NEW YORK (TheStreet) -- Shares of Penn Virginia (PVA) were falling 33.3% to $1.36 on heavy trading volume after the oil company missed analysts' estimates for revenue in the second quarter and lowered its 2015 production forecast.
Penn Virginia reported revenue of $83.6 million for the second quarter, down 40% from the year-ago quarter and below analysts' of $105.69 million. The company reported a loss of 44 cents a share for the second quarter, beating analysts' estimates of a loss of 53 cents a share.
The company produced 23,519 barrels of oil equivalent a day in the second quarter, down from 24,721 barrels a day in the year-ago quarter.
Penn Virginia now expects to produce of average of between 20,700 and 22,600 barrels of oil equivalent a day in 2015, down from its previous production guidance of 23,800 to 26,200 barrels of oil equivalent a day.
About 12.2 million shares of Penn Virginia were traded by 2:52 p.m. Thursday, well above the company's average trading volume of about 4.6 million shares a day.
TheStreet Ratings team rates PENN VIRGINIA CORP as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:
"We rate PENN VIRGINIA CORP (PVA) a SELL. This is driven by some concerns, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, generally high debt management risk, disappointing return on equity, weak operating cash flow and generally disappointing historical performance in the stock itself."
You can view the full analysis from the report here: PVA Ratings Report