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UPDATE: Oppenheimer Starts Penn Virginia (PVA) at Perform

June 3, 2015 4:29 PM EDT
Get Alerts PVA Hot Sheet
Price: $0.15 --0%

Rating Summary:
    3 Buy, 9 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 13 | Down: 10 | New: 10
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(Updated - June 4, 2015 8:47 AM EDT)

Oppenheimer initiated coverage on Penn Virginia (NYSE: PVA) with a Perform rating.

Analyst Robert Du Boff commented, "We believe the company has a desirable asset base in the Eagle Ford Shale and continues to make progress delineating the acreage, improving operations, and cutting costs. However, given the company's considerable debt burden, we believe PVA will have to sell assets or equity in what could be an unfavorable market just to maintain production, which could ultimately erode shareholder value in the near term. We do not rule out a takeout in light of recent media reports, but we believe the M&A market is still lukewarm at this point and conditions may get substantially worse before a buyer steps in."

For an analyst ratings summary and ratings history on Penn Virginia click here. For more ratings news on Penn Virginia click here.

Shares of Penn Virginia closed at $4.92 yesterday.



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