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Penn Virginia Corporation (PVA)

  • 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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  • Jun. 13, 2014, 8:54 AM
    • 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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  • Jun. 12, 2014, 9:54 AM
    • The recent selloff in Penn Virginia (PVA +2.9%) is overdone, Imperial Capital says, believing PVA's private offering of convertible perpetual preferred stock will enable it to ramp production in the Eagle Ford, while the strong showing of the Welhausen well demonstrates the potential of PVA's acreage (
    • Imperial keeps an Outperform rating on the stock with a $20 price target, while MLV & Co. raises its target to $22 from $20 and maintains its Buy rating as PVA continues to develop its best-in-class asset and add to its position with accretive acreage acquisitions.
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  • Jun. 11, 2014, 11:53 AM
    • Penn Virginia (PVA +1.7%) reverses large early losses to turn higher despite yesterday's announcement after the close that it would offer $250M of depositary shares that can be converted into preferred stock.
    • The catalyst for the turnaround appears to be a SunTrust note that calls the move positive, as 2015 oil production growth should now be ~40% vs. ~30% previously and total Eagle Ford acreage is likely to reach 100K quicker than forecast.
    • In a self-fulfilling prophecy, SunTrust predicted shares would rebound when the likely positive well results are understood.
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  • Jun. 10, 2014, 6:33 PM
    • Penn Virginia (PVA) -3.9% AH on news it plans to offer 2.5M depositary shares, each representing a 1/100th interest in a share of Series B convertible perpetual preferred stock, in a private offering.
    • PVA says it intends to use the proceeds from the offering to finance the acceleration of its development program in the Eagle Ford Shale and to increase its lease acquisition effort in the play.
  • Mar. 18, 2014, 12:46 PM
  • Mar. 18, 2014, 10:56 AM
    • Soros Fund Management discloses a 9.18% active stake in Penn Virginia (PVA +8%) via a 13D filing, and says the company should explore strategic alternatives.
    • George Soros' hedge fund says PVA has been well managed but should explore strategic alternatives as a means to enhance or maximize shareholder value; it will continue to hold discussions with PVA management and may seek talks with PVA's board, potential acquirers and other interested parties.
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  • Feb. 24, 2014, 3:56 PM
    • More analysts jump on the Penn Virginia (PVA +6.5%) bandwagon, as Imperial Capital and Howard Weil raise their price targets on the shares following last week's bullish comments from SunTrust.
    • Imperial believes PVA is in an excellent position to continue to grow earnings, EBITDA and cash flow as well as to continue to improve debt metrics, citing 1,125 Eagle Ford locations, consistently improving initial production rates and decreasing costs per stage.
    • Even on a cash flow basis, PVA continues to trade at a discount to Eagle Ford and smallcap peers, Howard Weil says, and the balance sheet should steadily improve as production and cash flows continue to grow.
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  • Feb. 20, 2014, 3:44 PM
    • Penn Virginia (PVA +9%) soars to a new 52-week high despite missing Q4 earnings forecasts as some Eagle Ford wells were brought online later than expected and anticipated 2014 capex is increasing due to increased leaseholds.
    • The key takeaway, according to SunTrust analysts, is that Eagle Ford well results continue to materially improve, with the latest 23 wells averaging a 43% higher rate than the prior average.
    • Shares have more than tripled in the past year as investors eat up the Eagle Ford growth story, one that appears to remain very much intact.
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  • Feb. 19, 2014, 6:49 PM
    • Penn Virginia (PVA) -5.1% AH after Q4 earnings and revenue both come in below Wall Street expectations.
    • Q4 production was 1.8M boe, or ~20K boe/day, up 2% Q/Q; Eagle Ford shale production was 13,111 boe/day, up 5%.
    • Year-end 2013 proved oil and gas reserves increased 20% Y/Y to 136.3M boe; Eagle Ford reserves rose 189% to 75.6M boe (89% oil and NGLs).
    • FY 2014 production is seen at 9.1M-9.8M boe, or 25K-26.8K boe/day, up 34%-43% Y/Y; product revenues, excluding the impact of any hedges, are expected at $587M-$630M, up 36%-46% Y/Y.
    • Capital expenditures are expected to be $575M-$640M, up 13%-25% over 2013 capex.
    | 1 Comment
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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.