Obsidian Energy (NYSEAMERICAN:OBE) Shares Gap Down - Time to Sell?

Key Points

• Obsidian Energy shares fell 4.4%, opening at $10.07 after previously closing at $10.59, and last trading at $10.32.
• Analyst sentiment remains favorable: the stock has a consensus “Moderate Buy” rating and an $18.00 average price target, with Raymond James upgrading it to “moderate buy.”
• Institutional ownership stands at 13.51%, with Royal Bank of Canada and Bank of America notably increasing their positions during the first quarter.

Obsidian Energy Ltd (NYSEAMERICAN:OBE - Get Free Report) TSE: PWT gapped down before the market opened on Monday . The stock had previously closed at $10.59, but opened at $10.07. Obsidian Energy shares last traded at $10.32, with a volume of 146,232 shares.

Analysts Set New Price Targets

Several analysts have issued reports on the stock. 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. BMO Capital Markets reaffirmed an "outperform" rating on shares of Obsidian Energy in a research report on Tuesday, June 2nd. Finally, Royal Bank Of Canada lifted their price target on Obsidian Energy from $14.00 to $18.00 and gave the company a "sector perform" rating in a report on Monday, May 11th. Two research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, Obsidian Energy currently has a consensus rating of "Moderate Buy" and a consensus target price of $18.00.

Obsidian Energy Stock Down 4.4%

The business's 50-day moving average price is $10.09 and its 200-day moving average price is $9.35. The company has a quick ratio of 0.58, a current ratio of 0.58 and a debt-to-equity ratio of 0.18. The firm has a market capitalization of $675.88 million, a PE ratio of -1,008.70 and a beta of 0.16.

Institutional Investors Weigh In On Obsidian Energy

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. FNY Investment Advisers LLC acquired a new stake in shares of Obsidian Energy during the 2nd quarter valued at $81,000. Post Resch Tallon Group Inc. purchased a new stake in shares of Obsidian Energy during the second quarter worth $122,000. Bank of America Corp DE raised its holdings in shares of Obsidian Energy by 87.3% during the first quarter. Bank of America Corp DE now owns 642,321 shares of the oil and gas company's stock worth $6,083,000 after acquiring an additional 299,431 shares in the last quarter. Royal Bank of Canada raised its holdings in shares of Obsidian Energy by 31.4% during the first quarter. Royal Bank of Canada now owns 4,444,416 shares of the oil and gas company's stock worth $42,089,000 after acquiring an additional 1,061,819 shares in the last quarter. Finally, Public Employees Retirement System of Ohio purchased a new position in Obsidian Energy in the first quarter valued at about $820,000. Hedge funds and other 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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