Obsidian Energy (NYSEAMERICAN:OBE) Shares Gap Down – Here’s Why

Obsidian Energy Ltd (NYSEAMERICAN:OBE) (TSE:PWT) shares gapped down before the market opened on Monday . The stock had previously closed at $10.59, but opened at $10.07. Obsidian Energy shares last traded at $10.32, with a volume of 146,232 shares.

Wall Street Analysts Forecast Growth

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

Obsidian Energy Price Performance

The company has a quick ratio of 0.58, a current ratio of 0.58 and a debt-to-equity ratio of 0.18. The stock has a market capitalization of $675.88 million, a price-to-earnings ratio of -1,008.70 and a beta of 0.16. The company’s 50-day simple moving average is $10.09 and its 200 day simple moving average is $9.35.

Institutional Trading of Obsidian Energy

Several large investors have recently made changes to their positions in OBE. Quarry LP bought a new position in shares of Obsidian Energy in the 3rd quarter valued at approximately $31,000. State of Wyoming acquired a new stake in Obsidian Energy in the 1st quarter worth approximately $84,000. Marks Group Wealth Management Inc bought a new stake in Obsidian Energy during the fourth quarter worth approximately $61,000. FNY Investment Advisers LLC bought a new stake in Obsidian Energy during the second quarter worth approximately $81,000. Finally, Qube Research & Technologies Ltd acquired a new position in Obsidian Energy during the second quarter valued at approximately $56,000. 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.