Canaccord Genuity Maintains a 'Buy' on Penn Virginia (PVA); Lowering Estimates and Target After Q4/11 Guidance UpdatM
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Price: $0.15 --0%
Rating Summary:
3 Buy, 9 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
3 Buy, 9 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Canaccord Genuity maintains a 'Buy' on Penn Virginia (NYSE: PVA) price target of $11.00.
Analyst, John Gerdes, said, "Penn Virginia now has at least 21,200 net acres of Eagle Ford leasehold. Assuming 100% of Gonzales and 50% of Lavaca County acreage is prospective, development on 120-acre spacing and ~400 Mboe average recoveries, Penn Virginia has ~120 Eagle Ford drilling locations with ~40 Mmboe of net resource potential. This represents at least five years of drilling inventory at the ’11 pace and provides much needed franchise value."
"While the company’s Q4/11 pre-announcement was yet another negative surprise, we anticipate liquidity events over the next year should provide relief to the shares. We expect the company to term out ~$200 million of bank line and see the possibility of ~$150 million in proceeds associated with the sale of Appalachian Basin assets."
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 $4.72 yesterday.
Analyst, John Gerdes, said, "Penn Virginia now has at least 21,200 net acres of Eagle Ford leasehold. Assuming 100% of Gonzales and 50% of Lavaca County acreage is prospective, development on 120-acre spacing and ~400 Mboe average recoveries, Penn Virginia has ~120 Eagle Ford drilling locations with ~40 Mmboe of net resource potential. This represents at least five years of drilling inventory at the ’11 pace and provides much needed franchise value."
"While the company’s Q4/11 pre-announcement was yet another negative surprise, we anticipate liquidity events over the next year should provide relief to the shares. We expect the company to term out ~$200 million of bank line and see the possibility of ~$150 million in proceeds associated with the sale of Appalachian Basin assets."
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 $4.72 yesterday.
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