Zacks Investment Research lowered shares of Penn Virginia (NASDAQ:PVAC) from a strong-buy rating to a hold rating in a research note issued to investors on Friday.
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. “
Other research analysts also recently issued research reports about the stock. BidaskClub raised shares of Penn Virginia from a hold rating to a buy rating in a research report on Thursday, January 11th. Northland Securities set a $63.00 target price on shares of Penn Virginia and gave the company a buy rating in a research report on Wednesday, January 3rd. Finally, SunTrust Banks set a $55.00 target price on shares of Penn Virginia and gave the company a buy rating in a research report on Wednesday, January 24th. One research analyst has rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the stock. The stock presently has an average rating of Hold and an average price target of $54.75.
Penn Virginia (NASDAQ:PVAC) last released its earnings results on Thursday, March 1st. The company reported $1.06 earnings per share for the quarter, beating analysts’ consensus estimates of $0.89 by $0.17. The business had revenue of $54.33 million during the quarter, compared to the consensus estimate of $55.95 million. Penn Virginia had a net margin of 20.56% and a return on equity of 20.39%. equities analysts forecast that Penn Virginia will post 8.87 EPS for the current year.
Several institutional investors and hedge funds have recently made changes to their positions in PVAC. Wells Fargo & Company MN grew its position in shares of Penn Virginia by 7,591.2% in the 2nd quarter. Wells Fargo & Company MN now owns 10,537 shares of the company’s stock valued at $387,000 after acquiring an additional 10,400 shares during the period. Nationwide Fund Advisors bought a new position in shares of Penn Virginia in the 2nd quarter valued at about $297,000. New York State Common Retirement Fund bought a new position in shares of Penn Virginia in the 2nd quarter valued at about $562,000. Northern Trust Corp grew its position in shares of Penn Virginia by 3,117.6% in the 2nd quarter. Northern Trust Corp now owns 142,283 shares of the company’s stock valued at $5,229,000 after acquiring an additional 137,861 shares during the period. Finally, Vanguard Group Inc. grew its position in shares of Penn Virginia by 1,626.0% in the 2nd quarter. Vanguard Group Inc. now owns 273,605 shares of the company’s stock valued at $10,055,000 after acquiring an additional 257,753 shares during the period. 89.18% of the stock is owned by institutional investors.
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. The company primarily operates wells in the Eagle Ford Shale field in South Texas. It also has operations in the Granite Wash in Oklahoma.
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