Obsidian Energy (NYSEAMERICAN:OBE) Shares Cross Above 200-Day Moving Average - Here's Why

Key Points

• Obsidian Energy shares moved above their 200-day moving average, reaching $11.84 before closing at $11.52 on trading volume of 439,645 shares.
• Analyst sentiment is generally positive: two analysts rate the stock a Buy and one rates it Hold, resulting in a “Moderate Buy” consensus and an average price target of $18.00.
• Institutional ownership remains limited at 13.51%, though several hedge funds recently initiated or increased positions in the Canadian oil and gas producer.

Obsidian Energy Ltd (NYSEAMERICAN:OBE - Get Free Report) TSE: PWT's stock price crossed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $9.93 and traded as high as $11.84. Obsidian Energy shares last traded at $11.52, with a volume of 439,645 shares traded.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on OBE. BMO Capital Markets reaffirmed an "outperform" rating on shares of Obsidian Energy in a report on Tuesday, June 2nd. Royal Bank Of Canada boosted their target price 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 equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $18.00.

Obsidian Energy Stock Down 3.6%

The stock has a market capitalization of $769.08 million, a PE ratio of 41.14 and a beta of 0.15. The firm's fifty day moving average is $9.61 and its 200-day moving average is $9.93. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.25.

Institutional Trading of Obsidian Energy

Several hedge funds have recently modified their holdings of the business. Quarry LP acquired a new position in Obsidian Energy during the third quarter worth $31,000. Qube Research & Technologies Ltd purchased a new position in Obsidian Energy in the second quarter worth $56,000. Marks Group Wealth Management Inc acquired a new stake in Obsidian Energy in the fourth quarter valued at $61,000. Caitong International Asset Management Co. Ltd lifted its holdings 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 period. Finally, HRT Financial LP acquired a new stake in Obsidian Energy in the fourth quarter valued at $77,000. 13.51% of the stock is owned by institutional investors and hedge funds.

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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