Penn Virginia Corporation (NYSE:PVA) announced that it has closed the previously announced sale of its East Texas assets. The net cash proceeds from the sale were approximately $74 million, including customary closing adjustments.

Pro forma for the East Texas divestiture, at June 30, 2015, our total debt ratio and credit exposure ratio, defined as all outstanding borrowings under our revolving credit facility (Revolver) plus any outstanding letters of credit, were 3.6 times and 0.4 times trailing twelve months’ pro forma Adjusted EBITDAX, respectively, with $138 million outstanding under our revolving Revolver and financial liquidity of $259 million. This compares to total debt and credit exposure ratios of 3.7 times and 0.6 times, respectively, with $212 million outstanding under the Revolver and financial liquidity of $215 million as of June 30, 2015.

The divestiture was already given effect in our most recent 2015 guidance. (Original Source)

Shares of Penn Virginia Resource are up to $1.23 in after-hours trading. PVA has a 1-year high of $15.04 and a 1-year low of $0.71. The stock’s 50-day moving average is $1.54 and its 200-day moving average is $4.80.

On the ratings front, Penn Virginia has been the subject of a number of recent research reports. In a report issued on August 10, Barclays analyst Jeffrey Robertson reiterated a Hold rating on PVA, with a price target of $1, which implies a downside of 8.3% from current levels. Separately, on August 3, Canaccord Genuity’s Stephen Berman reiterated a Buy rating on the stock and has a price target of $3.75.

According to, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Jeffrey Robertson and Stephen Berman have a total average return of 4.0% and -29.6% respectively. Robertson has a success rate of 44.9% and is ranked #1000 out of 3743 analysts, while Berman has a success rate of 20.2% and is ranked #3742.

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.