.8% in the first quarter. Alpine Associates Management Inc. now owns 312,762 shares of the company’s stock worth $13,792,000 after purchasing an additional 71,862 shares in the last quarter. Finally, Alambic Investment Management L.P. bought a new stake in Penn Virginia in the first quarter worth approximately $551,000. Institutional investors own 89.29% of the company’s stock.
A number of equities research analysts have weighed in on PVAC shares. TheStreet downgraded Penn Virginia from a “c-” rating to a “d+” rating in a report on Tuesday, April 16th. Zacks Investment Research upgraded Penn Virginia from a “strong sell” rating to a “hold” rating in a report on Saturday, May 18th. BidaskClub upgraded Penn Virginia from a “sell” rating to a “hold” rating in a report on Thursday, April 25th. Northland Securities upgraded Penn Virginia from a “market perform” rating to an “outperform” rating in a report on Thursday, March 21st. They noted that the move was a valuation call. Finally, Imperial Capital restated an “outperform” rating and set a $67.00 price objective (down previously from $70.00) on shares of Penn Virginia in a report on Monday, May 13th. Three equities research analysts have rated the stock with a sell rating and four have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $91.67.
Penn Virginia (NASDAQ:PVAC) last announced its earnings results on Thursday, May 9th. The company reported $2.25 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.84 by $0.41. The company had revenue of $105.23 million for the quarter, compared to analysts’ expectations of $107.56 million. Penn Virginia had a return on equity of 45.92% and a net margin of 37.49%. Research analysts predict that Penn Virginia Co. will post 9.28 earnings per share for the current fiscal year.
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.
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