NEW YORK (TheStreet) -- Penn Virginia (PVA) shares are down 4.82% to $4.74, giving back the gains the stock made in afternoon trading yesterday following reports that the independent oil explorer was a takeover target of oil giant BP (BP).
The company yesterday afternoon said that it "did not issue a press release" concerning a bid after the stock rose as high as $5.38 per share yesterday.
The company has been under pressure from activist investor George Soros, who owns an 8% stake in the firm, to sell itself and the company hired an investment bank to seek out a partner in February, according to Finalternatives.
BP offered to acquire the company for $8 per share, according to the report, and Penn Virginia rejected the offer because it believes that that purchase price undervalues the company.
Penn Virginia is looking for at least $10 per share.
Penn Virginia shares have decreased by more than 75% over the past 12 months as falling oil prices forced the stock down to its opening trading price of $4.50 today, well below last June's price of $17.
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 a few notable weaknesses, 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."