Bank of America Corp DE Makes New $7.78 Million Investment in Obsidian Energy Ltd $OBE

Key Points

• Bank of America acquired 956,632 Obsidian Energy shares worth approximately $7.78 million, giving it a 1.43% stake. Institutional investors collectively owned 13.51% of the company at quarter-end.
• Analyst sentiment remains positive, with a consensus rating of “Moderate Buy” and an average price target of $18.00; Raymond James and BMO Capital Markets both maintained “outperform” ratings.
• Obsidian Energy shares fell 5.0% to open at $10.69, compared with a 52-week range of $5.44 to $14.59. The Canadian company focuses on oil and natural gas exploration and production in Alberta.

Bank of America Corp DE purchased a new stake in shares of Obsidian Energy Ltd (NYSEAMERICAN:OBE - Free Report) TSE: PWT in the second quarter, according to its most recent filing with the SEC. The firm purchased 956,632 shares of the oil and gas company's stock, valued at approximately $7,777,000. Bank of America Corp DE owned 1.43% of Obsidian Energy at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Hsbc Holdings PLC acquired a new position in Obsidian Energy during the second quarter worth $129,000. Cibc World Market Inc. acquired a new stake in Obsidian Energy in the 2nd quarter valued at about $174,000. Connor Clark & Lunn Investment Management Ltd. purchased a new position in Obsidian Energy during the 2nd quarter valued at about $4,341,000. BlackRock Inc. acquired a new position in Obsidian Energy during the second quarter worth about $618,000. Finally, State of Wyoming acquired a new position in Obsidian Energy during the second quarter worth about $248,000. Hedge funds and other institutional investors own 13.51% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. Raymond James Financial reaffirmed an "outperform" rating on shares of Obsidian Energy in a report on Wednesday, September 16th. BMO Capital Markets restated an "outperform" rating on shares of Obsidian Energy in a research report on Tuesday, June 2nd. Two equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, Obsidian Energy currently has a consensus rating of "Moderate Buy" and a consensus price target of $18.00.

Obsidian Energy Trading Down 5.0%

Obsidian Energy stock opened at $10.69 on Friday. The stock has a market cap of $707.14 million, a PE ratio of 38.18 and a beta of 0.18. The stock has a 50-day moving average price of $11.13 and a 200 day moving average price of $10.60. Obsidian Energy Ltd has a 52 week low of $5.44 and a 52 week high of $14.59. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.25.

About Obsidian Energy

Obsidian Energy Ltd. is a Canadian oil and natural gas exploration and production company. Its activities include the acquisition, development and operation of petroleum and natural gas properties, with a focus on generating production from conventional oil and liquids-rich natural gas assets.

The company's operations are concentrated in Alberta, Canada, including the Peace River, Cardium and Pembina areas. Its products include crude oil, natural gas liquids and natural gas, which are sold into Canadian and North American energy markets.

Obsidian Energy was formerly known as Penn West Petroleum Ltd.

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