UPDATE: Pritchard Capital Raises PT to $7 on Penn Virginia Corporation (NYSE: PVA) on Improving Liquidity Outlook

Pritchard Capital increases its price target from $6 yo $7 on Buy-rated Penn Virginia Corporation

on liquidity outlook improvement. Pritchard Capital says, "We are raising our price target to $7 from $6 following the Q1 12 beat and improving liquidity outlook for the company. Adjusted Q1 12 EPS of ($0.15) beat our ($0.26) and consensus of ($0.25). Driving the beat was better than expected production of 10.9 Bcfe (42% liquids) vs. our 10.5 Bcfe forecast (39% liquids). The company has been a model of consistency in the Eagle Ford in Gonzales County, where wells are averaging ~1,000 Boe/d with 30 day rates of ~650 Boe/d, and initial results in Lavaca County have met or exceeded its expectations. The liquidity situation is improving, with PVA getting a new borrowing base at the high end of its expectations, and we expect the company to get a good price for its Granite Wash assets recently put on the market." PVA closed at $5.54 on Thursday.