Pritchard Capital Partners Lowers Price Target on Penn Virginia (PVA)

Pritchard Capital Partners LLC is out with a research report this morning, where it reiterates its Buy rating on Penn Virginia

; it also lowered its price target on the stock to $27.00, from $32.00. The PCP analysts said that the company’s production volumes are growing after they put a new fracturing service agreement into place; this has addressed the recent delays in drilling in eat Texas. The analysts also noted that the company has an ample liquidity cushion, $735 million, even after accounting for an increase of $50 million in announced cap-ex. Even though the company’s liquid components are increasing, the PCP analysts lowered the price target due to their calculation of NAV.