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Penn Virginia Corporation (PVA)

  • Tue, Aug. 4, 3:57 PM
    • Penn Virginia (PVA +6.8%) is higher following news it hired Jefferies to advise it on how to best finance or monetize its holdings in the Eagle Ford shale after a sales process begun earlier this year failed to produce a viable bid.
    • Earlier this year, PVA reportedly was working with Bank of America in exploring a sale of the company.
  • Thu, Jul. 30, 12:47 PM
  • Thu, Jul. 30, 11:59 AM
    • Penn Virginia (PVA -30%) plunges to a new 52-week low after reporting a large Q2 loss, a 40% Y/Y drop in revenues and falling production.
    • PVA says Q1 production from its Eagle Ford operations was 20,259 boe/day, a 5% Q/Q decline, as the play has underperformed as a result of using less proppant.
    • PVA lowers full-year production guidance to 20.7K-22.6K boe/day from previous guidance of 23.8K-26.2K boe/day, with product revenues expected at $284M-$307M vs. previous guidance of $320M-$350M.
    • Howard Weil downgrades PVA to Sector Perform from Focus Stock and cuts its price target to $4 from $9, as the quarter again failed to meet production expectations, which the firm thought were relatively conservative.
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  • Wed, Jul. 22, 12:45 PM
  • Mon, Jul. 20, 5:39 PM
  • Wed, Jul. 15, 3:19 PM
    • Penn Virginia (PVA -11.9%) tumbles as Imperial Capital downgrades shares to In-line from Outperform with a $3.75 price target, cut from $7.
    • Imperial believes a no-acquisition scenario will include very scaled back capex for 2016, but the firm is concerned that PVA has not removed the risk of a reduced borrowing base.
    • While there has been no announcement or discussion that PVA has hired a bank to explore strategic alternatives, the firm believe the company is prepared to entertain its possible sale but no agreement has yet to materialize despite the decline in PVA's stock price.
  • Wed, Jul. 15, 12:45 PM
  • Mon, Jun. 29, 11:12 AM
    • Penn Virginia (PVA -7.9%) has lost the entire bounce it gained from last week's chatter about a BP takeover offer, and WSJ reports no such offer or rejection occurred between the two.
    • Instead, it appears the report gained traction thanks to still-online documentation of a takeover tussle from exactly 13 years earlier involving PVA and another suitor with a name similar to BP’s.
    • Nevertheless, SunTrust maintains its Buy rating and $10 price target, still seeing PVA as an interesting acquisition candidate since the oil and gas explorer is among the "largest attractive acreage positions versus the corresponding enterprise value."
    • SunTrust calls PVA "an embattled Eagle Ford player with what we deem as a valuable contiguous acreage/asset position... though high leverage and relatively tight liquidity limit near-term activity/cash flow/catalysts."
  • Thu, Jun. 25, 12:17 PM
    • Penn Virginia (PVA +7.8%) spikes higher after a report that BP (BP +0.3%) has offered $8/share in a takeover bid for the company, and that PVA has hired BofA to help it search for potential buyers.
    • PVA is said to have rejected the offer because it believes the terms offered undervalue the company, and is holding out for at least $10/share, according to U.K. publication Proactive Investors.
    • BP rivals such as Exxon Mobil (XOM -0.1%) and Chevron (CVX -0.1%) also may be interested in buying PVA, the report says.
  • Thu, May 21, 10:51 AM
    • Penn Virginia's (PVA +3.1%) stock price target is cut to $7 from $9 at Imperial Capital, but the firm remains bullish on the Outperform-rated company and raises its 2015 estimates due to increased production guidance and a lower cost structure.
    • The firm notes PVA is raising its 2015 crude oil production guidance due to an increased emphasis on Gonzales County, where the company has the highest returns, and that PVA looks to have turned the corner on completion issues that had hurt its development.
    • The firm continues to believe that with its sizable inventory, PVA is an attractive acquisition candidate, and that dissident shareholders favor PVA being sold.
  • Thu, Feb. 26, 9:14 AM
    • Penn Virginia (NYSE:PVA) +15.3% premarket following a WSJ report that it is exploring a sale of the company and has been working with Bank of America to look for potential buyers.
    • PVA has dropped 56% in the past year, and George Soros, whose hedge fund owns ~8% of the stock, has urged the company to find a buyer that could tap its reserves more efficiently.
    • Earlier: Penn Virginia misses by $0.25, misses on revenue
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  • Wed, Feb. 18, 12:51 PM
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  • Nov. 28, 2014, 12:45 PM
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  • Jul. 30, 2014, 6:38 PM
    • Penn Virginia (NYSE:PVA) -2.1% AH after Q2 earnings and revenues fall well short of expectations.
    • Q2 production from Eagle Ford shale operations rose 6% to 15,618 boe/day vs. 14,761 boe/day in the year-ago quarter.
    • Lowers 2014 production guidance to 8.8M-9.2M boe, due primarily to less than expected production during H1; raises preliminary guidance for 2015 production growth to 35% Y/Y and 45% for oil.
    • Raises guidance for 2014 capex to $762M-$808M ($410M-$456M for H2 of 2014), from $607M-$641M previously.
    • Also announces a $150M sale of the rights to construct and operate a crude oil gathering and intermediate transportation system in the Eagle Ford.
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  • Jul. 29, 2014, 10:33 AM
    • Arch Coal (ACI +3.5%) moves higher after its Q2 earnings loss came in better than expected as operating costs per ton fell 7%.
    • Q2 sales fell 7% Y/Y to $713.8M, missing analyst consensus, but operating costs per ton fell to $20.55 from $21.19.
    • ACI lowers its FY 2014 sales volume targets, including cutting its thermal sales volumes forecast to 124M-130M tons from 124M-132M tons to reflect the effects of transportation bottlenecks and the impact of a fall in steel production.
    • Other coal names also are higher: ANR +4.3%, ARLP +2.4%, PVA +1.9%, WLB +1.9%, BTU +1.4%, RNO +0.9%, WLT +0.8%, KOL +0.4%.
  • Jun. 25, 2014, 2:14 PM
    • Penn Virginia (PVA +8.1%) spikes higher as George Soros discloses a 9.53% stake vs. 9.15% in March, and says the best path to maximize share value is via a sale of the company; a previous form 13D only mentioned strategic alternatives.
    • In a letter sent to PVA's board, Soros Fund says it believes "there are numerous potential acquirers who would be interested in acquiring the company at a material premium to its current trading price, as demonstrated by any number of precedent transactions in the industry."
    • Soros also is disappointed that PVA has rejected suggestions for additional financial incentives to management to align their interests with shareholders in the event of a sale.
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Company Description
Penn Virginia Corp is an independent oil and gas company. The Company is engaged in the exploration, development and production of crude oil, natural gas liquids and natural gas in onshore regions of the United States.