Royal Bank Of Canada Forecasts Strong Price Appreciation for Obsidian Energy (NYSEAMERICAN:OBE) Stock

Key Points

• Royal Bank of Canada raised its price target on Obsidian Energy from $14 to $18, implying about 42.7% upside from the previous close while keeping a “sector perform” rating.
• Other analysts have also turned more positive: Raymond James upgraded the stock to “moderate buy,” and BMO Capital Markets reaffirmed an “outperform” rating. The consensus rating now stands at Moderate Buy with an average target price of $18.
• Obsidian Energy’s shares were up 1.5% on Monday to $12.61, while institutional investors have been increasing exposure, including a huge position boost from JPMorgan Chase.

Obsidian Energy (NYSEAMERICAN:OBE - Get Free Report) TSE: PWT had its price target upped by equities research analysts at Royal Bank Of Canada from $14.00 to $18.00 in a report released on Monday,Benzinga reports. The firm currently has a "sector perform" rating on the oil and gas company's stock. Royal Bank Of Canada's price target indicates a potential upside of 42.71% from the company's previous close.

A number of other brokerages have also recently issued reports on OBE. Raymond James Financial upgraded shares of Obsidian Energy from a "hold" rating to a "moderate buy" rating in a report on Monday, March 30th. BMO Capital Markets restated an "outperform" rating on shares of Obsidian Energy in a report on Friday. Two equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat, Obsidian Energy currently has an average rating of "Moderate Buy" and an average target price of $18.00.

Obsidian Energy Trading Up 1.5%

Shares of OBE stock traded up $0.18 on Monday, hitting $12.61. The company had a trading volume of 327,203 shares, compared to its average volume of 893,380. Obsidian Energy has a twelve month low of $4.58 and a twelve month high of $14.59. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.58 and a current ratio of 0.58. The firm has a market cap of $840.15 million, a P/E ratio of -1,259.00 and a beta of 0.30. The stock's 50-day moving average is $9.84 and its two-hundred day moving average is $7.61.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. JPMorgan Chase & Co. raised its position in shares of Obsidian Energy by 3,092.4% in the third quarter. JPMorgan Chase & Co. now owns 144,966 shares of the oil and gas company's stock worth $1,029,000 after buying an additional 140,425 shares in the last quarter. First Trust Advisors LP raised its holdings in shares of Obsidian Energy by 38.7% in the 2nd quarter. First Trust Advisors LP now owns 344,042 shares of the oil and gas company's stock valued at $1,909,000 after acquiring an additional 95,932 shares in the last quarter. Man Group plc bought a new stake in Obsidian Energy during the fourth quarter valued at approximately $913,000. Jane Street Group LLC increased its holdings in shares of Obsidian Energy by 52.3% in the 1st quarter. Jane Street Group LLC now owns 64,844 shares of the oil and gas company's stock worth $380,000 after buying an additional 22,273 shares during the last quarter. Finally, Schonfeld Strategic Advisors LLC purchased a new stake in Obsidian Energy during the fourth quarter valued at about $217,000. 13.51% of the stock is currently owned by hedge funds and other 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.

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.