Obsidian Energy (NYSEAMERICAN:OBE) Sets New 52-Week High - Still a Buy?

Key Points

• Obsidian Energy shares hit a new 52-week high, trading as high as $13.75 and last at $13.08 on volume of 1,823,152, trading well above its 50‑day ($9.13) and 200‑day ($7.29) moving averages.
• Analysts hold a consensus Moderate Buy rating with an average target of $10.00; Royal Bank of Canada raised its target from $9 to $10 and Raymond James upgraded the stock to a "moderate buy."
• Institutional interest is rising—JPMorgan increased its stake by 3,092.4% to 144,966 shares (about $1.03M) and hedge funds/institutions now own roughly 13.51% of the company.

Obsidian Energy Ltd (NYSEAMERICAN:OBE - Get Free Report) TSE: PWT shares hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $13.75 and last traded at $13.08, with a volume of 1823152 shares changing hands. The stock had previously closed at $13.54.

Analyst Ratings Changes

A number of equities analysts have weighed in on OBE shares. Royal Bank Of Canada increased their price target on shares of Obsidian Energy from $9.00 to $10.00 and gave the stock a "sector perform" rating in a research note on Friday, February 20th. Raymond James Financial raised shares of Obsidian Energy from a "hold" rating to a "moderate buy" rating in a research note on Monday, March 30th. One analyst has rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $10.00.

Obsidian Energy Price Performance

The company has a market capitalization of $871.26 million, a price-to-earnings ratio of 39.64 and a beta of -0.10. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 0.13. The company has a 50 day simple moving average of $9.13 and a 200 day simple moving average of $7.29.

Hedge Funds Weigh In On Obsidian Energy

Hedge funds have recently made changes to their positions in the business. JPMorgan Chase & Co. raised its stake in shares of Obsidian Energy by 3,092.4% in 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 period. Register Financial Advisors LLC raised 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 acquiring an additional 5,000 shares during the period. PharVision Advisers LLC purchased a new position in shares of Obsidian Energy in the 3rd quarter valued at $187,000. Aquatic Capital Management LLC purchased a new position in shares of Obsidian Energy in the 3rd quarter valued at $183,000. Finally, XTX Topco Ltd purchased a new position in shares of Obsidian Energy in the 4th quarter valued at $152,000. Hedge funds and other institutional investors own 13.51% of the company's stock.

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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