Obsidian Energy (NYSEAMERICAN:OBE) Shares Climb 4.7% - Still a Buy?

Key Points

• Obsidian Energy shares rose 4.7% to approximately $12.01 in Friday trading, though volume was 55% below the stock’s average daily volume.
• Analysts maintain a favorable outlook: Raymond James reaffirmed an “outperform” rating, while the stock carries a consensus “Moderate Buy” rating and an $18.00 target price.
• Institutional ownership stands at 13.51%, with several investors adding shares during the second quarter; Obsidian Energy is a Canadian oil and natural gas producer focused on Alberta assets.

Shares of Obsidian Energy Ltd (NYSEAMERICAN:OBE - Get Free Report) TSE: PWT shot up 4.7% during mid-day trading on Friday. The company traded as high as $11.97 and last traded at $12.0110. Approximately 372,683 shares changed hands during trading, a decline of 55% from the average daily volume of 824,852 shares. The stock had previously closed at $11.47.

Wall Street Analyst Weigh In

Separately, Raymond James Financial reaffirmed an "outperform" rating on shares of Obsidian Energy in a report on Wednesday, September 16th. Two analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $18.00.

Obsidian Energy Price Performance

The firm has a 50-day simple moving average of $11.38 and a two-hundred day simple moving average of $10.82. The company has a market capitalization of $792.28 million, a price-to-earnings ratio of 42.71 and a beta of 0.35. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.25.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the stock. Engineers Gate Manager LP increased its holdings 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 valued at $252,000 after purchasing an additional 1,636 shares in the last quarter. Spark Investment Management LLC boosted its holdings in Obsidian Energy by 23.1% during the second quarter. Spark Investment Management LLC now owns 133,000 shares of the oil and gas company's stock worth $1,088,000 after buying an additional 25,000 shares in the last quarter. Hsbc Holdings PLC purchased a new stake in Obsidian Energy during the second quarter worth $129,000. Beacon Pointe Advisors LLC acquired a new stake in Obsidian Energy during the second quarter valued at $329,000. Finally, Public Employees Retirement System of Ohio acquired a new stake in Obsidian Energy during the second quarter valued at $1,145,000. 13.51% of the stock is currently owned by hedge funds and other institutional investors.

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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