Obsidian Energy (NYSEAMERICAN:OBE) Trading 6% Higher – What’s Next?

Obsidian Energy Ltd (NYSEAMERICAN:OBE) (TSE:PWT) rose 6% during trading on Thursday . The company traded as high as $10.91 and last traded at $10.82. Approximately 411,974 shares were traded during trading, a decline of 51% from the average session volume of 837,156 shares. The stock had previously closed at $10.21.

Analyst Ratings Changes

OBE has been the subject of a number of recent analyst reports. Raymond James Financial upgraded shares of Obsidian Energy from a “hold” rating to a “moderate buy” rating in a research report on Monday, March 30th. BMO Capital Markets restated an “outperform” rating on shares of Obsidian Energy in a research note on Tuesday, June 2nd. Finally, Royal Bank Of Canada upped their target price on shares of Obsidian Energy from $14.00 to $18.00 and gave the stock a “sector perform” rating in a report on Monday, May 11th. Two equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat, Obsidian Energy presently has a consensus rating of “Moderate Buy” and an average price target of $18.00.

Obsidian Energy Stock Performance

The firm has a market cap of $724.95 million, a PE ratio of -1,087.60 and a beta of 0.16. The firm’s 50 day simple moving average is $10.20 and its 200 day simple moving average is $9.29. The company has a current ratio of 0.58, a quick ratio of 0.58 and a debt-to-equity ratio of 0.18.

Hedge Funds Weigh In On Obsidian Energy

Several institutional investors have recently added to or reduced their stakes in the company. JPMorgan Chase & Co. lifted its position in Obsidian Energy by 3,092.4% during the third quarter. JPMorgan Chase & Co. now owns 144,966 shares of the oil and gas company’s stock valued at $1,029,000 after purchasing an additional 140,425 shares during the last quarter. Versor Investments LP bought a new position in shares of Obsidian Energy in the 4th quarter valued at about $271,000. Spark Investment Management LLC bought a new position in shares of Obsidian Energy in the 4th quarter valued at about $595,000. Post Resch Tallon Group Inc. purchased a new position in Obsidian Energy in the second quarter worth about $122,000. Finally, Bank of America Corp DE grew its position in Obsidian Energy by 87.3% in the first quarter. Bank of America Corp DE now owns 642,321 shares of the oil and gas company’s stock worth $6,083,000 after acquiring an additional 299,431 shares in the last quarter. Hedge funds and other institutional investors own 13.51% of the company’s stock.

Obsidian Energy Company Profile

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.