Obsidian Energy (NYSEAMERICAN:OBE) Hits New 1-Year High - Still a Buy?

Key Points

• Obsidian Energy hit a new 52-week high of $11.74 (last $11.70) on Wednesday with about 2.94 million shares trading, up from a prior close of $10.56.
• Wall Street consensus is a Moderate Buy with a $10.00 average price target; Raymond James upgraded to "moderate buy" and RBC raised its target to $10 while keeping a "sector perform" rating.
• Several hedge funds have materially increased positions recently (e.g., RBC, UBS, Quadrature, Millennium, Two Sigma), institutional ownership is about 13.51%, and the company has a market cap of $779.34M with a low debt-to-equity ratio of 0.13.

Obsidian Energy Ltd (NYSEAMERICAN:OBE - Get Free Report) TSE: PWT's stock price hit a new 52-week high on Wednesday . The stock traded as high as $11.74 and last traded at $11.70, with a volume of 2938773 shares trading hands. The stock had previously closed at $10.56.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on OBE. Royal Bank Of Canada raised their target price on shares of Obsidian Energy from $9.00 to $10.00 and gave the company a "sector perform" rating in a report on Friday, February 20th. Raymond James Financial upgraded shares of Obsidian Energy from a "hold" rating to a "moderate buy" rating in a research note on Monday, March 30th. One research analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, Obsidian Energy presently has an average rating of "Moderate Buy" and a consensus price target of $10.00.

Obsidian Energy Price Performance

The company has a market capitalization of $779.34 million, a PE ratio of 35.45 and a beta of -0.10. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.54 and a quick ratio of 0.54. The company's 50 day simple moving average is $8.71 and its 200 day simple moving average is $7.12.

Hedge Funds Weigh In On Obsidian Energy

Hedge funds have recently modified their holdings of the business. Royal Bank of Canada grew its position in shares of 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 worth $20,734,000 after acquiring an additional 1,233,804 shares during the last quarter. UBS Group AG grew its position in shares of Obsidian Energy by 460.2% during the third quarter. UBS Group AG now owns 491,153 shares of the oil and gas company's stock worth $3,212,000 after acquiring an additional 403,486 shares during the last quarter. Quadrature Capital Ltd grew its position in shares of Obsidian Energy by 402.0% during the fourth quarter. Quadrature Capital Ltd now owns 337,858 shares of the oil and gas company's stock worth $2,075,000 after acquiring an additional 270,555 shares during the last quarter. Millennium Management LLC grew 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 worth $2,994,000 after acquiring an additional 217,239 shares during the last quarter. Finally, Two Sigma Investments LP grew 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 worth $2,946,000 after acquiring an additional 213,601 shares during the last quarter. 13.51% of the stock is currently owned by hedge funds and other institutional investors.

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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