Penn Virginia +3% on Stifel upgrade

Penn Virginia (PVA) +3% premarket after Stifel upgrades shares to Buy from Hold with a $23 target price after a recent pullback.

Improving oil volume growth in H2 2014 should turn shares around, and the $313M convertible preferred offering completed earlier this week allows for the acceleration of high margin oil volume growth in 2015, making the name even more attractive, Stifel says.

The firm also likes PVA's 15-year inventory in part of the Eagle Ford oil window, accelerated 2015 drilling activity via the convertible offering's proceeds, and an expected narrowing of free cash flow outspend over the coming years.

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