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Strength Seen in Penn Virginia (PVAC): Can Its 10.6% Jump Turn into More Strength?

·2 min read

Penn Virginia (PVAC) shares ended the last trading session 10.6% higher at $15.09. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 0.9% loss over the past four weeks.

Penn Virginia stocks soared after it reported better-than-expected first-quarter sales figures. The company also generated free cash flow for the sixth consecutive quarter. Investors appreciated the fact that it raised full-year 2021 production guidance by more than 6% while keeping the capital expenditure budget intact. This reflects increasing efficiency in operations.

Price and Consensus

Price Consensus Chart for PVAC
Price Consensus Chart for PVAC

This company is expected to post quarterly earnings of $0.81 per share in its upcoming report, which represents a year-over-year change of -37.2%. Revenues are expected to be $104.15 million, up 129% from the year-ago quarter.

While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.

For Penn Virginia, the consensus EPS estimate for the quarter has been revised 14.7% higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. So, make sure to keep an eye on PVAC going forward to see if this recent jump can turn into more strength down the road.

The stock currently carries a Zacks Rank 2 (Buy). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>


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