Obsidian Energy (NYSEAMERICAN:OBE) Sees Strong Trading Volume - Still a Buy?

Key Points

• Obsidian Energy saw unusually strong intraday trading of about 430,307 shares (down 38% from the prior session's 689,115) and was trading around $9.37 versus the previous close of $10.12.
• Analysts are mildly positive — Raymond James upgraded to a "moderate buy" and RBC raised its target to $10, leaving a consensus rating of Moderate Buy with a consensus price target of $10.00.
• Institutional activity picked up, notably JPMorgan increased its stake by 3,092.4% to about 144,966 shares, and institutions now own roughly 13.51% of the stock.

Shares of Obsidian Energy Ltd (NYSEAMERICAN:OBE - Get Free Report) TSE: PWT saw unusually-strong trading volume on Friday . Approximately 430,307 shares traded hands during mid-day trading, a decline of 38% from the previous session's volume of 689,115 shares.The stock last traded at $9.3690 and had previously closed at $10.12.

Analyst Upgrades and Downgrades

Several analysts have recently commented on OBE shares. Royal Bank Of Canada increased their target price on Obsidian Energy from $9.00 to $10.00 and gave the stock 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 report on Monday, March 30th. One analyst has rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $10.00.

Obsidian Energy Stock Down 1.1%

The firm's 50-day moving average is $8.53 and its two-hundred day moving average is $7.02. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.54 and a current ratio of 0.54. The stock has a market cap of $666.43 million, a P/E ratio of 30.41 and a beta of -0.10.

Institutional Trading of Obsidian Energy

Several institutional investors and hedge funds have recently added to or reduced their stakes in OBE. JPMorgan Chase & Co. raised its position in shares of Obsidian Energy by 3,092.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 144,966 shares of the oil and gas company's stock valued at $1,029,000 after acquiring an additional 140,425 shares during the last quarter. Register Financial Advisors LLC lifted its stake in shares of Obsidian Energy by 14.0% in the 3rd quarter. Register Financial Advisors LLC now owns 40,700 shares of the oil and gas company's stock valued at $266,000 after purchasing an additional 5,000 shares during the period. Balyasny Asset Management L.P. bought a new position in shares of Obsidian Energy in the 4th quarter worth $192,000. HRT Financial LP acquired a new stake in shares of Obsidian Energy during the fourth quarter worth $77,000. Finally, PharVision Advisers LLC acquired a new stake in shares of Obsidian Energy during the third quarter worth $187,000. 13.51% of the stock is owned by institutional investors.

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.

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