Obsidian Energy (NYSEAMERICAN:OBE) Shares Gap Up - What's Next?

Key Points

• Obsidian Energy shares opened higher at $12.56 versus a prior close of $12.16, later trading at $12.25 on volume of 116,672 shares.
• Analysts maintain a generally positive outlook: BMO Capital Markets reaffirmed an “outperform” rating, while the stock has an overall “Moderate Buy” consensus and an average price target of $18.00.
• Institutional ownership stands at 13.51%, with several hedge funds increasing or initiating positions during the second quarter.

Obsidian Energy Ltd (NYSEAMERICAN:OBE - Get Free Report) TSE: PWT gapped up before the market opened on Thursday . The stock had previously closed at $12.16, but opened at $12.56. Obsidian Energy shares last traded at $12.25, with a volume of 116,672 shares changing hands.

Analyst Upgrades and Downgrades

Separately, BMO Capital Markets reaffirmed an "outperform" rating on shares of Obsidian Energy in a research note on Tuesday, June 2nd. Two equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, Obsidian Energy currently has an average rating of "Moderate Buy" and an average price target of $18.00.

Obsidian Energy Trading Up 6.4%

The business's 50-day moving average price is $10.33 and its two-hundred day moving average price is $10.28. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.78 and a quick ratio of 0.78. The company has a market capitalization of $863.29 million, a P/E ratio of 46.65 and a beta of 0.18.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Engineers Gate Manager LP raised 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 worth $252,000 after buying an additional 1,636 shares in the last quarter. Spark Investment Management LLC grew its stake in shares of 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 worth $1,088,000 after purchasing an additional 25,000 shares during the last quarter. Hsbc Holdings PLC bought a new stake in shares of Obsidian Energy in the 2nd quarter valued at about $129,000. Beacon Pointe Advisors LLC acquired a new stake in Obsidian Energy during the 2nd quarter valued at approximately $329,000. Finally, Public Employees Retirement System of Ohio purchased a new stake in shares of Obsidian Energy in the second quarter worth approximately $1,145,000. 13.51% of the stock is owned by institutional investors.

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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