Obsidian Energy (NYSEAMERICAN:OBE) Shares Down 7.6% – Here’s Why

Obsidian Energy Ltd (NYSEAMERICAN:OBE) (TSE:PWT) fell 7.6% during mid-day trading on Wednesday . The stock traded as low as $8.55 and last traded at $9.02. 855,209 shares changed hands during mid-day trading, a decline of 12% from the average session volume of 969,909 shares. The stock had previously closed at $9.76.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on OBE. Royal Bank Of Canada lifted their target price on shares of Obsidian Energy from $9.00 to $10.00 and gave the company a “sector perform” rating in a research report on Friday, February 20th. Raymond James Financial raised shares of Obsidian Energy from a “hold” rating to a “moderate buy” rating in a research note on Monday, March 30th. One investment analyst has rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $10.00.

Obsidian Energy Stock Performance

The company has a market cap of $607.95 million, a PE ratio of 27.33 and a beta of -0.10. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.54 and a current ratio of 0.54. The firm’s 50 day moving average is $8.27 and its 200-day moving average is $6.90.

Hedge Funds Weigh In On Obsidian Energy

Several institutional investors and hedge funds have recently bought and sold shares of the company. Caitong International Asset Management Co. Ltd boosted its holdings in Obsidian Energy by 1,209.9% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 11,632 shares of the oil and gas company’s stock valued at $71,000 after purchasing an additional 10,744 shares during the last quarter. XTX Topco Ltd acquired a new position in Obsidian Energy in the 4th quarter valued at about $152,000. Quadrature Capital Ltd boosted its holdings in Obsidian Energy by 402.0% in the 4th quarter. Quadrature Capital Ltd now owns 337,858 shares of the oil and gas company’s stock valued at $2,075,000 after purchasing an additional 270,555 shares during the last quarter. Millennium Management LLC boosted its holdings in Obsidian Energy by 80.3% in the 4th quarter. Millennium Management LLC now owns 487,895 shares of the oil and gas company’s stock valued at $2,994,000 after purchasing an additional 217,239 shares during the last quarter. Finally, Man Group plc acquired a new position in Obsidian Energy in the 4th quarter valued at about $913,000. 13.51% of the stock is currently owned by institutional investors and hedge funds.

About Obsidian Energy

Obsidian Energy Ltd. explores for, develops, and produces oil and natural gas in western Canada. It holds interests in the Alberta Viking, Cardium, Deep Basin, and Peace River areas. The company was formerly known as Penn West Petroleum Ltd. and changed its name to Obsidian Energy Ltd. in June 2017. Obsidian Energy Ltd. was founded in 1979 and is headquartered in Calgary, Canada.