Penn Virginia (NASDAQ:PVAC) Rating Lowered to Hold at Zacks Investment Research

Penn Virginia (NASDAQ:PVAC) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a report issued on Friday, March 9th.

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. “

A number of other equities research analysts also recently weighed in on PVAC. Northland Securities reiterated a “buy” rating and issued a $63.00 target price on shares of Penn Virginia in a report on Friday, November 10th. SunTrust Banks started coverage on Penn Virginia in a research report on Wednesday, November 29th. They set a “buy” rating and a $50.00 target price on the stock. Finally, BidaskClub raised Penn Virginia from a “strong sell” rating to a “sell” rating in a research report on Wednesday, December 20th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $54.75.

Penn Virginia (PVAC) opened at $36.05 on Friday. Penn Virginia has a 12-month low of $31.00 and a 12-month high of $50.00. The company has a market capitalization of $542.30, a price-to-earnings ratio of 11.70 and a beta of 1.56. The company has a debt-to-equity ratio of 1.20, a current ratio of 0.70 and a quick ratio of 0.70.

Penn Virginia (NASDAQ:PVAC) last issued its quarterly earnings data on Thursday, March 1st. The company reported $1.06 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.89 by $0.17. Penn Virginia had a return on equity of 20.39% and a net margin of 20.56%. The company had revenue of $54.33 million during the quarter, compared to the consensus estimate of $55.95 million. analysts expect that Penn Virginia will post 8.87 EPS for the current fiscal year.

A number of hedge funds have recently bought and sold shares of the business. SG Americas Securities LLC purchased a new position in shares of Penn Virginia during the 3rd quarter valued at $181,000. Wells Fargo & Company MN lifted its position in shares of Penn Virginia by 30.2% during the 4th quarter. Wells Fargo & Company MN now owns 20,996 shares of the company’s stock valued at $821,000 after buying an additional 4,871 shares during the last quarter. Alliancebernstein L.P. bought a new stake in shares of Penn Virginia during the 4th quarter valued at $233,000. Voya Investment Management LLC bought a new stake in shares of Penn Virginia during the 2nd quarter valued at $252,000. Finally, Nationwide Fund Advisors bought a new stake in shares of Penn Virginia during the 2nd quarter valued at $297,000. 89.18% of the stock is currently owned by institutional investors and hedge funds.

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Penn Virginia Company Profile

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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