Penn Virginia shares jump
Shares in Penn Virginia Corp., the embattled Radnor oil and gas producer, nearly quadrupled in value Monday, soaring from 10 cents a share to 38 cents a share. It closed at 36.7 cents in over-the-counter trading that was about eight times the average volume.
Shares in Penn Virginia Corp., the embattled Radnor oil and gas producer, nearly quadrupled in value Monday, soaring from 10 cents a share to 38 cents a share. It closed at 36.7 cents in over-the-counter trading that was about eight times the average volume.
Penn Virginia, which produces oil from Texas and Oklahoma shale formations, has sunk in value from a 52-week high of $8.03 a share as losses have mounted from low oil prices.
The company was delisted from the New York Stock Exchange in January after its share prices fell below $1. On Jan. 15, it announced it retained financial advisors and legal advisors for "strategic alternatives related to its capital structure."
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