Penn Virginia Corporation (NYSE:PVA) disclosed that it has received notice from the New York Stock Exchange (NYSE) that the average closing price of its common stock for the last 30 consecutive trading days was less than $1.00 per share, which is below the price required by NYSE’s continued listing standards.
Under NYSE rules, the Company will regain compliance if, on the last trading day of any calendar month occurring during the next six months, PVA’s common stock closing share price and its consecutive 30 trading-day average closing share price are at least $1.00 per share. During this period, the Company’s common stock will continue to be traded on the NYSE, subject to compliance with other NYSE listing requirements. In compliance withNYSE procedures, the Company intends to notify the NYSE within ten business days of its intent to cure this deficiency and return to compliance withNYSE continued listing standards.
The NYSE notification does not affect the Company’s business operations or its SEC reporting requirements and does not cause an event of default under any of its debt agreements. (Original Source)
Shares of Penn Virginia Corporation closed yesterday at $0.8101. 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 $1.07 and its 200-day moving average is $4.40.
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 23.4% 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 TipRanks.com, 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 2.9% and -34.2% respectively. Robertson has a success rate of 43.0% and is ranked #1171 out of 3757 analysts, while Berman has a success rate of 15.0% and is ranked #3756.
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 23.4% 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.