Obsidian Energy (NYSEAMERICAN:OBE) Shares Climb 5.2% – Here’s Why

Obsidian Energy Ltd (NYSEAMERICAN:OBE) (TSE:PWT)’s stock price shot up 5.2% during mid-day trading on Friday. The stock traded as high as $12.19 and last traded at $12.1680. 193,503 shares changed hands during mid-day trading, a decline of 76% from the average daily volume of 820,701 shares. The stock had previously closed at $11.57.

Analyst Upgrades and Downgrades

Separately, Raymond James Financial reissued an “outperform” rating on shares of Obsidian Energy in a research report on Wednesday, September 16th. Two research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, Obsidian Energy currently has an average rating of “Moderate Buy” and an average price target of $18.00.

Obsidian Energy Trading Up 4.5%

The company has a market cap of $799.56 million, a P/E ratio of 43.23 and a beta of 0.35. 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 stock’s 50-day moving average is $11.53 and its two-hundred day moving average is $10.91.

Institutional Trading of Obsidian Energy

A number of large investors have recently added to or reduced their stakes in OBE. Royal Bank of Canada boosted its stake in shares of Obsidian Energy by 31.4% during the 1st 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 raised its holdings in Obsidian Energy by 137.8% in the first quarter. Arrowstreet Capital Limited Partnership now owns 2,996,167 shares of the oil and gas company’s stock worth $28,463,000 after purchasing an additional 1,736,064 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Obsidian Energy by 5.2% during the first quarter. Dimensional Fund Advisors LP now owns 1,369,948 shares of the oil and gas company’s stock valued at $12,973,000 after buying an additional 67,919 shares during the last quarter. Bank of America Corp DE bought a new position in shares of Obsidian Energy during the 2nd quarter worth approximately $7,777,000. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Obsidian Energy during the second quarter worth $4,341,000. Institutional investors own 13.51% of the company’s stock.

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.