Obsidian Energy (NYSEAMERICAN:OBE) Given New $18.00 Price Target at Royal Bank Of Canada

Obsidian Energy (NYSEAMERICAN:OBE) (TSE:PWT) had its price objective raised by research analysts at Royal Bank Of Canada from $14.00 to $18.00 in a research report issued on Monday,Benzinga reports. The brokerage currently has a “sector perform” rating on the oil and gas company’s stock. Royal Bank Of Canada’s price target would indicate a potential upside of 42.71% from the stock’s previous close.

Several other brokerages have also commented on OBE. Raymond James Financial raised 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 report on Friday. 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, Obsidian Energy presently has an average rating of “Moderate Buy” and a consensus price target of $18.00.

Obsidian Energy Trading Up 1.5%

NYSEAMERICAN:OBE traded up $0.18 during trading hours on Monday, hitting $12.61. The company had a trading volume of 327,203 shares, compared to its average volume of 893,380. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.58 and a quick ratio of 0.58. Obsidian Energy has a 52 week low of $4.58 and a 52 week high of $14.59. The company has a market capitalization of $840.15 million, a PE ratio of -1,259.00 and a beta of 0.30. The stock has a 50-day moving average price of $9.84 and a 200 day moving average price of $7.61.

Institutional Investors Weigh In On Obsidian Energy

Hedge funds have recently made changes to their positions in the company. Raymond James Financial Inc. raised its holdings in shares of Obsidian Energy by 1.2% in the third quarter. Raymond James Financial Inc. now owns 206,206 shares of the oil and gas company’s stock valued at $1,349,000 after acquiring an additional 2,397 shares in the last quarter. First Trust Advisors LP raised its holdings in shares of Obsidian Energy by 0.8% in the 3rd quarter. First Trust Advisors LP now owns 346,860 shares of the oil and gas company’s stock valued at $2,268,000 after purchasing an additional 2,818 shares in the last quarter. Quarry LP purchased a new stake in shares of Obsidian Energy in the 3rd quarter worth approximately $31,000. Register Financial Advisors LLC boosted its stake in shares of Obsidian Energy by 14.0% during the third quarter. Register Financial Advisors LLC now owns 40,700 shares of the oil and gas company’s stock valued at $266,000 after purchasing an additional 5,000 shares in the last quarter. Finally, Marks Group Wealth Management Inc bought a new position in shares of Obsidian Energy during the fourth quarter valued at approximately $61,000. 13.51% of the stock is currently owned by hedge funds and other institutional investors.

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.