Penn Virginia Corporation (PVA): Soros Fund Management Increases Exposure To The Stock

Soros Fund Management has disclosed in a recent regulatory filing with the Security and Exchange Commission that it has decreased its stake in Penn Virginia Corporation (NYSE:PVA) to 8.40% from as much as 9.53%, or from 6.25 million shares to 6 million shares. The “economic exposure” to the stock, however, has decreased by less – in terms of percentage of Penn Virginia Corporation (NYSE:PVA) total outstanding shares – to 9.38%. Furthermore, in absolute terms, George Soros’ exposure to the oil and gas company increased to 6.7 million shares, with around 700,000 shares being in the form of cash-settled total return swap contracts. Because Penn Virginia Corporation (NYSE:PVA) has increased the number of total shares in circulation following a private placement, Soros’ stake has shrunk, in spite of stepping up its position.

hedge fund research

Additionally, Soros has reported that on July, 1 it sold call options on some 250,000 shares with an expiration date of July, 19 and a strike price of $17.

In a rare move that hardly describes Soros’ investing philosphy, the legendary investor engaged in activism with the company one month ago, sending a letter to the board of directors of Penn Virginia Corporation (NYSE:PVA) where it has raised concerns about the company’s recent missteps. Particularly, the investor has made reference to some underwhelming presentations at several conferences and issuance of preferred stock at a “significant discount”, following which the stock tumbled given the dilution. Indeed, in the last three months Penn Virginia Corporation (NYSE:PVA)’s stock fell close to 30%, erasing half of year-to-date gains.  Soros has reached its verdict, saying the company should be “promptly” sold, as there are “numerous” potential buyers ready to pay a handsome premium over the last trading price.

As the stock continues to head down and with Soros, which is the largest shareholder, pressing for a sale, Penn Virginia Corporation (NYSE:PVA) may become an attractive takeover target.

Disclosure: None

blog comments powered by Disqus
Insider Monkey Headlines
Insider Monkey Small Cap Strategy
Insider Monkey Small Cap Strategy

Insider Monkey beat the market by 52 percentage points in 24 months Click to see monthly returns in table format!

Lists

The 6 Cheapest Boarding Schools in Europe 2015

The 5 Most Expensive Cars To Insure in the World

The 10 Most Common Genetically Modified Foods

10 Self-Made Billionaires Who Came From Nothing

The 10 Most Expensive Cities to Live in North America

The 13 Most Expensive Headphones in the World to Represent

The Top 20 Wealthiest Soccer Teams in 2014

4 BuzzWorthy Cannabis Stocks And Some Smoking Derivative Plays

The 10 Healthiest Fast Food Chains in America to Dine At

The 5 Most Expensive Cat Food Brands You Can Spoil Your Kitty With

The 6 Best eCommerce Platforms for Small Businesses

The 10 Worst Mistakes an Entrepreneur Can Make

The 5 Most OP Characters in League of Legends to Carry Games and Crush Foes With

The 5 Best Foods to Eat Before Running that Will Help You Pound the Pavement

10 Glaring Plot Holes in The Walking Dead that a Zombie-Filled Bus Could Drive Through

The 5 Biggest Celebrity Stoners Who Love Their Reefer

The 10 Most Overrated Movies Of All Time by Out-of-Touch Critics

Top 6 Least Expensive Cruise Destinations For 2015 that Will Take You to Paradise

10 States with Lowest Substance Abuse Rates in America

The 14 Most Watched TV Finales Ever

The 10 Best Selling Role Playing Games of All Time for PC

10 Most Influential Papers In Economics

Top 8 Biggest Charities in the US

10 Worst Celebrity Career Moves Ever

Top 10 Best Paid Tennis Stars in the World

10 Cities with High Demand for Nurses

6 of the Worst Greeting Card Messages Ever Crafted

How to Make Money in ArcheAge and Build Your Empire

10 Foods To Eat To Lower Cholesterol Levels

The 10 Most Hated Television Characters of All Time

The 30 Worst Halloween Costume Ideas Ever Brought to Horrible Life

10 Vocational Skills in Demand Today with Jobs Waiting to be Filled

10 Best Places to Visit in Central and South America

The 10 Greatest Empires in History Which Nearly Conquered the World

The 6 Cheapest Boarding Schools In America 2015

5 Clear Reasons LoL is Better than DotA, Continues to Rule MOBAs

The Only 9 Teams with a Chance to Win the Super Bowl

The 15 Most Common Phobias in America that Induce Fits of Panic

Top 6 Least Expensive Tourist Destinations in 2014

Jim Goetz, Peter Fenton, Jim Breyer: Top 6 Venture Investors for 2014

Top 15 Billionaires in 2014

5 Pitfalls To Avoid When Buying a Franchise

Top 20 Medical Schools in the US – 2014 Rankings

4 Business Strategies that Turned Jamie Oliver into the World’s Richest Chef

6 Qualities That Make You A Good Team Player

10 High Paying Seasonal Jobs in America this Holiday Season

The 10 Busiest Shipping Lanes in the World

5 Most Valuable Brands in China

The 10 States with Highest Substance Abuse Rates Crippling Their Populace

The Top 10 Things to Do Before You Die That Will Echo for Eternity

Subscribe

Enter your email:

Delivered by FeedBurner

X

Thanks! An email with instructions is sent to !

Your email already exists in our database. Click here to go to your subscriptions

Insider Monkey returned 47.6% in its first year! Wondering How?

Download a complete edition of our newsletter for free!