"May 21 2015, 10:51 ET | About: Penn Virginia Corporation (PVA) | By: Carl Surran, SA News Editor Contact this editor with comments or a news tip
Penn Virginia's (PVA +3.1%) stock price target is cut to $7 from $9 at Imperial Capital, but the firm remains bullish on the Outperform-rated company and raises its 2015 estimates due to increased production guidance and a lower cost structure.The firm notes PVA is raising its 2015 crude oil production guidance due to an increased emphasis on Gonzales County, where the company has the highest returns, and that PVA looks to have turned the corner on completion issues that had hurt its development.The firm continues to believe that with its sizable inventory, PVA is an attractive acquisition candidate, and that dissident shareholders favor PVA being sold."
Operating loss was $57.9 million in the first quarter of 2015, compared to operating loss of $14.1 million in the fourth quarter of 2014, excluding $667.8 million of impairments of our East Texas and Oklahoma properties. This decrease was due primarily to a $27.6 million decrease in product and other revenues and increased operating expenses of $16.1 million, which are explained in more detail later in the release.
Net loss attributable to common shareholders for the first quarter was $63.2 million, or $0.88 per diluted share, compared to net loss of $423.8 million, or $5.90 per diluted share, in the prior quarter. Adjusted net loss attributable to common shareholders for the first quarter, a non-GAAP measure which includes our preferred stock dividend but excludes the effects of other items that affect comparability to other periods, was $44.9 million, or $0.62 per diluted share, compared to a loss of $25.3 million, or $0.35 per diluted share, in the prior quarter."