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Fly News Breaks for April 29, 2019
PVAC
Apr 29, 2019 | 05:20 EDT
Imperial Capital analyst Irene Haas started Penn Virginia with an Outperform rating and $70 price target. The shares have not recovered despite crude oil prices "recovering to a healthy level," Haas tells investors in a research note. She believes a lack of new investors could be a partial explanation. In addition, the capital market is largely closed for small to mid-cap Exploration and Production companies who are the likely suitors for Penn Virginia, the analyst adds. Nonetheless, she views the company as an "interesting investment" saying it has a "strong balance sheet, sufficient inventory for the future, and the scope and scale to thrive as a standalone investment."
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