Obsidian Energy (NYSEAMERICAN:OBE) Trading 6% Higher – What’s Next?

Obsidian Energy Ltd (NYSEAMERICAN:OBE) (TSE:PWT)’s share price rose 6% during trading on Thursday . The company traded as high as $10.91 and last traded at $10.82. Approximately 411,974 shares traded hands during mid-day trading, a decline of 51% from the average daily volume of 837,156 shares. The stock had previously closed at $10.21.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the company. BMO Capital Markets restated an “outperform” rating on shares of Obsidian Energy in a research note on Tuesday, June 2nd. Royal Bank Of Canada upped their price target on shares of 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 raised shares of Obsidian Energy from a “hold” rating to a “moderate buy” rating in a report on Monday, March 30th. Two 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, the company has a consensus rating of “Moderate Buy” and a consensus target price of $18.00.

Obsidian Energy Stock Performance

The firm has a fifty day simple moving average of $10.09 and a 200-day simple moving average of $9.33. 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 stock has a market cap of $706.99 million, a price-to-earnings ratio of -1,059.00 and a beta of 0.16.

Hedge Funds Weigh In On Obsidian Energy

Large investors have recently made changes to their positions in the company. Raymond James Financial Inc. boosted its holdings in Obsidian Energy by 1.2% in the third quarter. Raymond James Financial Inc. now owns 206,206 shares of the oil and gas company’s stock valued at $1,349,000 after acquiring an additional 2,397 shares during the last quarter. First Trust Advisors LP raised its holdings in Obsidian Energy by 0.8% during the 3rd quarter. First Trust Advisors LP now owns 346,860 shares of the oil and gas company’s stock worth $2,268,000 after purchasing an additional 2,818 shares during the last quarter. Quarry LP bought a new stake in Obsidian Energy during the 3rd quarter worth about $31,000. State of Wyoming acquired a new position in Obsidian Energy during the 1st quarter valued at about $84,000. Finally, Marks Group Wealth Management Inc acquired a new position in Obsidian Energy during the 4th quarter valued at about $61,000. Institutional investors and hedge funds own 13.51% of the company’s stock.

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.