Obsidian Energy (NYSEAMERICAN:OBE) Shares Gap Up - Should You Buy?

Key Points

• Obsidian Energy shares gapped higher, opening at $11.93 after previously closing at $11.45, before last trading at $11.7810 on volume of 93,642 shares.
• Analysts maintain a generally positive outlook: the consensus rating is “Moderate Buy” with an average price target of $18.00, including RBC’s target increase from $14 to $18.
• The company has a market capitalization of approximately $791 million, while institutional investors and hedge funds own 13.51% of its shares; Obsidian Energy focuses on oil and natural gas production in western Canada.

Obsidian Energy Ltd (NYSEAMERICAN:OBE - Get Free Report) TSE: PWT gapped up prior to trading on Tuesday . The stock had previously closed at $11.45, but opened at $11.93. Obsidian Energy shares last traded at $11.7810, with a volume of 93,642 shares changing hands.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the company. Royal Bank Of Canada lifted their target price on Obsidian Energy from $14.00 to $18.00 and gave the stock a "sector perform" rating in a research report on Monday, May 11th. BMO Capital Markets reaffirmed an "outperform" rating on shares of Obsidian Energy in a report on Tuesday, June 2nd. Two equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $18.00.

Obsidian Energy Stock Performance

The stock has a market capitalization of $791.02 million, a price-to-earnings ratio of 42.12 and a beta of 0.15. The stock's 50 day moving average is $9.81 and its 200 day moving average is $10.07. 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

A number of institutional investors have recently made changes to their positions in the company. Quarry LP bought a new position in Obsidian Energy during the 3rd quarter valued at $31,000. Qube Research & Technologies Ltd acquired a new stake in shares of Obsidian Energy in the 2nd quarter valued at about $56,000. Marks Group Wealth Management Inc bought a new position in shares of Obsidian Energy during the fourth quarter worth about $61,000. Caitong International Asset Management Co. Ltd lifted its position in shares of Obsidian Energy by 1,209.9% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 11,632 shares of the oil and gas company's stock worth $71,000 after purchasing an additional 10,744 shares during the last quarter. Finally, HRT Financial LP acquired a new position in Obsidian Energy in the fourth quarter worth about $77,000. 13.51% of the stock is owned by institutional investors and hedge funds.

Obsidian Energy Company Profile

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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