Obsidian Energy (NYSEAMERICAN:OBE) Shares Gap Up – What’s Next?

Shares of Obsidian Energy Ltd (NYSEAMERICAN:OBE) (TSE:PWT) gapped up before the market opened on Tuesday . The stock had previously closed at $11.45, but opened at $11.93. Obsidian Energy shares last traded at $11.7810, with a volume of 93,642 shares changing hands.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on OBE shares. Royal Bank Of Canada increased their price target on shares of Obsidian Energy from $14.00 to $18.00 and gave the stock a “sector perform” rating in a report on Monday, May 11th. BMO Capital Markets reiterated an “outperform” rating on shares of Obsidian Energy in a research note on Tuesday, June 2nd. Two equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $18.00.

Obsidian Energy Price Performance

The firm has a market capitalization of $806.10 million, a PE ratio of 43.14 and a beta of 0.18. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.78 and a quick ratio of 0.78. The business’s 50 day moving average is $9.95 and its two-hundred day moving average is $10.13.

Hedge Funds Weigh In On Obsidian Energy

Several institutional investors have recently modified their holdings of OBE. Quarry LP purchased a new stake in Obsidian Energy in the third quarter worth approximately $31,000. State of Wyoming purchased a new position in shares of Obsidian Energy during the first quarter worth approximately $84,000. FNY Investment Advisers LLC purchased a new position in shares of Obsidian Energy during the second quarter worth approximately $81,000. Marks Group Wealth Management Inc bought a new stake in shares of Obsidian Energy in the 4th quarter worth approximately $61,000. Finally, Qube Research & Technologies Ltd bought a new stake in shares of Obsidian Energy in the 2nd quarter worth approximately $56,000. 13.51% of the stock is currently owned by institutional investors.

About Obsidian Energy

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.