Royal Bank of Canada Buys 1,061,819 Shares of Obsidian Energy Ltd $OBE

Key Points

• Royal Bank of Canada increased its Obsidian Energy stake by 31.4% in the first quarter, acquiring 1,061,819 shares and bringing its total holdings to 4,444,416 shares, or roughly 6.67% of the company.
• Other institutional investors also expanded their positions, including Arrowstreet Capital, UBS Group, Quadrature Capital, Millennium Management, and Two Sigma. Institutional investors collectively own 13.51% of Obsidian Energy.
• Obsidian Energy shares opened at $10.72, compared with an average analyst price target of $18.00. Analysts’ consensus rating is “Moderate Buy,” with two Buy ratings and one Hold rating.

Royal Bank of Canada lifted its position in Obsidian Energy Ltd (NYSEAMERICAN:OBE - Free Report) TSE: PWT by 31.4% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,444,416 shares of the oil and gas company's stock after acquiring an additional 1,061,819 shares during the quarter. Royal Bank of Canada owned approximately 6.67% of Obsidian Energy worth $42,089,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the company. Arrowstreet Capital Limited Partnership lifted its position in shares of Obsidian Energy by 137.8% during 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. UBS Group AG grew its holdings 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 valued at $3,212,000 after acquiring an additional 403,486 shares in the last quarter. Quadrature Capital Ltd grew its holdings 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 valued at $2,075,000 after acquiring an additional 270,555 shares in the last quarter. Millennium Management LLC increased its position 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 acquiring an additional 217,239 shares during the last quarter. Finally, Two Sigma Investments LP increased its position in shares of Obsidian Energy by 90.2% during the third quarter. Two Sigma Investments LP now owns 450,427 shares of the oil and gas company's stock valued at $2,946,000 after acquiring an additional 213,601 shares during the last quarter. Institutional investors own 13.51% of the company's stock.

Obsidian Energy Stock Performance

Shares of OBE opened at $10.72 on Monday. The business has a 50-day moving average of $9.82 and a 200 day moving average of $9.49. Obsidian Energy Ltd has a fifty-two week low of $5.44 and a fifty-two week high of $14.59. The firm has a market cap of $715.67 million, a P/E ratio of 38.29 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.

Analyst Ratings Changes

A number of research analysts have issued reports on OBE shares. BMO Capital Markets restated an "outperform" rating on shares of Obsidian Energy in a research note on Tuesday, June 2nd. Royal Bank Of Canada lifted their target price on Obsidian Energy from $14.00 to $18.00 and gave the stock 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 MarketBeat.com, the company 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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