Seeking Alpha
Editor's notes: Multiples at PVA remain compressed despite significant successes in the last year. Energy expert Richard Zeits, whose first PVA call returned triple digits, sees 25-50% upside remaining.

It is difficult not to like Penn Virginia's (PVA) turnaround story. Just a year ago, the company seemed to be in critical condition strategically, with its legacy portfolio no longer competitive in a new natural gas price environment and its debt burden being a major handicap in finding a solution to the challenge. Penn Virginia's leverage grew increasingly worrisome in light of the company's declining internal cash flow and impaired asset valuations. Investors seemed to have largely written the stock off. At its low point, in April of this year, the company's market capitalization stood at just $200 million (a staggering 95% decline in terms of stock price from the peak of $75 a share in 2008 to...

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