Penn Virginia (NASDAQ:PVAC) Receives Buy Rating from Northland Securities

Northland Securities reissued their buy rating on shares of Penn Virginia (NASDAQ:PVAC) in a report released on Friday, AnalystRatings.com reports. The brokerage currently has a $54.00 price target on the stock.

A number of other equities analysts have also recently weighed in on PVAC. ValuEngine cut shares of Penn Virginia from a buy rating to a hold rating in a research report on Thursday, October 31st. Zacks Investment Research cut shares of Penn Virginia from a hold rating to a sell rating in a research report on Tuesday, October 8th. Finally, BidaskClub raised shares of Penn Virginia from a strong sell rating to a sell rating in a research report on Wednesday, November 6th. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating and three have issued a buy rating to the company. The company has a consensus rating of Hold and a consensus price target of $60.50.

NASDAQ:PVAC opened at $27.56 on Friday. The company has a debt-to-equity ratio of 1.15, a current ratio of 0.64 and a quick ratio of 0.64. The firm has a 50-day moving average of $27.21 and a two-hundred day moving average of $31.45. The stock has a market cap of $417.26 million, a P/E ratio of 3.00 and a beta of 1.37. Penn Virginia has a 1-year low of $23.00 and a 1-year high of $66.83.

Penn Virginia (NASDAQ:PVAC) last posted its quarterly earnings data on Thursday, November 7th. The company reported $1.97 earnings per share for the quarter, beating analysts’ consensus estimates of $1.89 by $0.08. The company had revenue of $119.30 million during the quarter, compared to analysts’ expectations of $121.18 million. Penn Virginia had a net margin of 47.90% and a return on equity of 37.14%. As a group, equities analysts expect that Penn Virginia will post 8.06 earnings per share for the current year.

In other news, CFO Steven A. Hartman sold 18,586 shares of the stock in a transaction dated Friday, September 13th. The shares were 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 stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $32.58, for a total transaction of $421,096.50. The disclosure for this sale can be found here. Company insiders own 0.36% of the company’s stock.

Hedge funds have recently modified their holdings of the company. Morgan Stanley lifted its position in shares of Penn Virginia by 1,029.3% during the second quarter. Morgan Stanley now owns 213,638 shares of the company’s stock worth $6,555,000 after purchasing an additional 194,721 shares during the last quarter. Oaktree Capital Management LP bought a new position in shares of Penn Virginia during the second quarter worth about $7,639,000. Hillcrest Asset Management LLC lifted 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 during the last quarter. Invesco Ltd. lifted its position in shares of Penn Virginia by 23.3% during the second quarter. Invesco Ltd. now owns 98,519 shares of the company’s stock worth $3,023,000 after purchasing an additional 18,638 shares during the last quarter. Finally, Caymus Capital Partners L.P. bought a new position in shares of Penn Virginia during the second quarter worth about $9,577,000. 98.22% of the stock is currently owned by institutional investors and hedge funds.

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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