RYDAF - The Waiting Game In Oil Continues But Penn Virginia Outperforms

• Penn Virginia has reported $7.07 in earnings thus far in 2020. At $6.45/share, the company trades at a P/E of LESS than 1.
• Earnings beats for the last 4 quarters have been: Q3'20 (+36%), Q2'20 (+42%), Q1'20 (+44%), Q4'19 (+43%).
• Penn Virginia's realized oil price for Q3 was ~$48.28/barrel including hedge settlements. Its current oil hedges will remain in place for the next 3 quarters through 21'Q2.
• The company generated free cash flow of $34 million during Q3, all of which was used to pay down debt.
• In Q3, the company received a cash investment of $150 million (private placement of 1.714 million shares at $8.75 share), plus ~$38.4 million in oil and gas assets, from Juniper Capital, an upstream private equity firm. Share dilution for existing shareholders was approximately 11.15%.

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