Obsidian Energy (NYSEAMERICAN:OBE) Shares Break Above Two Hundred Day Moving Average - Here's Why

Key Points

• Obsidian Energy shares moved above their 200-day moving average of $10.69, reaching $10.70 before closing at $10.50 on trading volume of 637,378 shares.
• Analysts maintain a generally positive outlook: Raymond James reaffirmed an “outperform” rating, while the stock’s consensus rating is “Moderate Buy” with an $18.00 price target.
• Institutional investors have recently adjusted or initiated positions in the company, though hedge funds and institutions collectively own only 13.51% of Obsidian Energy’s shares.

Obsidian Energy Ltd (NYSEAMERICAN:OBE - Get Free Report) TSE: PWT shares passed above its 200-day moving average during trading on Monday. The stock has a 200-day moving average of $10.69 and traded as high as $10.70. Obsidian Energy shares last traded at $10.50, with a volume of 637,378 shares traded.

Wall Street Analyst Weigh In

Separately, Raymond James Financial reaffirmed an "outperform" rating on shares of Obsidian Energy in a research note on Wednesday, September 16th. Two 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 currently has an average rating of "Moderate Buy" and a consensus price target of $18.00.

Obsidian Energy Price Performance

The stock has a market capitalization of $694.58 million, a P/E ratio of 37.50 and a beta of 0.35. The company's 50 day simple moving average is $11.16 and its two-hundred day simple moving average is $10.69. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.78 and a quick ratio of 0.78.

Institutional Investors Weigh In On Obsidian Energy

A number of hedge funds and other institutional investors have recently bought and sold shares of OBE. Engineers Gate Manager LP grew its position in shares of Obsidian Energy by 5.6% during the 2nd quarter. Engineers Gate Manager LP now owns 31,014 shares of the oil and gas company's stock worth $252,000 after buying an additional 1,636 shares during the period. State of Wyoming bought a new stake in shares of Obsidian Energy during the first quarter worth approximately $84,000. Marks Group Wealth Management Inc acquired a new position in Obsidian Energy in the fourth quarter valued at approximately $61,000. FNY Investment Advisers LLC acquired a new position in Obsidian Energy in the second quarter valued at approximately $81,000. Finally, Caitong International Asset Management Co. Ltd boosted its stake in Obsidian Energy by 1,209.9% in the fourth 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 acquiring an additional 10,744 shares during the last quarter. 13.51% of the stock is owned by institutional investors and hedge funds.

About Obsidian Energy

Obsidian Energy Ltd. is a Canadian oil and natural gas exploration and production company focused on developing and producing crude oil, natural gas liquids and natural gas. The company's operations are concentrated in Alberta, where it holds interests in the Peace River, Cardium and Clearwater areas.

The company's portfolio includes light-oil, heavy-oil and natural-gas properties. Its activities cover the exploration, development and production of hydrocarbons, supported by infrastructure and land positions in Western Canada.

Obsidian Energy was previously known as Penn West Petroleum Ltd.

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