Obsidian Energy (NYSEAMERICAN:OBE) Stock Price Down 5% - Time to Sell?

Key Points

• Obsidian Energy shares fell 5% to approximately $11.65 in mid-day trading, with volume down 83% from its average daily level.
• Analysts remain broadly positive: Raymond James and BMO Capital Markets reiterated “outperform” ratings, while the stock has a consensus rating of Moderate Buy and a target price of $18.00.
• Institutional ownership stands at 13.51%, with several major investors—including Royal Bank of Canada, Bank of America, and Arrowstreet Capital—recently increasing their positions.

Obsidian Energy Ltd (NYSEAMERICAN:OBE - Get Free Report) TSE: PWT's stock price dropped 5% during mid-day trading on Monday . The company traded as low as $11.72 and last traded at $11.6460. Approximately 140,341 shares were traded during trading, a decline of 83% from the average daily volume of 841,789 shares. The stock had previously closed at $12.26.

Analyst Ratings Changes

Several equities research analysts recently commented on OBE shares. Raymond James Financial reiterated an "outperform" rating on shares of Obsidian Energy in a report on Wednesday. BMO Capital Markets restated an "outperform" rating on shares of Obsidian Energy in a research note on Tuesday, June 2nd. Two investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $18.00.

Obsidian Energy Stock Performance

The business has a 50-day moving average of $10.93 and a 200 day moving average of $10.51. 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 cap of $771.90 million, a PE ratio of 41.64 and a beta of 0.18.

Institutional Investors Weigh In On Obsidian Energy

A number of hedge funds have recently modified their holdings of the business. Royal Bank of Canada lifted its position in shares of Obsidian Energy by 31.4% during the 1st quarter. Royal Bank of Canada now owns 4,444,416 shares of the oil and gas company's stock valued at $42,089,000 after buying an additional 1,061,819 shares in the last quarter. Bank of America Corp DE increased its holdings in Obsidian Energy by 87.3% in the 1st quarter. Bank of America Corp DE now owns 642,321 shares of the oil and gas company's stock worth $6,083,000 after acquiring an additional 299,431 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its holdings in Obsidian Energy by 137.8% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 2,996,167 shares of the oil and gas company's stock worth $28,463,000 after acquiring an additional 1,736,064 shares in the last quarter. Public Employees Retirement System of Ohio bought a new stake in Obsidian Energy during the 2nd quarter worth approximately $1,145,000. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new position in Obsidian Energy during the second quarter valued at approximately $4,341,000. Institutional investors own 13.51% of the company's stock.

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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