Penn Virginia (PVAC) Upgraded to Buy by Zacks Investment Research

Penn Virginia (NASDAQ:PVAC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Wednesday. The brokerage presently has a $94.00 target price on the stock. Zacks Investment Research‘s price objective indicates a potential upside of 11.06% from the company’s current price.

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 research analysts have also recently weighed in on PVAC. BidaskClub upgraded Penn Virginia from a “strong sell” rating to a “sell” rating in a research report on Thursday, April 12th. SunTrust Banks set a $60.00 price target on Penn Virginia and gave the company a “buy” rating in a research report on Thursday, April 12th. LADENBURG THALM/SH SH started coverage on Penn Virginia in a research report on Tuesday, June 12th. They set a “buy” rating for the company. Finally, TheStreet upgraded Penn Virginia from a “d+” rating to a “c-” rating in a research report on Wednesday, June 13th. Five investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $88.33.

Shares of Penn Virginia opened at $84.64 on Wednesday, MarketBeat.com reports. The company has a debt-to-equity ratio of 1.67, a current ratio of 0.52 and a quick ratio of 0.52. The stock has a market capitalization of $1.27 billion, a PE ratio of 22.28 and a beta of 1.73. Penn Virginia has a 52-week low of $32.49 and a 52-week high of $86.31.

Penn Virginia (NASDAQ:PVAC) last announced its quarterly earnings results on Wednesday, May 9th. The company reported $1.48 earnings per share for the quarter, beating the consensus estimate of $1.06 by $0.42. The company had revenue of $77.21 million during the quarter, compared to analysts’ expectations of $69.60 million. Penn Virginia had a return on equity of 24.78% and a net margin of 7.35%. equities analysts predict that Penn Virginia will post 9.24 earnings per share for the current fiscal year.

In other Penn Virginia news, VP Tammy Hinkle sold 778 shares of the firm’s stock in a transaction that occurred on Friday, May 11th. The stock was sold at an average price of $61.46, for a total value of $47,815.88. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Diversified Asset Manageme Kls sold 174,411 shares of the firm’s stock in a transaction that occurred on Wednesday, May 23rd. The shares were sold at an average price of $66.45, for a total value of $11,589,610.95. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 458,915 shares of company stock valued at $29,137,647. 0.41% of the stock is owned by company insiders.

A number of institutional investors and hedge funds have recently modified their holdings of the business. UBS Group AG grew its holdings in Penn Virginia by 77.6% in the first quarter. UBS Group AG now owns 2,854 shares of the company’s stock valued at $100,000 after purchasing an additional 1,247 shares during the period. Schwab Charles Investment Management Inc. grew its holdings in Penn Virginia by 3.3% in the first quarter. Schwab Charles Investment Management Inc. now owns 67,237 shares of the company’s stock valued at $2,356,000 after purchasing an additional 2,145 shares during the period. SG Americas Securities LLC grew its holdings in Penn Virginia by 59.8% in the first quarter. SG Americas Securities LLC now owns 6,798 shares of the company’s stock valued at $238,000 after purchasing an additional 2,544 shares during the period. Nuveen Asset Management LLC acquired a new stake in Penn Virginia in the first quarter valued at approximately $144,000. Finally, Wells Fargo & Company MN grew its holdings in Penn Virginia by 30.2% in the fourth quarter. Wells Fargo & Company MN now owns 20,996 shares of the company’s stock valued at $821,000 after purchasing an additional 4,871 shares during the period. 88.78% of the stock is currently 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. It primarily operates wells in the Eagle Ford Shale field in South Texas. The company also has operations in the Granite Wash in Oklahoma.

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