Penn Virginia Corporation (NYSE:PVA) announced that, given the current commodity price environment, the need to preserve liquidity and the resulting reduction in capital available to invest in its high-quality assets, it has suspended the quarterly dividends on its 6.00% Series A convertible preferred stock (Series A) and its 6.00% Series B convertible preferred stock (Series B) for the quarter ending September 30, 2015. As a result, no dividends for the third quarter of 2015 will be paid to holders of Series A or Series B depositary shares, each representing a 1/100th interest in a share of Series A or Series B preferred stock. The Company will continue to re-evaluate the dividend payment policy on a quarterly basis.

The suspension of quarterly dividends does not affect the Company’s business operations and does not cause an event of default under any of its debt agreements.

Under the terms of Series A and Series B preferred stock, any unpaid dividends, including the unpaid dividends for the quarter ending September 30, 2015 and any future unpaid dividends, will accumulate. If the Company does not pay dividends on its Series A and Series B preferred stock for six quarterly periods, whether consecutive or non-consecutive, the holders of depositary shares of both series of preferred stock, voting together as a single class, will have the right to elect two additional directors to serve on the Company’s Board of Directors until all accumulated and unpaid dividends are paid in full. (Original Source)

Shares of Penn Virginia closed yesterday at $0.81. PVA has a 1-year high of $13.99 and a 1-year low of $0.71. The stock’s 50-day moving average is $1.01 and its 200-day moving average is $4.34.

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 represents a potential upside of 23.5% from where the stock is currently trading. 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 3.9% and -32.1% respectively. Robertson has a success rate of 44.4% and is ranked #1009 out of 3765 analysts, while Berman has a success rate of 16.5% and is ranked #3764.

Overall, 2 research analysts have assigned a Hold rating and 2 research analysts have given a Buy rating to the stock. When considering if perhaps the stock is under or overvalued, the average price target is $1.00 which is 23.5% above where the stock closed yesterday.

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.