Zacks Investment Research upgraded shares of Obsidian Energy (NYSE:OBE) (TSE:PWT) from a hold rating to a buy rating in a research report report published on Friday, Zacks.com reports. Zacks Investment Research currently has $0.25 price objective on the oil and gas company’s stock.

According to Zacks, “Obsidian Energy Ltd. is a conventional oil and natural gas producer and development company. Obsidian Energy Ltd, formerly known as Penn West Petroleum Ltd, is based in Calgary, Canada. “

Several other equities analysts have also recently weighed in on OBE. AltaCorp Capital cut shares of Obsidian Energy from an outperform rating to a sector perform rating in a research note on Friday, March 8th. Desjardins reissued a hold rating and issued a $0.75 target price on shares of Obsidian Energy in a research note on Tuesday, February 12th. Raymond James cut shares of Obsidian Energy from an outperform rating to a mkt perform rating in a research note on Friday, March 8th. Scotiabank cut shares of Obsidian Energy to a sell rating in a research note on Friday, March 8th. Finally, BMO Capital Markets reissued a sell rating and issued a $0.50 target price on shares of Obsidian Energy in a research note on Wednesday, February 13th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating to the stock. The stock currently has a consensus rating of Hold and a consensus target price of $0.88.

Shares of NYSE:OBE traded up $0.01 during midday trading on Friday, hitting $0.30. The stock had a trading volume of 1,612,248 shares, compared to its average volume of 888,199. Obsidian Energy has a 12 month low of $0.26 and a 12 month high of $1.24. The company has a debt-to-equity ratio of 0.29, a current ratio of 0.46 and a quick ratio of 0.40.

Obsidian Energy (NYSE:OBE) (TSE:PWT) last released its earnings results on Friday, May 10th. The oil and gas company reported ($0.08) earnings per share for the quarter, meeting the consensus estimate of ($0.08). Obsidian Energy had a negative net margin of 69.98% and a negative return on equity of 14.03%. The business had revenue of $77.47 million during the quarter. As a group, equities research analysts predict that Obsidian Energy will post -0.18 earnings per share for the current fiscal year.

A number of hedge funds have recently added to or reduced their stakes in the business. Adalta Capital Management LLC boosted its position in Obsidian Energy by 40.2% during the first quarter. Adalta Capital Management LLC now owns 2,214,750 shares of the oil and gas company’s stock worth $608,000 after purchasing an additional 635,000 shares during the period. BlueCrest Capital Management Ltd bought a new position in Obsidian Energy during the first quarter worth $33,000. Morgan Stanley boosted its position in Obsidian Energy by 17.1% during the first quarter. Morgan Stanley now owns 858,214 shares of the oil and gas company’s stock worth $236,000 after purchasing an additional 125,394 shares during the period. GMT Capital Corp boosted its position in Obsidian Energy by 595.0% during the first quarter. GMT Capital Corp now owns 1,260,081 shares of the oil and gas company’s stock worth $347,000 after purchasing an additional 1,078,787 shares during the period. Finally, Private Advisor Group LLC bought a new position in Obsidian Energy during the first quarter worth $78,000. 16.92% of the stock is owned by hedge funds and other 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.

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