Obsidian Energy (NYSEAMERICAN:OBE) Shares Gap Down - Time to Sell?

Key Points

• Obsidian Energy shares fell 3% at the open, dropping from $11.57 to $11.22 before trading at approximately $11.47 on volume of 74,909 shares.
• Analysts remain broadly positive, with two Buy ratings and one Hold rating producing a consensus “Moderate Buy” rating and an average price target of $18.00.
• The company has a market capitalization of about $765 million, while institutional investors and hedge funds own 13.51% of its shares; Obsidian operates oil and natural-gas assets primarily in Alberta, Canada.

Obsidian Energy Ltd (NYSEAMERICAN:OBE - Get Free Report) TSE: PWT's share price gapped down prior to trading on Tuesday . The stock had previously closed at $11.57, but opened at $11.22. Obsidian Energy shares last traded at $11.4660, with a volume of 74,909 shares changing hands.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the stock. Raymond James Financial reissued an "outperform" rating on shares of Obsidian Energy in a research report on Wednesday, September 16th. BMO Capital Markets reaffirmed an "outperform" rating on shares of Obsidian Energy in a research report on Tuesday, June 2nd. Two analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, Obsidian Energy has a consensus rating of "Moderate Buy" and a consensus target price of $18.00.

Obsidian Energy Stock Performance

The stock has a fifty day moving average of $10.98 and a 200-day moving average of $10.54. The firm has a market capitalization of $764.63 million, a P/E ratio of 41.31 and a beta of 0.18. 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

A number of hedge funds and other institutional investors have recently made changes to their positions in OBE. Engineers Gate Manager LP lifted its position in shares of Obsidian Energy by 5.6% in the second quarter. Engineers Gate Manager LP now owns 31,014 shares of the oil and gas company's stock worth $252,000 after purchasing an additional 1,636 shares in the last quarter. Spark Investment Management LLC grew its position in Obsidian Energy by 23.1% in the second quarter. Spark Investment Management LLC now owns 133,000 shares of the oil and gas company's stock valued at $1,088,000 after purchasing an additional 25,000 shares in the last quarter. Hsbc Holdings PLC bought a new position in Obsidian Energy in the second quarter valued at $129,000. Beacon Pointe Advisors LLC acquired a new stake in Obsidian Energy in the 2nd quarter valued at $329,000. Finally, Public Employees Retirement System of Ohio acquired a new stake in Obsidian Energy in the 2nd quarter valued at $1,145,000. 13.51% of the stock is currently owned by institutional investors and hedge funds.

Obsidian Energy Company Profile

Obsidian Energy Ltd. is a Canadian oil and natural gas exploration and production company. Its activities include the acquisition, development and operation of petroleum and natural gas properties, with a focus on generating production from conventional oil and liquids-rich natural gas assets.

The company's operations are concentrated in Alberta, Canada, including the Peace River, Cardium and Pembina areas. Its products include crude oil, natural gas liquids and natural gas, which are sold into Canadian and North American energy markets.

Obsidian Energy was formerly known as Penn West Petroleum Ltd.

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