Penn Virginia (NYSE:PVA) was the recipient of an upgrade from Barclays (NYSE:BCS), getting bumped from "Equalweight" to "Overweight."
"Shares currently trade at 4.2x our 2011 pre-interest cash flow estimate compared with a peer average of 5.8x. Development of the Granite Wash is expected to drive a steeper ramp in production with a greater mix of liquids in 2H10 and FY11. Exploration results in the play later this year could add to the drilling inventory," Barclays said.
Even so, the price target on the company was dropped significantly from $30 a share to $25 a share.
Penn closed Tuesday at $20.09, falling $0.12, or 0.60 percent.
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