Canaccord Maintains Buy On Penn Virginia Following Completion Delays
In a research report issued yesterday to investors, Canaccord analyst Stephen Berman reiterated a Buy rating on Penn Virginia Corporation (NYSE:PVA) with a $23 price target, as the company cut its H2/14 production guidance due to anticipated completion delays in the EF.
Berman wrote, “PVA has been successful in transitioning to a liquids-focused company while maintaining leverage to an improvement in natural gas prices. It has built a sizeable ~102K net acre position in the volatile oil window of the Eagle Ford (EF) and has generated solid results through the drillbit while bringing down costs at the same time.”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Stephen Berman has a total average return of 9.5% and a 48.6% success rate. Berman has a 9.6% average return when recommending PVA, and is ranked #747 out of 3261 analysts.