Penn Virginia Corp. Given Buy Rating at Jefferies Group (PVA)
Penn Virginia Corp. (NYSE:PVA)‘s stock had its “buy” rating reiterated by investment analysts at Jefferies Group in a note issued to investors on Thursday, StockRatingsNetwork reports. They currently have a $7.00 price objective on the stock, up from their previous price objective of $6.50. Jefferies Group’s price objective points to a potential upside of 24.78% from the company’s current price.
The analysts wrote, “With MHR’s monetization of its 15% stake in PVA, investor focus should return to PVA’s underlying operations, which we think are improving on multiple fronts. Despite yesterday’s rally, we believe the stock has a long way to go to fully reflect its Eagle Ford potential.”
Shares of Penn Virginia Corp. (NYSE:PVA) traded up 3.03% on Thursday, hitting $5.78. The stock had a trading volume of 622,067 shares. Penn Virginia Corp. has a 52-week low of $3.56 and a 52-week high of $7.42. The stock’s 50-day moving average is $4.92 and its 200-day moving average is $4.59. The company’s market cap is $376.1 million.
Penn Virginia Corp. (NYSE:PVA) last issued its quarterly earnings data on Wednesday, August 7th. The company reported ($0.17) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.16) by $0.01. The company had revenue of $109.73 million for the quarter, compared to the consensus estimate of $111.74 million. During the same quarter in the previous year, the company posted ($0.23) earnings per share. The company’s revenue for the quarter was up 43.9% on a year-over-year basis. Analysts expect that Penn Virginia Corp. will post $-0.63 EPS for the current fiscal year.
In other Penn Virginia Corp. news, major shareholder Hunter Resources Corp Magnum sold 9,308,648 shares of Penn Virginia Corp. stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $5.05, for a total transaction of $47,008,672.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Major shareholders that own 10% or more of a company’s shares are required to disclose their sales and purchases with the SEC.
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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