The New Charles Davidson’s Wexford Capital Lp Holding in Penn Virginia Corp
Wexford Capital Lp filed with the SEC SC 13D form for Penn Virginia Corp. The form can be accessed here: 000104846216000057. As reported in Charles Davidson’s Wexford Capital Lp’s form, the filler as of late owns 6.12% or 867,666 shares of the Energy–company.
Penn Virginia Corp stake is a new one for the for the hedge fund and it was filed because of activity on September 12, 2016. We feel this shows Charles Davidson’s Wexford Capital Lp’s positive view for the stock. For a hedge fund managing $6.34 billion in assets and having 68+ active experts, we at Financialmagazine have no doubt the buy is a bullish signal.
The hedge fund is active investor in the Energy sector. In the manager’s last 13-F, we saw 9% of Charles Davidson’s Wexford Capital Lp’s US equities portfolio is in this sector.
Reasons Why Charles Davidson’s Wexford Capital Lp Bought – Penn Virginia Corp Stock
Purpose of Transaction
The Purchasing Entities (i) received Common Stock in connection with their claims arising under the Notes, (ii) acquired Common Stock in connection with in connection with the Rights Offering for investment purposes and in the ordinary course of their investment trading business and to provide working capital to support the Issuer’s operations upon emergence from bankruptcy and (iii) received Common Stock as consideration in the form of a premium for their commitment pursuant to the Backstop Commitment Agreement.
Marc McCarthy, an employee of Wexford Capital, was appointed to the Issuer’s Board of Directors in connection with the Issuer’s emergence from bankruptcy.
Except as set forth herein, the Reporting Persons have no present plan or proposal that would relate to or result in any of the matters set forth in subparagraphs (a) – (j) of Item 4 of Schedule 13D.The Reporting Persons intend to review their investment in the Issuer on a continuing basis.Depending on various factors including, the Issuer’s financial position and strategic direction, actions taken by the board of directors of the Issuer, price levels of the Common Stock, other investment opportunities available to the Reporting Persons, conditions in the securities market and general economic and industry conditions, the Reporting Persons may in the future take such actions with respect to their investment in the Issuer as they deem appropriate including, without limitation, purchasing additional Common Stock, other securities or derivative instruments related thereto or selling some or all of their Common Stock, other securities or derivative instruments, engaging in hedging or similar transactions with respect to the Common Stock, and, alone or with others, pursuing discussions with the management, the board of directors of the Issuer, other shareholders of the Issuer and third parties with regard to their investment in the Issuer, and/or otherwise changing their intention with respect to any and all matters referred to in Item 4 of Schedule 13D.
Penn Virginia Corp Institutional Sentiment
Latest Security and Exchange filings show 117 investors own Penn Virginia Corp. The institutional ownership in Q3 2015 is high, at 131.02% of the outstanding shares. This is decreased by 31509462 the total institutional shares. 44783630 were the shares owned by these institutional investors. In total 17 funds opened new Penn Virginia Corp stakes, 34 increased stakes. There were 52 that closed positions and 39 reduced them.
Capstone Financial Advisors Inc is an institutional investor bullish on Penn Virginia Corp, owning 15000 shares as of Q3 2015 for less than 0.01% of its portfolio. Grt Capital Partners Llc owns 2092305 shares or 0.29% of its portfolio. MA Weiss Asset Management Lp have 0.02% of their stock portfolio for 54516 shares. Further, Barton Investment Management reported stake worth 0.02% of its US stock portfolio. The NY Wcg Management Lp owns 100000 shares. Penn Virginia Corp is 0.02% of the manager’s US portfolio.
Penn Virginia Corporation is an independent oil and gas company. The Company is engaged in the onshore exploration, development and production of crude oil, natural gas liquids (NGL) and natural gas. The Company’s operations consist primarily of operating its producing wells in the Eagle Ford Shale field, or Eagle Ford, in South Texas. It also has operations in Oklahoma, primarily in the Granite Wash. The Company operates through exploration, development and production of crude oil, NGLs and natural gas segment. The Company owns a contiguous position of approximately 100,000 net acres in the core liquids-rich area or volatile oil window of the Eagle Ford. Its primary oil and gas assets are located in Gonzales and Lavaca Counties in South Texas and Washita and Custer Counties in Western Oklahoma. The Company sells its crude oil, NGL and natural gas products using short-term floating price physical and spot market contracts.
SEC Form 13D is filed within 10 days, by anyone who acquires beneficial ownership of 5%+ of any public firm. Activist investors and practices such as: company breakups, hostile takeovers, and change of control events, are permitted for this form filers. A filer must promptly update its 13D filing in case of acquisition or disposition of 1% or more of the securities that are the subject of the filing.
Charles Davidson’s Wexford Capital Lp website.
Insitutional Activity: The institutional sentiment increased to 0.1 in 2016 Q2. Its up 0.09, from 0.01 in 2016Q1. The ratio is positive, as 10 funds sold all PSIVIDACOR CDI shares owned while 0 reduced positions. 1 funds bought stakes while 0 increased positions. They now own 1.96 million shares or 33.09% less from 2.93 million shares in 2016Q1.
Hodges Capital Management Inc accumulated 0% or 11,000 shares. Barton Invest Mgmt has invested 0% of its portfolio in PSIVIDACOR CDI (ASX:PVA). Cap Advsrs Inc Ok holds 0% of its portfolio in PSIVIDACOR CDI (ASX:PVA) for 1.75 million shares.
The stock closed at $4.1 during the last session. It is down 0.73% since March 7, 2016 and is downtrending. It has underperformed by 12.94% the S&P500.
PVA Company Profile
Penn Virginia Corporation, incorporated on May 21, 1980, is an independent gas and oil company. The Firm is engaged in the onshore exploration, development and production of crude oil, natural gas liquids (NGL) and natural gas. The Company’s activities consist primarily of operating its producing wells in the Eagle Ford Shale field, or Eagle Ford, in South Texas. It also has activities in Oklahoma, primarily in the Granite Wash. The Firm operates through exploration, development and production of crude oil, NGLs and natural gas segment. The Firm owns a contiguous position of approximately 100,000 net acres in the core liquids-rich area or volatile oil window of the Eagle Ford. The Company’s primary gas and oil assets are located in Gonzales and Lavaca Counties in South Texas and Washita and Custer Counties in Western Oklahoma.
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