Obsidian Energy (NYSEAMERICAN:OBE) Hits New 12-Month High – Should You Buy?

Obsidian Energy Ltd (NYSEAMERICAN:OBE) (TSE:PWT)’s stock price reached a new 52-week high during trading on Wednesday . The stock traded as high as $11.74 and last traded at $11.70, with a volume of 2938773 shares traded. The stock had previously closed at $10.56.

Analyst Upgrades and Downgrades

OBE has been the subject of several research analyst reports. Royal Bank Of Canada raised their target price on shares of Obsidian Energy from $9.00 to $10.00 and gave the stock a “sector perform” rating in a research report on Friday, February 20th. Raymond James Financial raised Obsidian Energy from a “hold” rating to a “moderate buy” rating in a research report on Monday, March 30th. One analyst has rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat, Obsidian Energy presently has a consensus rating of “Moderate Buy” and an average price target of $10.00.

Obsidian Energy Stock Up 3.1%

The stock has a 50 day simple moving average of $8.91 and a 200-day simple moving average of $7.19. The firm has a market cap of $850.61 million, a PE ratio of 38.70 and a beta of -0.10. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.54 and a quick ratio of 0.54.

Hedge Funds Weigh In On Obsidian Energy

A number of hedge funds have recently added to or reduced their stakes in the company. Royal Bank of Canada raised its holdings in Obsidian Energy by 57.4% in the 4th quarter. Royal Bank of Canada now owns 3,382,597 shares of the oil and gas company’s stock worth $20,734,000 after acquiring an additional 1,233,804 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Obsidian Energy by 7.7% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,302,029 shares of the oil and gas company’s stock valued at $7,988,000 after purchasing an additional 93,403 shares during the last quarter. Goldman Sachs Group Inc. raised its holdings in shares of Obsidian Energy by 11.5% during the first quarter. Goldman Sachs Group Inc. now owns 937,349 shares of the oil and gas company’s stock valued at $5,493,000 after purchasing an additional 96,428 shares during the last quarter. UBS Group AG raised its holdings in shares of Obsidian Energy by 460.2% during 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 purchasing an additional 403,486 shares during the last quarter. Finally, Millennium Management LLC raised its holdings in shares of Obsidian Energy by 80.3% during the fourth quarter. Millennium Management LLC now owns 487,895 shares of the oil and gas company’s stock valued at $2,994,000 after purchasing an additional 217,239 shares during the last quarter. 13.51% of the stock is currently owned by hedge funds and other institutional investors.

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.