Bank of America Corp DE Purchases 299,431 Shares of Obsidian Energy Ltd $OBE

Key Points

• Bank of America increased its Obsidian Energy stake by 87.3% in the first quarter, purchasing 299,431 additional shares and bringing its holdings to 642,321 shares valued at approximately $6.1 million.
• Several other institutional investors also raised their positions, including Arrowstreet Capital, Royal Bank of Canada, UBS, Quadrature Capital, and Millennium Management. Institutional investors collectively own 13.51% of Obsidian Energy.
• Analysts maintain a generally positive outlook, with the stock carrying a “Moderate Buy” consensus rating and an average price target of $18.00, compared with a recent trading price near $11.03.

Bank of America Corp DE raised its holdings in shares of Obsidian Energy Ltd (NYSEAMERICAN:OBE - Free Report) TSE: PWT by 87.3% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 642,321 shares of the oil and gas company's stock after buying an additional 299,431 shares during the period. Bank of America Corp DE owned about 0.96% of Obsidian Energy worth $6,083,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the business. Arrowstreet Capital Limited Partnership increased its holdings 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 acquiring an additional 1,736,064 shares in the last quarter. Royal Bank of Canada lifted its holdings in Obsidian Energy by 57.4% during the fourth quarter. Royal Bank of Canada now owns 3,382,597 shares of the oil and gas company's stock valued at $20,734,000 after purchasing an additional 1,233,804 shares in the last quarter. UBS Group AG boosted its position in shares of Obsidian Energy by 460.2% in the third quarter. UBS Group AG now owns 491,153 shares of the oil and gas company's stock worth $3,212,000 after purchasing an additional 403,486 shares during the period. Quadrature Capital Ltd boosted its position in shares of Obsidian Energy by 402.0% in the fourth quarter. Quadrature Capital Ltd now owns 337,858 shares of the oil and gas company's stock worth $2,075,000 after purchasing an additional 270,555 shares during the period. Finally, Millennium Management LLC boosted its position in shares of Obsidian Energy by 80.3% in the fourth quarter. Millennium Management LLC now owns 487,895 shares of the oil and gas company's stock worth $2,994,000 after purchasing an additional 217,239 shares during the period. 13.51% of the stock is currently owned by institutional investors.

Obsidian Energy Trading Up 0.2%

Obsidian Energy stock opened at $11.03 on Thursday. The stock has a market cap of $736.36 million, a PE ratio of 39.39 and a beta of 0.15. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.78 and a current ratio of 0.78. Obsidian Energy Ltd has a one year low of $5.44 and a one year high of $14.59. The stock has a 50-day moving average of $9.67 and a two-hundred day moving average of $9.98.

Analyst Ratings Changes

A number of equities research analysts recently commented on the company. BMO Capital Markets reiterated an "outperform" rating on shares of Obsidian Energy in a research report on Tuesday, June 2nd. Royal Bank Of Canada increased their price objective on shares of Obsidian Energy from $14.00 to $18.00 and gave the stock a "sector perform" rating in a research report 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. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $18.00.

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.

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