UPDATE: Canaccord Genuity Assumes Buy on Penn Virginia Corporation on Secondary Offering

Canaccord Genuity assumed coverage on Penn Virginia Corporation

with a Buy rating and a $8 price target. Canaccord Genuity said, "We are assuming coverage of PVA with a BUY rating and new (lower) 12-month price target of $8, which takes into account the dilution from the recent offering of common stock. PVA has been successfully transitioning to a liquids-focused company while retaining its leverage to an improvement in natural gas prices." Penn Virginia Corporation closed at $5.00 on Thursday.