Obsidian Energy (NYSEAMERICAN:OBE) Shares Down 4.3% - Here's What Happened

Key Points

• Obsidian Energy shares fell 4.3% to $11.571 during Tuesday trading, with volume dropping 82% below the average session level.
• Analyst sentiment remains positive: Raymond James reaffirmed an “outperform” rating, while the stock carries a “Moderate Buy” consensus and an average price target of $18.00.
• Institutional investors own 13.51% of the company, with several funds recently initiating or increasing positions in the Alberta-focused oil and natural gas producer.

Obsidian Energy Ltd (NYSEAMERICAN:OBE - Get Free Report) TSE: PWT fell 4.3% during trading on Tuesday. The stock traded as low as $11.75 and last traded at $11.5710. Approximately 143,980 shares traded hands during trading, a decline of 82% from the average session volume of 820,747 shares. The stock had previously closed at $12.09.

Wall Street Analyst Weigh In

Separately, Raymond James Financial reissued an "outperform" rating on shares of Obsidian Energy in a research note on Wednesday, September 16th. 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 data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $18.00.

Obsidian Energy Stock Performance

The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.78 and a current ratio of 0.78. The stock has a market cap of $784.74 million, a P/E ratio of 42.37 and a beta of 0.35. The firm's 50 day moving average is $11.45 and its 200 day moving average is $10.86.

Hedge Funds Weigh In On Obsidian Energy

A number of institutional investors have recently modified their holdings of OBE. 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. FNY Investment Advisers LLC acquired a new stake in Obsidian Energy in the 2nd quarter valued at approximately $81,000. State of Wyoming acquired a new position in Obsidian Energy during the 1st quarter worth about $84,000. Post Resch Tallon Group Inc. acquired a new stake in shares of Obsidian Energy during the second quarter worth about $122,000. Finally, Hsbc Holdings PLC acquired a new position in shares of Obsidian Energy in the second quarter worth $129,000. Hedge funds and other institutional investors own 13.51% of the company's stock.

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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