Obsidian Energy (NYSEAMERICAN:OBE) Stock Price Down 5.9% – What’s Next?

Obsidian Energy Ltd (NYSEAMERICAN:OBE) (TSE:PWT)’s stock price fell 5.9% on Monday . The stock traded as low as $10.29 and last traded at $10.4070. 134,902 shares changed hands during mid-day trading, a decline of 84% from the average session volume of 844,539 shares. The stock had previously closed at $11.06.

Analyst Upgrades and Downgrades

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

Obsidian Energy Price Performance

The company has a current ratio of 0.58, a quick ratio of 0.58 and a debt-to-equity ratio of 0.18. The business has a fifty day simple moving average of $11.63 and a 200 day simple moving average of $8.72. The stock has a market capitalization of $689.15 million, a P/E ratio of -1,035.50 and a beta of 0.21.

Institutional Trading of Obsidian Energy

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Bank of America Corp DE grew its stake in shares of Obsidian Energy by 87.3% in 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 acquiring an additional 299,431 shares in the last quarter. Royal Bank of Canada grew its stake in shares of Obsidian Energy by 31.4% in the 1st quarter. Royal Bank of Canada now owns 4,444,416 shares of the oil and gas company’s stock worth $42,089,000 after acquiring an additional 1,061,819 shares in the last quarter. Public Employees Retirement System of Ohio bought a new stake in shares of Obsidian Energy in the 1st quarter worth $820,000. Arrowstreet Capital Limited Partnership grew its stake in shares of Obsidian Energy by 137.8% in 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 acquiring an additional 1,736,064 shares in the last quarter. Finally, State of Wyoming bought a new stake in shares of Obsidian Energy in the 1st quarter worth $84,000. 13.51% of the stock is owned by 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.