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 10 Countries with the Highest Suicide Rates

The 10 Most Technologically Advanced Countries in the World

The 10 Safest Countries in the World to Live in Peace

The 10 Top Selling Smartphones in the World 2014

The 12 Biggest Shopping Centers in the World

The 10 Friendliest Countries in the World

Qihoo 360 Technology Co Ltd (QIHU), Actavis plc (ACT), Yahoo! Inc. (YHOO) Among 20 Long Ideas from Sohn Canada

The 10 Laziest Countries in the World

The 10 Most Polluted Countries in the World

The 10 Most Dangerous Cities in America 2014

The Top 10 Gold Producing Countries in the World

The 10 Tallest Buildings in the World

The 10 Richest Stand Up Comedians in the World

The 10 Fattest Countries in the World

The 5 Best Summer Jobs for Teens

The 10 Most Religious Countries in the World Keeping the Faith

The 10 Most Educated Countries in the World

The 10 Most Popular Cell Phones in the World

The 10 Drunkest Countries in the World

The 10 Most Expensive Private Schools in the World

The 10 Smallest Countries in the World

Walking Dead Season 5 Spoilers You’ll Wish You Didn’t Know

The 10 Poorest Countries in the World

The 10 Greenest Countries in the World

The Top 10 Countries with the Highest Population in the World

The 10 Most Visited Countries in the World

The Top 10 Star Wars Characters in the Iconic Series

The 10 Most Expensive Android Phones in the World

5 Reasons Why The Illuminati Is Real and a Threat to Society

The 6 Scariest Halloween Costumes Ever Screamed At

The 4 Biggest Hedge Fund Managers in the World Today

The 15 Most Densely Populated Countries in the World

The 10 Biggest Tea Drinking Countries in the World

Top 6 Ways to Improve Your Checkout Process and Close Sales

The 5 Most Profitable Online Businesses You Can Start Today

The 20 Most Profitable Hospitals in the US

The 5 Most Profitable Home Businesses to Start

The 7 Teams that Will Win the Stanley Cup in 2015

The Top 10 Most Expensive Digital Cameras to Snap Stunning Shots With

The 10 Highest Quality Fast Food Restaurants In America Today

The 8 Best Halloween Decorating Ideas to Spook Up Your House

10 Marvel Women that Should Get a Movie Right Now

The 20 Best Remixes of Popular Songs that Will Make You Forget the Originals

7 Most Expensive Cities in the World

5 Least Expensive Cities in the World

10 Celebrities Who Believe In Scientology

10 High Margin Food Products to Build a Business Around

The 10 Most Expensive Clothing Stores in the United States to Get Decked Out At

The 5 Biggest Kickstarter Scams That Swindled Backers’ Donations

The 10 Most Expensive Boarding Schools In the World

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!