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Stock Alert: Penn Virginia Shares Up 22% In Late Trade

Shares of Penn Virginia Corp. (PVAC) rose $1.25 or 21.59% to $7.04 in after-hours trading session on May 7, after the company reported a turnaround to profit for the first quarter. Adjusted EPS tops consensus.

The stock has been trading in the range of $0.99 - $43.43 for the past one year, and closed Thursday's trade at $5.79, up 61 cents or 11.78%. Trading volume totaled 922K versus an average volume of 939K shares.

Net income for the first quarter of 2020 was $163.1 million, or $10.76 per share, compared to a net loss of $38.7 million, or $2.56 per share, in the first quarter of 2019.

Adjusted net income was $28.6 million, or $1.89 per share, versus $28.3 million, or $1.86 per share in the prior year period.

Total revenues declined to $91.4 million from $105.2 million generated in the same period of last year. Total product revenues amounted to $90.9 million versus $104.6 million prior year.

Analysts polled by Thomson Reuters expected earnings of $1.31 per share on revenue of $102.23 million for the quarter. Analysts' estimate typically exclude certain special items.

Total production increased about 10% from the first quarter of 2019 to 2.433 million barrels of oil equivalent or MMBOE, or 26,740 BOEPD (77% crude oil).

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