Obsidian Energy (NYSEAMERICAN:OBE) Shares Cross Above Two Hundred Day Moving Average - What's Next?

Key Points

• Obsidian Energy moved above its 200-day moving average, trading as high as $9.39 before last changing hands at $9.06. This technical move may signal improving short-term momentum.
• Analysts remain generally positive on the stock, with BMO Capital Markets reaffirming an outperform rating and RBC lifting its price target to $18. The consensus view from MarketBeat is a Moderate Buy.
• The company has a relatively low debt-to-equity ratio of 0.18 and a market cap of about $605 million, while institutional investors have been increasing positions. JPMorgan Chase & Co. and Bank of America both significantly expanded their stakes.

Obsidian Energy Ltd (NYSEAMERICAN:OBE - Get Free Report) TSE: PWT passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $9.17 and traded as high as $9.39. Obsidian Energy shares last traded at $9.06, with a volume of 666,630 shares trading hands.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the stock. BMO Capital Markets restated an "outperform" rating on shares of Obsidian Energy in a research note on Tuesday, June 2nd. 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. Finally, Royal Bank Of Canada upped their price objective on shares of Obsidian Energy from $14.00 to $18.00 and gave the stock a "sector perform" rating in a report on Monday, May 11th. Two equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $18.00.

Obsidian Energy Price Performance

The stock has a 50 day moving average of $10.52 and a two-hundred day moving average of $9.17. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.58 and a current ratio of 0.58. The firm has a market capitalization of $605.39 million, a P/E ratio of -906.00 and a beta of 0.16.

Institutional Trading of Obsidian Energy

Several large investors have recently modified their holdings of the company. JPMorgan Chase & Co. grew its position in shares of Obsidian Energy by 3,092.4% in the third quarter. JPMorgan Chase & Co. now owns 144,966 shares of the oil and gas company's stock valued at $1,029,000 after purchasing an additional 140,425 shares during the last quarter. Versor Investments LP bought a new position in shares of Obsidian Energy in the fourth quarter worth about $271,000. Spark Investment Management LLC bought a new position in shares of Obsidian Energy in the fourth quarter worth about $595,000. Post Resch Tallon Group Inc. acquired a new position in shares of Obsidian Energy during the 2nd quarter worth about $122,000. Finally, Bank of America Corp DE boosted its stake in Obsidian Energy by 87.3% during the 1st quarter. Bank of America Corp DE now owns 642,321 shares of the oil and gas company's stock valued at $6,083,000 after purchasing an additional 299,431 shares during the period. 13.51% of the stock is owned by 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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