Obsidian Energy (NYSEAMERICAN:OBE) Trading Down 5.5% – Here’s Why

Obsidian Energy Ltd (NYSEAMERICAN:OBE) (TSE:PWT) was down 5.5% during mid-day trading on Tuesday . The company traded as low as $9.53 and last traded at $9.6050. Approximately 484,789 shares changed hands during mid-day trading, a decline of 43% from the average daily volume of 849,854 shares. The stock had previously closed at $10.16.

Analysts Set New Price Targets

OBE has been the topic of a number of analyst reports. BMO Capital Markets restated an “outperform” rating on shares of Obsidian Energy in a research note on Tuesday, June 2nd. Royal Bank Of Canada raised their price target on Obsidian Energy from $14.00 to $18.00 and gave the company a “sector perform” rating in a report on Monday, May 11th. Two equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Obsidian Energy currently has a consensus rating of “Moderate Buy” and an average target price of $18.00.

Obsidian Energy Price Performance

The firm has a market cap of $635.89 million, a P/E ratio of 34.02 and a beta of 0.15. The firm’s fifty day simple moving average is $9.78 and its 200 day simple moving average is $9.52. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.78 and a current ratio of 0.78.

Hedge Funds Weigh In On Obsidian Energy

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Quarry LP bought a new stake in Obsidian Energy in the 3rd quarter worth approximately $31,000. Qube Research & Technologies Ltd purchased a new position in shares of Obsidian Energy in the second quarter valued at $56,000. Marks Group Wealth Management Inc bought a new stake in Obsidian Energy in the fourth quarter worth $61,000. Caitong International Asset Management Co. Ltd raised its stake in Obsidian Energy by 1,209.9% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 11,632 shares of the oil and gas company’s stock valued at $71,000 after purchasing an additional 10,744 shares in the last quarter. Finally, HRT Financial LP purchased a new stake in Obsidian Energy during the fourth quarter valued at $77,000. 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.