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Penn Virginia Resource Partners (PVR) Climbed Sharply Following Acquisition

Penn Virginia Resource Partners (PVR: Quote) announced Tuesday morning that it has signed a definitive agreement to acquire Chief Gathering LLC for $1.0 billion.

Penn Virginia Resource Partners climbed sharply throughout the first 2 hours of trade Tuesday and closed up by 2.59 at $24.95, with volume at a 5-month high. The stock broke out to a 3-week high and re-crossed its 50-day moving average.

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by RTT Staff Writer

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