Obsidian Energy (NYSEAMERICAN:OBE) Shares Gap Up – What’s Next?

Obsidian Energy Ltd (NYSEAMERICAN:OBE) (TSE:PWT) shares gapped up prior to trading on Wednesday . The stock had previously closed at $9.41, but opened at $10.09. Obsidian Energy shares last traded at $9.9410, with a volume of 158,880 shares.

Analysts Set New Price Targets

Several equities analysts recently commented on OBE shares. Royal Bank Of Canada increased their target price on shares of Obsidian Energy from $14.00 to $18.00 and gave the company a “sector perform” rating in a report on Monday, May 11th. BMO Capital Markets restated an “outperform” rating on shares of Obsidian Energy in a research report on Tuesday, June 2nd. Two investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $18.00.

Obsidian Energy Stock Up 3.4%

The company has a quick ratio of 0.58, a current ratio of 0.58 and a debt-to-equity ratio of 0.18. The company has a 50-day simple moving average of $9.85 and a two-hundred day simple moving average of $9.46. The stock has a market cap of $677.61 million, a P/E ratio of -1,015.00 and a beta of 0.16.

Institutional Investors Weigh In On Obsidian Energy

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in OBE. Arrowstreet Capital Limited Partnership boosted its position in Obsidian Energy by 137.8% during 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 buying an additional 1,736,064 shares during the period. Royal Bank of Canada increased its position in shares of Obsidian Energy by 57.4% in the fourth quarter. Royal Bank of Canada now owns 3,382,597 shares of the oil and gas company’s stock valued at $20,734,000 after acquiring an additional 1,233,804 shares during the period. UBS Group AG increased its position in shares of Obsidian Energy by 460.2% in the third quarter. UBS Group AG now owns 491,153 shares of the oil and gas company’s stock valued at $3,212,000 after acquiring an additional 403,486 shares during the period. Bank of America Corp DE increased its position in shares of Obsidian Energy by 87.3% in the first quarter. Bank of America Corp DE now owns 642,321 shares of the oil and gas company’s stock valued at $6,083,000 after acquiring an additional 299,431 shares during the period. Finally, Quadrature Capital Ltd raised its stake in shares of Obsidian Energy by 402.0% during the fourth quarter. Quadrature Capital Ltd now owns 337,858 shares of the oil and gas company’s stock valued at $2,075,000 after acquiring an additional 270,555 shares during the last quarter. 13.51% of the stock is currently owned by institutional investors.

Obsidian Energy Company Profile

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.