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

Key Points

• Obsidian Energy shares opened higher, rising from a prior close of $10.63 to $11.01 before easing to about $10.95, with roughly 50,399 shares traded.
• Analyst sentiment remains positive: Raymond James reiterated an “outperform” rating, while the broader analyst consensus is “Moderate Buy” with an average price target of $18.00.
• The company has a market capitalization of approximately $730 million, and institutional investors 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 shares gapped up before the market opened on Thursday. The stock had previously closed at $10.63, but opened at $11.01. Obsidian Energy shares last traded at $10.9450, with a volume of 50,399 shares.

Analyst Upgrades and Downgrades

Separately, Raymond James Financial reissued an "outperform" rating on shares of Obsidian Energy in a report 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 presently has a consensus rating of "Moderate Buy" and an average target price of $18.00.

Obsidian Energy Stock Performance

The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.25. The stock has a market cap of $730.03 million, a price-to-earnings ratio of 39.39 and a beta of 0.35. The stock's 50 day moving average is $11.20 and its two-hundred day moving average is $10.72.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of OBE. State of Wyoming purchased a new stake in shares of Obsidian Energy during the first quarter worth approximately $84,000. FNY Investment Advisers LLC acquired a new stake in shares of Obsidian Energy during the second quarter worth $81,000. Marks Group Wealth Management Inc purchased a new position in Obsidian Energy in the 4th quarter valued at $61,000. Caitong International Asset Management Co. Ltd grew its position in Obsidian Energy by 1,209.9% in 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 during the last quarter. Finally, Post Resch Tallon Group Inc. acquired a new position in Obsidian Energy in the 2nd quarter valued at $122,000. 13.51% of the stock is currently owned by hedge funds and other institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.