Penn Virginia (NASDAQ:PVAC) Cut to “Strong Sell” at Zacks Investment Research

Zacks Investment Research lowered shares of Penn Virginia (NASDAQ:PVAC) from a hold rating to a strong sell rating in a report published on Tuesday morning, Zacks.com reports.

According to Zacks, “Penn Virginia Corporation is an oil and gas company. It engaged in exploration, development and production of oil, NGLs and natural gas. The company operates primarily in Eagle Ford Shale in South Texas and Oklahoma. Penn Virginia Corporation is headquatered in Houston, Texas. “

Several other equities analysts have also weighed in on the company. Northland Securities reaffirmed a hold rating and issued a $8.00 price objective on shares of Evolution Petroleum in a research note on Thursday, March 21st. Capital One Financial raised Cimarex Energy from an equal weight rating to an overweight rating in a research note on Thursday, May 23rd. Imperial Capital reaffirmed an outperform rating and issued a $67.00 price objective (down from $70.00) on shares of Penn Virginia in a research note on Monday, May 13th. ValuEngine raised Alleghany from a hold rating to a buy rating in a research note on Friday, April 19th. Finally, BidaskClub lowered Inovio Pharmaceuticals from a sell rating to a strong sell rating in a research note on Saturday, June 1st. Three research analysts have rated the stock with a sell rating and three have issued a buy rating to the company. Penn Virginia presently has a consensus rating of Hold and an average price target of $82.50.

Shares of PVAC stock traded up $0.17 during mid-day trading on Tuesday, reaching $29.27. The stock had a trading volume of 2,350 shares, compared to its average volume of 270,287. Penn Virginia has a 12-month low of $27.33 and a 12-month high of $89.85. The firm has a market capitalization of $447.93 million, a P/E ratio of 3.18 and a beta of 1.32. The firm’s 50-day moving average is $30.06. The company has a debt-to-equity ratio of 1.26, a quick ratio of 0.60 and a current ratio of 0.60.

Penn Virginia (NASDAQ:PVAC) last posted its quarterly earnings data on Thursday, May 9th. The company reported $2.25 EPS for the quarter, beating analysts’ consensus estimates of $1.84 by $0.41. The business had revenue of $105.23 million for the quarter, compared to analyst estimates of $107.56 million. Penn Virginia had a return on equity of 45.92% and a net margin of 37.49%. On average, equities analysts forecast that Penn Virginia will post 9.23 EPS for the current fiscal year.

Large investors have recently made changes to their positions in the stock. Westwood Holdings Group Inc. increased its holdings in Penn Virginia by 19.9% during the 1st quarter. Westwood Holdings Group Inc. now owns 791,256 shares of the company’s stock worth $34,894,000 after purchasing an additional 131,478 shares during the last quarter. IndexIQ Advisors LLC grew its position in shares of Penn Virginia by 28.5% in the 1st quarter. IndexIQ Advisors LLC now owns 75,078 shares of the company’s stock worth $3,311,000 after acquiring an additional 16,660 shares in the last quarter. Great West Life Assurance Co. Can grew its position in shares of Penn Virginia by 9.3% in the 4th quarter. Great West Life Assurance Co. Can now owns 16,912 shares of the company’s stock worth $843,000 after acquiring an additional 1,436 shares in the last quarter. Mackay Shields LLC acquired a new position in shares of Penn Virginia in the 4th quarter worth approximately $675,000. Finally, BNP Paribas Arbitrage SA grew its position in shares of Penn Virginia by 51,600.0% in the 1st quarter. BNP Paribas Arbitrage SA now owns 2,585 shares of the company’s stock worth $114,000 after acquiring an additional 2,580 shares in the last quarter. Institutional investors and hedge funds own 89.46% of the company’s stock.

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, 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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