UPDATE - Canaccord Genuity Upgraded Penn Virginia (PVA) to Buy; Increasing Emphasis on Eagle Ford Oil
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Price: $0.15 --0%
Rating Summary:
3 Buy, 9 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 20 | Down: 21 | New: 10
Rating Summary:
3 Buy, 9 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 20 | Down: 21 | New: 10
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UPDATE - Canaccord Genuity upgraded Penn Virginia (NYSE: PVA) from Hold to Buy. PT increased from $16 to $19.
Canaccord analyst says, "We are upgrading PVA and increasing our price target $3 to $19 per share due to a further shift to high-margin Eagle Ford oil development. The Eagle Ford, which comprises ~60% of ’11E capital spending, should underpin an increase in liquids production from 20% of volumes in Q1/11 to 30% in Q4/11. Our Q4 liquids weighting is below 35% guidance, implying potential upside to our target. Notably, Penn Virginia trades at a ~25% discount (’11E EBITDA) though it now has a comparable CFPS growth outlook (’11-’13E). We anticipate this discount should narrow with continued Eagle Ford execution and leasehold acquisition discipline (cost/geography)."
To see all upgrades/downgrades on shares of PVA, visit our Analyst Ratings page.
Canaccord analyst says, "We are upgrading PVA and increasing our price target $3 to $19 per share due to a further shift to high-margin Eagle Ford oil development. The Eagle Ford, which comprises ~60% of ’11E capital spending, should underpin an increase in liquids production from 20% of volumes in Q1/11 to 30% in Q4/11. Our Q4 liquids weighting is below 35% guidance, implying potential upside to our target. Notably, Penn Virginia trades at a ~25% discount (’11E EBITDA) though it now has a comparable CFPS growth outlook (’11-’13E). We anticipate this discount should narrow with continued Eagle Ford execution and leasehold acquisition discipline (cost/geography)."
To see all upgrades/downgrades on shares of PVA, visit our Analyst Ratings page.
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