Obsidian Energy (NYSEAMERICAN:OBE) Trading Up 6.5% – Still a Buy?

Obsidian Energy Ltd (NYSEAMERICAN:OBE) (TSE:PWT)’s share price was up 6.5% on Monday . The company traded as high as $11.36 and last traded at $11.36. 514,872 shares changed hands during trading, a decline of 39% from the average daily volume of 841,924 shares. The stock had previously closed at $10.67.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on OBE shares. Royal Bank Of Canada raised their price target 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. BMO Capital Markets restated an “outperform” rating on shares of Obsidian Energy in a research note on Tuesday, June 2nd. Two investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $18.00.

Obsidian Energy Price Performance

The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.25. The stock’s 50-day moving average price is $9.54 and its 200 day moving average price is $9.80. The firm has a market cap of $775.08 million, a price-to-earnings ratio of 41.46 and a beta of 0.15.

Institutional Investors Weigh In On Obsidian Energy

Several large investors have recently modified their holdings of the stock. Arrowstreet Capital Limited Partnership boosted its stake in shares of 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 purchasing an additional 1,736,064 shares in the last quarter. Royal Bank of Canada grew its stake in Obsidian Energy by 57.4% during the fourth quarter. Royal Bank of Canada now owns 3,382,597 shares of the oil and gas company’s stock worth $20,734,000 after buying an additional 1,233,804 shares during the last quarter. Bank of America Corp DE acquired a new stake in shares of Obsidian Energy during the second quarter worth approximately $7,777,000. Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Obsidian Energy in the second quarter valued at approximately $4,341,000. Finally, UBS Group AG grew its position in Obsidian Energy by 460.2% during the 3rd quarter. UBS Group AG now owns 491,153 shares of the oil and gas company’s stock worth $3,212,000 after acquiring an additional 403,486 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.