Connor Clark & Lunn Investment Management Ltd. Purchases Shares of 530,794 Obsidian Energy Ltd $OBE

Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of Obsidian Energy Ltd (NYSEAMERICAN:OBE) (TSE:PWT) in the second quarter, HoldingsChannel reports. The institutional investor purchased 530,794 shares of the oil and gas company’s stock, valued at approximately $4,341,000.

Several other hedge funds and other institutional investors also recently modified their holdings of OBE. Royal Bank of Canada raised its stake in Obsidian Energy by 31.4% in the first quarter. Royal Bank of Canada now owns 4,444,416 shares of the oil and gas company’s stock valued at $42,089,000 after purchasing an additional 1,061,819 shares in the last quarter. Arrowstreet Capital Limited Partnership grew its stake in 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 worth $28,463,000 after buying an additional 1,736,064 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in Obsidian Energy by 5.2% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,369,948 shares of the oil and gas company’s stock worth $12,973,000 after buying an additional 67,919 shares in the last quarter. Goldman Sachs Group Inc. grew its stake in Obsidian Energy by 11.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 937,349 shares of the oil and gas company’s stock worth $5,493,000 after buying an additional 96,428 shares in the last quarter. Finally, Bank of America Corp DE increased its holdings in shares of Obsidian Energy by 87.3% in the 1st quarter. Bank of America Corp DE now owns 642,321 shares of the oil and gas company’s stock worth $6,083,000 after buying an additional 299,431 shares during the last quarter. Hedge funds and other institutional investors own 13.51% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on OBE shares. Royal Bank Of Canada raised 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 report on Monday, May 11th. BMO Capital Markets reiterated an “outperform” rating on shares of Obsidian Energy in a research report on Tuesday, June 2nd. Two research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $18.00.

Obsidian Energy Price Performance

Shares of Obsidian Energy stock opened at $11.81 on Friday. The firm has a market capitalization of $788.44 million, a PE ratio of 42.18 and a beta of 0.15. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.25. Obsidian Energy Ltd has a 12 month low of $5.44 and a 12 month high of $14.59. The business’s 50-day moving average price is $9.72 and its 200-day moving average price is $10.01.

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.