The firm said it raised its rating on the independent oil and gas company based on a recent pullback in shares.
Stifel said an improvement in oil volume growth and the company's recent $313 million convertible preferred offering also influenced the upgrade.
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Separately, TheStreet Ratings team rates PENN VIRGINIA CORP as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate PENN VIRGINIA CORP (PVA) a HOLD. The primary factors that have impacted our rating are mixed some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its robust revenue growth, expanding profit margins and good cash flow from operations. However, as a counter to these strengths, we also find weaknesses including generally higher debt management risk and disappointing return on equity."