Obsidian Energy (NYSEAMERICAN:OBE) Stock Price Down 4.3% – What’s Next?

Obsidian Energy Ltd (NYSEAMERICAN:OBE) (TSE:PWT) shares fell 4.3% on Tuesday. The stock traded as low as $11.75 and last traded at $11.5710. 143,980 shares were traded during mid-day trading, a decline of 82% from the average session volume of 820,747 shares. The stock had previously closed at $12.09.

Analyst Upgrades and Downgrades

Separately, Raymond James Financial restated an “outperform” rating on shares of Obsidian Energy in a research note on Wednesday, September 16th. Two equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $18.00.

Obsidian Energy Stock Performance

The stock has a market capitalization of $781.89 million, a P/E ratio of 42.18 and a beta of 0.35. The firm has a 50-day moving average of $11.50 and a 200 day moving average of $10.89. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.25.

Hedge Funds Weigh In On Obsidian Energy

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Royal Bank of Canada lifted its stake in Obsidian Energy by 31.4% during the first quarter. Royal Bank of Canada now owns 4,444,416 shares of the oil and gas company’s stock worth $42,089,000 after purchasing an additional 1,061,819 shares during the period. Arrowstreet Capital Limited Partnership increased its position in Obsidian Energy by 137.8% in the 1st 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 acquiring an additional 1,736,064 shares in the last quarter. Dimensional Fund Advisors LP raised its position in Obsidian Energy by 5.2% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,369,948 shares of the oil and gas company’s stock worth $12,973,000 after purchasing an additional 67,919 shares during the last quarter. Bank of America Corp DE bought a new stake in shares of Obsidian Energy during the second quarter worth $7,777,000. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new position in Obsidian Energy during the 2nd quarter valued at about $4,341,000. 13.51% of the stock is owned by institutional investors.

About Obsidian Energy

Obsidian Energy Ltd. is a Canadian oil and natural gas exploration and production company headquartered in Calgary, Alberta. The company develops and produces crude oil, natural gas and natural gas liquids from conventional and light-oil assets in the Western Canadian Sedimentary Basin.

Obsidian Energy’s operations are concentrated in Alberta and are organized around core operating areas that include the Cardium, Peace River and Clearwater regions. Its activities include acquiring and developing petroleum properties, drilling and completing wells, and managing production and field infrastructure.

The company was formerly known as Penn West Petroleum Ltd.