Obsidian Energy (NYSEAMERICAN:OBE) Shares Gap Up – Should You Buy?

Obsidian Energy Ltd (NYSEAMERICAN:OBE) (TSE:PWT) gapped up before the market opened on Thursday . The stock had previously closed at $12.16, but opened at $12.56. Obsidian Energy shares last traded at $12.25, with a volume of 116,672 shares trading hands.

Wall Street Analysts Forecast Growth

Separately, BMO Capital Markets restated an “outperform” rating on shares of Obsidian Energy in a report on Tuesday, June 2nd. Two analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $18.00.

Obsidian Energy Trading Up 1.8%

The firm has a market capitalization of $865.49 million, a PE ratio of 46.32 and a beta of 0.18. The company’s 50-day simple moving average is $10.53 and its 200 day simple moving average is $10.33. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.25.

Hedge Funds Weigh In On Obsidian Energy

Institutional investors and hedge funds have recently bought and sold shares of the company. Royal Bank of Canada lifted its holdings in shares of Obsidian Energy by 31.4% during the 1st quarter. Royal Bank of Canada now owns 4,444,416 shares of the oil and gas company’s stock valued at $42,089,000 after purchasing an additional 1,061,819 shares during the last quarter. Bank of America Corp DE grew its stake in Obsidian Energy by 87.3% during the 1st quarter. Bank of America Corp DE now owns 642,321 shares of the oil and gas company’s stock worth $6,083,000 after buying an additional 299,431 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its stake in Obsidian Energy by 137.8% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 2,996,167 shares of the oil and gas company’s stock worth $28,463,000 after buying an additional 1,736,064 shares during the last quarter. Versor Investments LP acquired a new position in Obsidian Energy during the 4th quarter valued at about $271,000. Finally, Public Employees Retirement System of Ohio acquired a new position in Obsidian Energy during the 2nd quarter valued at about $1,145,000. 13.51% of the stock is owned by hedge funds and other institutional investors.

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.