Penn Virginia Corp. Coverage Initiated at Imperial Capital (PVA)
Analysts at Imperial Capital initiated coverage on shares of Penn Virginia Corp. (NYSE:PVA) in a research report issued to clients and investors on Thursday, TheFlyOnTheWall.com reports. The firm set an “outperform” rating and a $13.50 price target on the stock. Imperial Capital’s price objective would indicate a potential upside of 23.40% from the company’s current price.
The analysts wrote, “We are initiating coverage of PVA shares with an Outperform rating and a one-year price target of $13.50, representing a 23% increase from the 12/4/13 closing price of $10.94. In a three-year time frame, PVA has transformed itself from a gas producer to an oil producer with a large 67,000 net acre position and rapidly growing production in the oil window of the Eagle Ford Shale. PVA plans to grow 2014 oil production by 65-85% sequentially, accomplished not just by the acquisition of Magnum Hunter’s Eagle Ford acreage, but also growth via the drillbit. PVA has also succeeded in improving operational efficiency and reducing costs, and we anticipate that liquids will grow by 64% in 2014, with overall production growing 33%. Beyond an 890 location inventory in the lower Eagle Ford, evaluating the highly prospective marl of the upper Eagle Ford is underway.”
Penn Virginia Corp. (NYSE:PVA) opened at 10.94 on Thursday. Penn Virginia Corp. has a one year low of $3.56 and a one year high of $11.21. The stock’s 50-day moving average is $9.18 and its 200-day moving average is $6.27. The company’s market cap is $711.8 million.
Penn Virginia Corp. (NYSE:PVA) last issued its quarterly earnings data on Thursday, October 31st. The company reported ($0.02) EPS for the quarter, missing the Thomson Reuters consensus estimate of $0.48 by $0.50. The company had revenue of $121.60 million for the quarter, compared to the consensus estimate of $523.84 million. During the same quarter in the prior year, the company posted ($0.17) earnings per share. The company’s quarterly revenue was up 10.8% on a year-over-year basis. On average, analysts predict that Penn Virginia Corp. will post $-0.40 earnings per share for the current fiscal year.
Other equities research analysts have also recently issued reports about the stock. Analysts at Canaccord Genuity reiterated a “buy” rating on shares of Penn Virginia Corp. in a research note to investors on Friday, November 22nd. They now have a $11.00 price target on the stock. Separately, analysts at Jefferies Group reiterated a “buy” rating on shares of Penn Virginia Corp. in a research note to investors on Friday, November 22nd. They now have a $15.00 price target on the stock. Finally, analysts at RBC Capital raised their price target on shares of Penn Virginia Corp. from $10.00 to $12.00 in a research note to investors on Wednesday, November 20th. They now have an “outperform” rating on the stock. One research analyst has rated the stock with a sell rating, one has given a hold rating and eight have issued a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average target price of $12.06.
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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