Obsidian Energy (NYSEAMERICAN:OBE) Trading Down 6.7% – Time to Sell?

Obsidian Energy Ltd (NYSEAMERICAN:OBE) (TSE:PWT)’s share price traded down 6.7% during trading on Wednesday . The company traded as low as $8.49 and last traded at $8.4020. Approximately 150,345 shares were traded during mid-day trading, a decline of 82% from the average session volume of 848,997 shares. The stock had previously closed at $9.01.

Analyst Ratings Changes

Several research analysts have recently weighed in on the company. Raymond James Financial raised Obsidian Energy from a “hold” rating to a “moderate buy” rating in a research report on Monday, March 30th. Royal Bank Of Canada lifted their target price on Obsidian Energy from $14.00 to $18.00 and gave the company a “sector perform” rating in a research report on Monday, May 11th. Finally, BMO Capital Markets restated an “outperform” rating on shares of Obsidian Energy in a research note on Tuesday, June 2nd. Two analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $18.00.

Obsidian Energy Trading Up 0.7%

The firm has a market cap of $538.21 million, a P/E ratio of -808.00 and a beta of 0.20. The business’s 50-day moving average is $11.61 and its two-hundred day moving average is $8.92. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.58 and a quick ratio of 0.58.

Hedge Funds Weigh In On Obsidian Energy

Several hedge funds have recently modified their holdings of the stock. JPMorgan Chase & Co. grew its stake in Obsidian Energy by 3,092.4% in the third quarter. JPMorgan Chase & Co. now owns 144,966 shares of the oil and gas company’s stock valued at $1,029,000 after purchasing an additional 140,425 shares in the last quarter. Versor Investments LP bought a new stake in shares of Obsidian Energy during the 4th quarter worth approximately $271,000. Spark Investment Management LLC acquired a new stake in shares of Obsidian Energy in the 4th quarter valued at approximately $595,000. Royal Bank of Canada boosted its holdings in shares of Obsidian Energy by 31.4% in the 1st 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 buying an additional 1,061,819 shares during the last quarter. Finally, Public Employees Retirement System of Ohio bought a new position in shares of Obsidian Energy in the first quarter valued at $820,000. Institutional investors 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.