Is Selling Penn Virginia Corporation (PVAC) Here a Winning Strategy? The Stock Formed Bearish Multiple Bottom Chart Pattern

May 22, 2018 - By Stephen Andrade

The stock of Penn Virginia Corporation (PVAC) shows a multiple bottoms pattern with $63.90 target or 3.00 % below today’s $65.88 share price. The 9 months chart pattern indicates high risk for the $992.05M company. It was reported on May, 22 by Finviz.com. If the $63.90 price target is reached, the company will be worth $29.76 million less.
Multiple bottoms are very good trading chart patterns. These patterns have a low break even failure rate and decent average rise in a bull market, giving them a solid performance rank. Back-tests of such patterns show that the break even failure rate is 4%, the average rise: 37%, the throwback rate: 64% and the percentage of stocks meeting their price targets: 64%.

The stock decreased 1.85% or $1.24 during the last trading session, reaching $65.88. About 234,921 shares traded or 29.55% up from the average. Penn Virginia Corporation (NASDAQ:PVAC) has 0.00% since May 22, 2017 and is . It has underperformed by 11.55% the S&P500.

Analysts await Penn Virginia Corporation (NASDAQ:PVAC) to report earnings on August, 14. They expect $1.90 earnings per share, up 175.36 % or $1.21 from last year’s $0.69 per share. PVAC’s profit will be $28.61 million for 8.67 P/E if the $1.90 EPS becomes a reality. After $1.47 actual earnings per share reported by Penn Virginia Corporation for the previous quarter, Wall Street now forecasts 29.25 % EPS growth.

More notable recent Penn Virginia Corporation (NASDAQ:PVAC) news were published by: Nasdaq.com which released: “Penn Virginia Reports First Quarter 2018 Results and Provides Operational Update” on May 08, 2018, also Benzinga.com with their article: “Mid-Afternoon Market Update: Dow Up Over 200 Points; Caesarstone Shares Slide” published on May 09, 2018, Benzinga.com published: “54 Biggest Movers From Yesterday” on May 10, 2018. More interesting news about Penn Virginia Corporation (NASDAQ:PVAC) were released by: Seekingalpha.com and their article: “Penn Virginia: Behind This Week’s Explosive Rally” published on May 12, 2018 as well as Seekingalpha.com‘s news article titled: “Penn Virginia: Stellar Production Growth To Trigger Stock Upside” with publication date: April 25, 2018.

Penn Virginia Corporation, an independent gas and oil company, engages in the onshore exploration, development, and production of crude oil, natural gas liquids, and natural gas in the United States. The company has market cap of $992.05 million. The firm primarily operates wells in the Eagle Ford Shale field in South Texas. It has a 66.95 P/E ratio. It also has activities in the Granite Wash in Oklahoma.

Penn Virginia Corporation (NASDAQ:PVAC) Ratings Chart

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