Penn Virginia Co. (NASDAQ:PVAC)’s share price was down 5.3% during trading on Thursday after the company announced weaker than expected quarterly earnings. The company traded as low as $62.97 and last traded at $63.90. Approximately 590,061 shares were traded during trading, an increase of 150% from the average daily volume of 236,045 shares. The stock had previously closed at $67.45.
The company reported $2.72 EPS for the quarter, missing the Zacks’ consensus estimate of $2.78 by ($0.06). Penn Virginia had a positive return on equity of 36.88% and a negative net margin of 3.23%.
A number of research analysts recently commented on PVAC shares. BidaskClub cut Penn Virginia from a “strong-buy” rating to a “buy” rating in a report on Friday, July 13th. Zacks Investment Research raised Penn Virginia from a “hold” rating to a “buy” rating and set a $88.00 price target on the stock in a report on Saturday, August 11th. Finally, ValuEngine cut Penn Virginia from a “hold” rating to a “sell” rating in a report on Thursday, November 1st. Two analysts have rated the stock with a sell rating, three have issued a buy rating and one has issued a strong buy rating to the stock. Penn Virginia currently has a consensus rating of “Buy” and an average price target of $94.75.
Several institutional investors and hedge funds have recently modified their holdings of PVAC. UBS Group AG raised its holdings in shares of Penn Virginia by 77.6% during the 1st quarter. UBS Group AG now owns 2,854 shares of the company’s stock worth $100,000 after acquiring an additional 1,247 shares in the last quarter. Tower Research Capital LLC TRC raised its holdings in shares of Penn Virginia by 869.0% during the 2nd quarter. Tower Research Capital LLC TRC now owns 1,938 shares of the company’s stock worth $165,000 after acquiring an additional 1,738 shares in the last quarter. California Public Employees Retirement System purchased a new stake in shares of Penn Virginia during the 2nd quarter worth approximately $204,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS purchased a new stake in shares of Penn Virginia during the 2nd quarter worth approximately $243,000. Finally, Teachers Retirement System of The State of Kentucky raised its holdings in shares of Penn Virginia by 244.4% during the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 3,100 shares of the company’s stock worth $250,000 after acquiring an additional 2,200 shares in the last quarter. 97.57% of the stock is currently owned by institutional investors and hedge funds.
The firm has a market capitalization of $990.85 million, a PE ratio of 22.19 and a beta of 1.74. The company has a debt-to-equity ratio of 1.89, a current ratio of 0.46 and a quick ratio of 0.46.
ILLEGAL ACTIVITY NOTICE: This article was originally posted by Macon Daily and is owned by of Macon Daily. If you are viewing this article on another site, it was illegally copied and republished in violation of U.S. & international copyright and trademark legislation. The correct version of this article can be viewed at https://macondaily.com/2018/11/09/penn-virginia-pvac-trading-down-5-3-after-earnings-miss.html.
About Penn Virginia (NASDAQ:PVAC)
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.
Further Reading: Discover Your Risk Tolerance
Receive News & Ratings for Penn Virginia Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Penn Virginia and related companies with MarketBeat.com's FREE daily email newsletter.