Penn Virginia Co. (NASDAQ:PVAC) was the recipient of a significant decrease in short interest during the month of October. As of October 31st, there was short interest totalling 1,430,000 shares, a decrease of 14.9% from the September 30th total of 1,680,000 shares. Currently, 9.5% of the company’s stock are short sold. Based on an average daily trading volume, of 206,600 shares, the days-to-cover ratio is currently 6.9 days.

A number of equities research analysts have recently commented on PVAC shares. Zacks Investment Research upgraded shares of Penn Virginia from a “sell” rating to a “hold” rating in a report on Thursday. BidaskClub upgraded shares of Penn Virginia from a “strong sell” rating to a “sell” rating in a report on Wednesday, November 6th. Northland Securities reiterated a “buy” rating and set a $54.00 price target on shares of Penn Virginia in a report on Friday, November 8th. Finally, ValuEngine cut shares of Penn Virginia from a “buy” rating to a “hold” rating in a report on Thursday, October 31st. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and three have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $60.50.

PVAC stock traded up $1.33 on Friday, hitting $26.28. The company had a trading volume of 125,900 shares, compared to its average volume of 221,165. Penn Virginia has a 12-month low of $23.00 and a 12-month high of $63.01. The company has a current ratio of 0.82, a quick ratio of 0.64 and a debt-to-equity ratio of 1.09. The stock’s 50-day simple moving average is $26.74 and its 200 day simple moving average is $31.06. The stock has a market cap of $403.94 million, a price-to-earnings ratio of 2.86 and a beta of 1.37.

Penn Virginia (NASDAQ:PVAC) last issued its earnings results on Thursday, November 7th. The company reported $1.97 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.89 by $0.08. Penn Virginia had a net margin of 56.77% and a return on equity of 29.06%. The company had revenue of $119.30 million for the quarter, compared to analysts’ expectations of $121.18 million. Research analysts forecast that Penn Virginia will post 8 earnings per share for the current year.

In other news, CFO Steven A. Hartman sold 18,586 shares of the stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $32.98, for a total transaction of $612,966.28. Also, CFO Steven A. Hartman sold 12,925 shares of the stock in a transaction that occurred on Thursday, August 22nd. The shares were sold at an average price of $32.58, for a total transaction of $421,096.50. The disclosure for this sale can be found here. Corporate insiders own 0.36% of the company’s stock.

A number of hedge funds have recently modified their holdings of the stock. Royal Bank of Canada boosted its holdings in Penn Virginia by 12.6% in the second quarter. Royal Bank of Canada now owns 3,734 shares of the company’s stock worth $114,000 after purchasing an additional 417 shares during the last quarter. Strs Ohio boosted its holdings in Penn Virginia by 7.1% in the second quarter. Strs Ohio now owns 12,000 shares of the company’s stock worth $368,000 after purchasing an additional 800 shares during the last quarter. Prescott Group Capital Management L.L.C. boosted its holdings in Penn Virginia by 0.3% in the second quarter. Prescott Group Capital Management L.L.C. now owns 234,861 shares of the company’s stock worth $7,206,000 after purchasing an additional 800 shares during the last quarter. Hillcrest Asset Management LLC boosted its holdings in Penn Virginia by 0.6% in the second quarter. Hillcrest Asset Management LLC now owns 166,974 shares of the company’s stock worth $5,123,000 after purchasing an additional 1,000 shares during the last quarter. Finally, Tyers Asset Management LLC purchased a new stake in Penn Virginia in the second quarter worth approximately $31,000. Institutional investors own 98.22% 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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