Obsidian Energy (NYSEAMERICAN:OBE) Share Price Breaks Above 50-Day Moving Average – Here’s Why

Obsidian Energy Ltd (NYSEAMERICAN:OBE) (TSE:PWT)’s stock price passed above its 50 day moving average during trading on Wednesday. The stock has a 50 day moving average of $11.56 and traded as high as $11.99. Obsidian Energy shares last traded at $11.79, with a volume of 728,158 shares.

Analyst Upgrades and Downgrades

Separately, Raymond James Financial restated an “outperform” rating on shares of Obsidian Energy in a report on Wednesday, September 16th. Two equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $18.00.

Obsidian Energy Price Performance

The firm has a fifty day moving average of $11.56 and a two-hundred day moving average of $10.05. The stock has a market capitalization of $779.91 million, a P/E ratio of 42.11 and a beta of 0.35. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.78 and a quick ratio of 0.78.

Institutional Investors Weigh In On Obsidian Energy

Several hedge funds have recently modified their holdings of OBE. Royal Bank of Canada boosted its stake in shares of Obsidian Energy by 31.4% during the first 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 in the last quarter. Arrowstreet Capital Limited Partnership raised its stake in Obsidian Energy by 137.8% in the first 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 in the last quarter. Dimensional Fund Advisors LP lifted its holdings in Obsidian Energy by 5.2% during the first quarter. Dimensional Fund Advisors LP now owns 1,369,948 shares of the oil and gas company’s stock worth $12,973,000 after buying an additional 67,919 shares during the period. Bank of America Corp DE purchased a new stake in Obsidian Energy during the second quarter worth $7,777,000. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Obsidian Energy during the second quarter worth $4,341,000. Hedge funds and other institutional investors own 13.51% of the company’s stock.

Obsidian Energy Company Profile

Obsidian Energy Ltd. is a Canadian oil and natural gas exploration and production company headquartered in Calgary, Alberta. The company develops and produces crude oil, natural gas and natural gas liquids from conventional and light-oil assets in the Western Canadian Sedimentary Basin.

Obsidian Energy’s operations are concentrated in Alberta and are organized around core operating areas that include the Cardium, Peace River and Clearwater regions. Its activities include acquiring and developing petroleum properties, drilling and completing wells, and managing production and field infrastructure.

The company was formerly known as Penn West Petroleum Ltd.