Soros-Backed Driller Sees Shares Shoot up 22 Percent
Earlier this week, global investing icon George Soros revealed that he is the largest shareholder of Penn Virginia Corp. (PVA), an independent oil and gas company with holdings in the lucrative Eagle Ford shale formation in Texas. But he also disclosed that he didn’t buy the Radnor, Pa.-based company as a long-term hold. Instead, he intends to discuss options for the company to sell itself with its board of directors, and perhaps even potential suitors. Industry analysts say that shares could command a 50 percent premium when sold. On this news alone, shares popped 22 percent. When Soros talks, investors generally listen. Will you?