Obsidian Energy (NYSEAMERICAN:OBE) Shares Gap Up – Should You Buy?

Obsidian Energy Ltd (NYSEAMERICAN:OBE) (TSE:PWT)’s stock price gapped up before the market opened on Monday . The stock had previously closed at $10.10, but opened at $10.50. Obsidian Energy shares last traded at $10.4530, with a volume of 316,740 shares changing hands.

Analyst Ratings Changes

Several analysts have issued reports on OBE shares. Raymond James Financial upgraded shares of Obsidian Energy from a “hold” rating to a “moderate buy” rating in a research report on Monday, March 30th. Royal Bank Of Canada increased their target price on shares of Obsidian Energy from $9.00 to $10.00 and gave the company a “sector perform” rating in a research note on Friday, February 20th. One analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $10.00.

Obsidian Energy Stock Performance

The firm has a market capitalization of $707.73 million, a price-to-earnings ratio of 32.20 and a beta of -0.10. The firm’s 50-day moving average price is $8.58 and its two-hundred day moving average price is $7.05. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.54 and a current ratio of 0.54.

Hedge Funds Weigh In On Obsidian Energy

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Raymond James Financial Inc. lifted its position in Obsidian Energy by 1.2% during the 3rd quarter. Raymond James Financial Inc. now owns 206,206 shares of the oil and gas company’s stock worth $1,349,000 after buying an additional 2,397 shares in the last quarter. First Trust Advisors LP lifted its position in shares of Obsidian Energy by 0.8% during the third quarter. First Trust Advisors LP now owns 346,860 shares of the oil and gas company’s stock worth $2,268,000 after purchasing an additional 2,818 shares in the last quarter. Quarry LP acquired a new stake in shares of Obsidian Energy during the 3rd quarter worth approximately $31,000. Register Financial Advisors LLC grew its holdings in Obsidian Energy by 14.0% during the 3rd quarter. Register Financial Advisors LLC now owns 40,700 shares of the oil and gas company’s stock worth $266,000 after acquiring an additional 5,000 shares during the period. Finally, Marks Group Wealth Management Inc bought a new stake in shares of Obsidian Energy during the 4th quarter valued at $61,000. 13.51% of the stock is currently owned by institutional investors and hedge funds.

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.