Obsidian Energy (NYSEAMERICAN:OBE) Shares Down 7.1% – Here’s Why

Obsidian Energy Ltd (NYSEAMERICAN:OBE) (TSE:PWT) shares fell 7.1% on Tuesday . The stock traded as low as $12.71 and last traded at $12.7740. 460,122 shares were traded during mid-day trading, a decline of 47% from the average session volume of 874,858 shares. The stock had previously closed at $13.75.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on OBE. Royal Bank Of Canada increased 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. BMO Capital Markets reissued an “outperform” rating on shares of Obsidian Energy in a research report on Friday, May 8th. Finally, Raymond James Financial raised Obsidian Energy from a “hold” rating to a “moderate buy” rating in a research report on Monday, March 30th. Two analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $18.00.

Obsidian Energy Stock Performance

The firm has a market capitalization of $844.48 million, a PE ratio of -1,266.10 and a beta of 0.30. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.58 and a quick ratio of 0.58. The stock has a 50-day moving average price of $10.55 and a 200-day moving average price of $7.96.

Hedge Funds Weigh In On Obsidian Energy

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Bank of America Corp DE boosted its stake in Obsidian Energy by 87.3% in the first quarter. Bank of America Corp DE now owns 642,321 shares of the oil and gas company’s stock valued at $6,083,000 after acquiring an additional 299,431 shares during the period. Royal Bank of Canada boosted its stake in Obsidian Energy by 31.4% in the first quarter. Royal Bank of Canada now owns 4,444,416 shares of the oil and gas company’s stock valued at $42,089,000 after acquiring an additional 1,061,819 shares during the period. Public Employees Retirement System of Ohio acquired a new position in Obsidian Energy in the first quarter valued at approximately $820,000. Arrowstreet Capital Limited Partnership raised its holdings in shares of Obsidian Energy by 137.8% during the first quarter. Arrowstreet Capital Limited Partnership now owns 2,996,167 shares of the oil and gas company’s stock valued at $28,463,000 after buying an additional 1,736,064 shares during the last quarter. Finally, State of Wyoming bought a new stake in shares of Obsidian Energy during the first quarter valued at approximately $84,000. 13.51% of the stock is currently owned by institutional investors and hedge funds.

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.