Obsidian Energy (NYSEAMERICAN:OBE) Sees Strong Trading Volume - What's Next?

Key Points

• Unusually-strong trading volume: About 665,569 shares traded on Thursday (down 16% from the prior session's 787,742), and the stock last traded at $13.21 versus a prior close of $12.39.
• Analyst views: Raymond James upgraded OBE to a "Moderate Buy" and RBC raised its price target to $10, leaving a consensus rating of Moderate Buy with an average price target of $10 (below the current share price).
• Institutional inflows and metrics: Several funds materially increased or opened positions (e.g., Caitong +1,209.9%, Quadrature +402%, Millennium +80.3%), institutional ownership is 13.51%, and the company has a market cap of $846.6M, PE ~38.5 and low debt-to-equity (0.13).

Obsidian Energy Ltd (NYSEAMERICAN:OBE - Get Free Report) TSE: PWT saw unusually-strong trading volume on Thursday . Approximately 665,569 shares traded hands during trading, a decline of 16% from the previous session's volume of 787,742 shares.The stock last traded at $13.21 and had previously closed at $12.39.

Analysts Set New Price Targets

Several analysts have recently weighed in on OBE shares. 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. Royal Bank Of Canada raised their price objective on shares of Obsidian Energy from $9.00 to $10.00 and gave the company a "sector perform" rating in a research report on Friday, February 20th. One research analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $10.00.

Obsidian Energy Stock Performance

The company's 50-day moving average price is $8.80 and its two-hundred day moving average price is $7.15. 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 $846.61 million, a PE ratio of 38.52 and a beta of -0.10.

Hedge Funds Weigh In On Obsidian Energy

Several institutional investors and hedge funds have recently made changes to their positions in the business. Caitong International Asset Management Co. Ltd grew its holdings in shares of Obsidian Energy by 1,209.9% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 11,632 shares of the oil and gas company's stock valued at $71,000 after purchasing an additional 10,744 shares during the last quarter. XTX Topco Ltd bought a new position in shares of Obsidian Energy during the 4th quarter valued at $152,000. Quadrature Capital Ltd grew its holdings in shares of Obsidian Energy by 402.0% during the 4th quarter. Quadrature Capital Ltd now owns 337,858 shares of the oil and gas company's stock valued at $2,075,000 after purchasing an additional 270,555 shares during the last quarter. Millennium Management LLC grew its holdings in shares of Obsidian Energy by 80.3% during the 4th quarter. Millennium Management LLC now owns 487,895 shares of the oil and gas company's stock valued at $2,994,000 after purchasing an additional 217,239 shares during the last quarter. Finally, Man Group plc bought a new position in shares of Obsidian Energy during the 4th quarter valued at $913,000. Institutional investors own 13.51% of the company's stock.

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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