Obsidian Energy (NYSEAMERICAN:OBE) Trading Up 6% - What's Next?

Key Points

• Obsidian Energy shares rose 6% in Thursday trading, reaching an intraday high of $10.91 and last trading near $10.82 on lighter-than-average volume.
• Analysts remain generally positive on the stock, with consensus at “Moderate Buy” and a price target of $18.00. Recent moves included BMO reaffirming an outperform rating and RBC raising its target from $14 to $18.
• The company’s stock has outperformed its longer-term trend, trading above both its 50-day moving average of $10.20 and 200-day moving average of $9.29, while institutional investors own about 13.5% of shares.

Obsidian Energy Ltd (NYSEAMERICAN:OBE - Get Free Report) TSE: PWT shares rose 6% during mid-day trading on Thursday . The stock traded as high as $10.91 and last traded at $10.82. 411,974 shares traded hands during trading, a decline of 51% from the average session volume of 837,156 shares. The stock had previously closed at $10.21.

Analysts Set New Price Targets

OBE has been the topic of a number of recent analyst reports. BMO Capital Markets reaffirmed an "outperform" rating on shares of Obsidian Energy in a report on Tuesday, June 2nd. 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. Finally, Royal Bank Of Canada raised their target price 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 investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $18.00.

Obsidian Energy Stock Performance

The business's fifty day moving average is $10.20 and its 200-day moving average is $9.29. 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 company has a market cap of $724.95 million, a PE ratio of -1,087.60 and a beta of 0.16.

Institutional Investors Weigh In On Obsidian Energy

Hedge funds have recently modified their holdings of the business. Quarry LP bought a new stake in Obsidian Energy during the third quarter valued at about $31,000. Qube Research & Technologies Ltd bought a new position in shares of Obsidian Energy in the second quarter worth about $56,000. Marks Group Wealth Management Inc purchased a new position in shares of Obsidian Energy during the 4th quarter valued at about $61,000. Caitong International Asset Management Co. Ltd lifted its position 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 buying an additional 10,744 shares in the last quarter. Finally, HRT Financial LP purchased a new position in shares of Obsidian Energy during the 4th quarter valued at about $77,000. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.