NEW YORK (TheStreet) -- Shares of Penn Virginia Corp (PVA) were sinking, down 7.34% to $4.80 in late morning trading Monday, giving back its gains from Thursday when reports surfaced that the energy producer had rejected an $8 per share takeover offer from BP (BP).
However, no such offer or rejection occurred, according to The Wall Street Journal.
The takeover talks may have circulated due to documentation of a takeover deal from exactly 13 years earlier between Penn Virginia and BP Capital, The Journal added.
BP and BP Capital are two separate companies.
Still, analysts at SunTrust say they continue to view Penn Virginia as an acquisition candidate, calling it one of the "largest attractive acreage positions versus the corresponding enterprise value."
The firm kept its "buy" rating and a $10 price target on Penn Virginia shares.
Radnor, Penn.-based Penn Virginia is an independent oil and gas company engaged in the exploration, development and production of crude oil, natural gas liquids and natural gas in onshore regions of the U.S.
Separately, 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 number of negative factors, 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."