Penn Virginia Co. (NASDAQ:PVAC) Expected to Announce Quarterly Sales of $130.44 Million

Wall Street analysts forecast that Penn Virginia Co. (NASDAQ:PVAC) will post $130.44 million in sales for the current fiscal quarter, Zacks reports. Two analysts have made estimates for Penn Virginia’s earnings. The lowest sales estimate is $126.70 million and the highest is $134.18 million. Penn Virginia reported sales of $127.19 million during the same quarter last year, which would suggest a positive year-over-year growth rate of 2.6%. The company is expected to report its next quarterly earnings report on Thursday, November 14th.

According to Zacks, analysts expect that Penn Virginia will report full year sales of $494.73 million for the current year, with estimates ranging from $482.70 million to $506.76 million. For the next fiscal year, analysts forecast that the business will post sales of $536.96 million, with estimates ranging from $505.40 million to $568.52 million. Zacks Investment Research’s sales averages are an average based on a survey of research analysts that cover Penn Virginia.

Penn Virginia (NASDAQ:PVAC) last announced its quarterly earnings data on Wednesday, August 7th. The company reported $1.96 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.95 by $0.01. Penn Virginia had a net margin of 47.90% and a return on equity of 37.14%. The company had revenue of $122.77 million for the quarter, compared to analysts’ expectations of $122.43 million.

A number of research firms have recently weighed in on PVAC. ValuEngine cut shares of Penn Virginia from a “sell” rating to a “strong sell” rating in a research note on Friday, April 19th. Zacks Investment Research cut shares of Penn Virginia from a “hold” rating to a “strong sell” rating in a research note on Tuesday, July 16th. Northland Securities reissued a “buy” rating and issued a $60.00 price objective on shares of Penn Virginia in a research note on Thursday. BidaskClub raised shares of Penn Virginia from a “strong sell” rating to a “sell” rating in a research note on Wednesday, July 24th. Finally, Imperial Capital reissued an “outperform” rating and issued a $67.00 price objective (down from $70.00) on shares of Penn Virginia in a research note on Monday, May 13th. Three investment analysts have rated the stock with a sell rating and three have issued a buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $75.00.

A number of large investors have recently added to or reduced their stakes in the business. Westwood Holdings Group Inc. lifted its holdings in shares of Penn Virginia by 19.9% during the 1st quarter. Westwood Holdings Group Inc. now owns 791,256 shares of the company’s stock worth $34,894,000 after acquiring an additional 131,478 shares during the period. Dimensional Fund Advisors LP grew its position in Penn Virginia by 0.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 554,019 shares of the company’s stock valued at $29,951,000 after acquiring an additional 4,421 shares in the last quarter. Wells Fargo & Company MN grew its position in Penn Virginia by 22.7% in the second quarter. Wells Fargo & Company MN now owns 385,591 shares of the company’s stock valued at $11,830,000 after acquiring an additional 71,230 shares in the last quarter. Alpine Associates Management Inc. grew its position in Penn Virginia by 29.8% in the first quarter. Alpine Associates Management Inc. now owns 312,762 shares of the company’s stock valued at $13,792,000 after acquiring an additional 71,862 shares in the last quarter. Finally, Caymus Capital Partners L.P. acquired a new stake in shares of Penn Virginia during the second quarter worth approximately $9,577,000. Institutional investors own 97.95% of the company’s stock.

Shares of NASDAQ:PVAC traded down $1.25 on Thursday, reaching $31.52. 419,339 shares of the company were exchanged, compared to its average volume of 314,955. The company has a current ratio of 0.64, a quick ratio of 0.60 and a debt-to-equity ratio of 1.15. Penn Virginia has a 1-year low of $27.33 and a 1-year high of $89.62. The company has a market capitalization of $495.07 million, a price-to-earnings ratio of 3.45 and a beta of 1.33. The stock’s 50-day simple moving average is $30.89.

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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