Obsidian Energy (NYSEAMERICAN:OBE) Trading Up 5.4% – Still a Buy?

Obsidian Energy Ltd (NYSEAMERICAN:OBE) (TSE:PWT)’s stock price shot up 5.4% during mid-day trading on Wednesday . The company traded as high as $8.58 and last traded at $8.5940. Approximately 173,831 shares changed hands during mid-day trading, a decline of 79% from the average session volume of 834,454 shares. The stock had previously closed at $8.15.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on OBE. BMO Capital Markets reaffirmed an “outperform” rating on shares of Obsidian Energy in a research note on Tuesday, June 2nd. Raymond James Financial raised shares of Obsidian Energy from a “hold” rating to a “moderate buy” rating in a research report on Monday, March 30th. Finally, Royal Bank Of Canada upped their price objective on shares of Obsidian Energy from $14.00 to $18.00 and gave the company a “sector perform” rating in a research note on Monday, May 11th. 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, Obsidian Energy currently has a consensus rating of “Moderate Buy” and a consensus target price of $18.00.

Obsidian Energy Trading Down 3.0%

The firm has a market capitalization of $569.31 million, a price-to-earnings ratio of -852.00 and a beta of 0.16. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.58 and a current ratio of 0.58. The business has a fifty day moving average price of $10.90 and a 200 day moving average price of $9.08.

Institutional Investors Weigh In On Obsidian Energy

Several institutional investors and hedge funds have recently added to or reduced their stakes in OBE. Raymond James Financial Inc. raised its holdings in shares of Obsidian Energy by 1.2% in 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 purchasing an additional 2,397 shares during the period. First Trust Advisors LP grew its holdings in shares of Obsidian Energy by 0.8% during the 3rd 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 during the period. Quarry LP acquired a new stake in Obsidian Energy during the 3rd quarter worth approximately $31,000. State of Wyoming acquired a new stake in Obsidian Energy during the 1st quarter worth approximately $84,000. Finally, Marks Group Wealth Management Inc acquired a new stake in Obsidian Energy during the 4th quarter worth approximately $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.