Penn Virginia Up As Soros Takes 9.5% Stake, Wants Company Sold

Penn Virginia PVA shares have jumped over 12 percent after George Soros acquired a 9.53 percent stake in the company and said he wants it sold.

Soros told the oil and gas producer in a letter Wednesday that he was disappointed it rejected his view. But Soros "reserved the right to take any and all actions" to preserve "shareholder value."

According to a Securities and Exchange Commission filing, Soros paid $29.18 million for 6.25 million shares.

Soros took the company to task for what he called "recent missteps" including "investor presentation failures" and "the resulting decline" in stock price.

A recent private offering of preferred shares was made "at a discount" that diluted the company's stock value by 21 percent, Soros asserted.

Penn traded recently at $16.59, up 12.12 percent.