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Actionable news in PVA: PENN VIRGINIA Corp,

Penn Virginia (PVA) Stock Spikes After $13 Million Asset Sale

NEW YORK (TheStreet) -- Shares of Penn Virginia (PVA - Get Report) are up by 18.54% to 97 cents per share on heavy volume Wednesday, after the oil and gas company announced the sale of certain non-core assets in South Texas for $13 million.

The assets are located in Gonzales County, TX, a significant distance from the company's main acreage block.

Penn Virginia's divestiture includes three wells that as of last month produce approximately 250 barrels of oil equivalent per day.

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Following the sale, the company will still hold interest in 100,400 net acres in South Texas.

Traders have exchanged 7.5 million shares of Penn Virginia so far today versus the stock's daily moving average of 4 million shares per day.

Separately, TheStreet Ratings team rates PENN VIRGINIA CORP as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:

We rate PENN VIRGINIA CORP (PVA) a SELL. This is...