Best Stocks Under $2.00 for 2018

The stock market has had an incredible bull-run since the Great Recession of 2008 and 2009. Stocks continue to hit new all-time highs and the price-to-earnings ratios of most S&P 500 companies look very expensive. Many investors are having trouble finding low-priced stocks that haven't already appreciated greatly during the last decade. It's hard to find a good deal on Wall Street right now when even small S&P 500 companies are trading at market caps above $1 billion.

Stocks have gotten expensive both in-terms of share price and their valuation relative to earnings. In more normal markets, a typical S&P 500 company has traded at about fifteen times their earnings. Most stocks are currently trading closer to 25 times their annual earnings. While the stock market has become more expensive as a whole, there are still a handful of undervalued stocks that are trading at less than $2.00 per share.

Value investing opportunities do exist if you're looking in the right places. Putting together a list of the best stocks under $2.00 requires investors to look at smaller and riskier companies and in sectors that are either undiscovered or unloved by the market as a whole. Some of these cheap stocks may not look especially attractive today, but long-term investors will profit if they are willing to exercise patience and hold on to shares of these comapnies through multiple economic cycles.

Some of these companies are solid investing ideas because they are too little and considered too risky to attract the interest of most managed mutual funds and Wall Street money managers. Others operate in unloved and untested areas of the market. You may find even find crypto stocks, marijuana stocks and bitcoin stocks on this list. Others have been beat up by Mr. Market after a long period of slowing profits, but are now actively trying to turn around their business and bounce back. These low-priced stocks operate in a lot of different industries, but these picks all carry two common characteristics. They all have a super-low share price of $2.00 or less and consisently-receive "buy" and "strong buy" ratings from Wall Street's top-rated research analysts.

#1 - Sito Mobile (NASDAQ:SITO)

Stock Price: $1.90
Market Cap: $53.76 million
P/E Ratio: -4.0
Consensus Rating: Buy
Ratings Breakdown: 5 Buy Ratings, 0 Hold Ratings, 0 Sell Ratings.
Consensus Price Target: $9.50 (400.0% Upside)

SITO Mobile, Ltd. provides advertisement delivery, measurement and attribution, and consumer insights using its proprietary location-based marketing intelligence platform in the United States and Canada. It offers Ad Placement, which delivers advertisements on behalf of its customers to audiences of existing and prospective consumers in a privacy compliant manner; and advertisements across television, desktop, social media, and digital out of home platforms. The company also provides measurement and attribution products, including Real-time Verified Walk-In, a platform built in-house working in tandem with a data management platform and demand side platform; Location, Audience and Behavior Sciences reports that provide an analysis of a customer's audience, breaking down location, and purchase and demographic data against various control groups for selected targeted audiences in real time; and Purchase Science Reports, which offer transaction data to make marketing campaigns relevant and measurable. In addition, it offers Insights products, such as Consumer Behavior and Location Sciences, which explores the consumer journey and presents strategic knowledge assets and actionable insights for executives and strategic decision makers looking to understand and influence consumer behaviors. The company provides its services to brands, advertising agencies, out-of-home advertisers, media companies, and non-media companies through salesforce and account management teams. The company was formerly known as Single Touch Systems, Inc. and changed its name to SITO Mobile, Ltd. in September 2014. SITO Mobile, Ltd. was incorporated in 2000 and is based in Jersey City, New Jersey.

#2 - Scorpio Tankers (NYSE:STNG)

Stock Price: $1.92
Market Cap: $709.69 million
P/E Ratio: -4.3
Dividend Yield: 1.89 %
Consensus Rating: Buy
Ratings Breakdown: 8 Buy Ratings, 0 Hold Ratings, 0 Sell Ratings.
Consensus Price Target: $4.20 (118.8% Upside)

Scorpio Tankers Inc., together with its subsidiaries, engages in the seaborne transportation of refined petroleum products worldwide. As of March 22, 2018, its fleet consisted of 109 tankers, including 38 LR2, 12 LR1, 45 MR, and 14 Handymax tankers with an average age of approximately 2.6 years; and 20 time or bareboat chartered-in tankers, which include 2 LR2, 10 MR, and 8 Handymax tankers. The company was founded in 2009 and is based in Monaco.

#3 - SCYNEXIS (NASDAQ:SCYX)

Stock Price: $1.30
Market Cap: $65.35 million
P/E Ratio: -1.3
Consensus Rating: Buy
Ratings Breakdown: 8 Buy Ratings, 0 Hold Ratings, 0 Sell Ratings.
Consensus Price Target: $5.6250 (332.7% Upside)

SCYNEXIS, Inc., a drug development company, develops and commercializes anti-infectives to address unmet therapeutic needs. It is developing its lead product candidate, SCY-078, as a novel oral and intravenous drug for the treatment of various fungal infections, including serious and life-threatening invasive fungal infections. The company also develops SCY-078, which is in various Phase I studies for the oral and intravenous formulations, as well as has completed Phase II study as a step-down therapy in patients with invasive candidiasis and vulvovaginal candidiasis. It has research collaborations with Merck Sharp & Dohme Corp. and R-Pharm, CJSC, to develop and commercialize rights for SCY-078. The company was formerly known as SCYNEXIS Chemistry & Automation, Inc. and changed its name to SCYNEXIS, Inc. in June 2002. SCYNEXIS, Inc. was founded in 1999 and is headquartered in Jersey City, New Jersey.

#4 - Capstone Turbine (NASDAQ:CPST)

Stock Price: $1.22
Market Cap: $83.45 million
P/E Ratio: -5.9
Consensus Rating: Buy
Ratings Breakdown: 6 Buy Ratings, 0 Hold Ratings, 0 Sell Ratings.
Consensus Price Target: $2.30 (88.5% Upside)

Capstone Turbine Corporation develops, manufactures, markets, and services microturbine technology solutions for use in stationary distributed power generation applications worldwide. It offers microturbine units, components, and various accessories for applications, including cogeneration comprising combined heat and power (CHP) and integrated CHP, as well as combined cooling, heat, and power; and renewable energy, natural resources, and critical power supply. The company's microturbines are also used as battery charging generators for hybrid electric vehicle applications. It also provides various accessories, including rotary gas compressors with digital controls; heat recovery modules for CHP applications; dual mode controllers that allow automatic transition between grid connect and stand-alone modes; batteries with digital controls for stand-alone or dual-mode operations; batteries with digital controls; power servers for multipacked installations; protocol converters for Internet access; packaging options; and miscellaneous parts, such as frames, exhaust ducting, backflow dampers, and installation hardware. In addition, the company remanufactures microturbine engines; and provides after-market parts and services. It markets and sells its products primarily through distributors and original equipment manufacturers. Capstone Turbine Corporation was founded in 1988 and is headquartered in Van Nuys, California.

#5 - CTI BioPharma (NASDAQ:CTIC)

Stock Price: $1.89
Market Cap: $113.08 million
P/E Ratio: -1.6
Consensus Rating: Buy
Ratings Breakdown: 5 Buy Ratings, 0 Hold Ratings, 0 Sell Ratings.
Consensus Price Target: $6.40 (238.6% Upside)

CTI BioPharma Corp., a biopharmaceutical company, focuses on the acquisition, development, and commercialization of novel targeted therapies for blood-related cancers in the United States and internationally. It develops PIXUVRI, a novel aza-anthracenedione for the treatment of adult patients with multiply relapsed or refractory aggressive B-cell non-Hodgkin lymphoma; and pacritinib, an investigational oral kinase inhibitor with specificity for JAK2, FLT3, IRAK1, and CSF1R, which is in Phase III clinical trials for the treatment of adult patients with myelofibrosis. The company's product candidate in pipeline includes tosedostat, a novel oral, once-daily aminopeptidase inhibitor for patients with acute myeloid leukemia. It has license and collaboration agreement with Les Laboratoires Servier and Institut de Recherches Internationales Servier; Teva Pharmaceutical Industries Ltd; University of Vermont; S*BIO Pte Ltd; and Vernalis (R&D) Limited. The company was formerly known as Cell Therapeutics, Inc. and changed its name to CTI BioPharma Corp. in May 2014. CTI BioPharma Corp. was founded in 1991 and is headquartered in Seattle, Washington.

#6 - Pluristem Therapeutics (NASDAQ:PSTI)

Stock Price: $1.25
Market Cap: $139.14 million
P/E Ratio: -3.9
Consensus Rating: Buy
Ratings Breakdown: 5 Buy Ratings, 0 Hold Ratings, 0 Sell Ratings.
Consensus Price Target: $4.1250 (230.0% Upside)

Pluristem Therapeutics Inc., together with its subsidiary, Pluristem Ltd., operates as a bio-therapeutics company in Israel. It focuses on the research, development, clinical trial, and manufacture of cell therapeutic products and related technologies for the treatment of various ischemic, inflammatory, and hematologic conditions, as well as autoimmune disorders. The company develops PLacental eXpanded (PLX) cell therapy products, including PLX-PAD cells, which is Phase III clinical trial for the treatment of critical limb ischemia (CLI) in patients ineligible for revascularization, recovery after surgery for femoral neck fracture, and acute radiation syndrome (ARS), as well as peripheral and cardiovascular, and orthopedic diseases. It also develops PLX-R18 cells that is in Phase I clinical trial for incomplete hematopoietic recovery following hematopoietic cell transplantation, as well as conducts various in-vivo studies for the evaluation of PLX-R18 for the treatment of ARS. The company has collaborative research agreement with the Berlin-Brandenburg Center for Regenerative Therapies; and a license and commercialization agreement for conducting clinical trials and commercialization of its PLX-PAD product in South Korea related to the treatment CLI and intermediate claudication. Pluristem Therapeutics Inc. was founded in 2001 and is based in Haifa, Israel.

#7 - Sequans Communications (NYSE:SQNS)

Stock Price: $1.69
Market Cap: $144.04 million
P/E Ratio: -5.5
Consensus Rating: Buy
Ratings Breakdown: 7 Buy Ratings, 0 Hold Ratings, 0 Sell Ratings.
Consensus Price Target: $3.6786 (117.7% Upside)

Sequans Communications S.A., together with its subsidiaries, engages in fabless designing, developing, and supplying 4G LTE semiconductor solutions for wireless broadband and Internet of Things applications. Its solutions incorporate baseband processor and radio frequency (RF) transceiver integrated circuits along with proprietary signal processing techniques, algorithms, and software stacks. The company offers baseband solutions used to encode and decode data based on 4G protocols that serve as the wireless processing platform for a 4G device; RF transceivers used to transmit and receive wireless transmissions; and system-on-chip solutions that integrate the baseband and RF transceiver functions. Its solutions serves as the wireless communications platform in various devices, including USB dongles; portable routers; embedded wireless modems for computing and multimedia devices; and customer-premises equipment, such as fixed wireless broadband access modems, routers, and residential gateways. The company's solutions also provide connectivity for industrial devices in transportation, security, asset tracking, retail, smart energy, smart city, agriculture, healthcare, and other applications. It serves OEMs, ODMs, contract manufacturers, or system integrators, as well as distributors who provide customer communications, logistics, and support functions. The company operates in the Asia-Pacific region, including Taiwan, China, South Korea, and Japan; Europe; the Middle East; and North and South America. Sequans Communications S.A. was founded in 2003 and is headquartered in Paris, France.

#8 - Plug Power (NASDAQ:PLUG)

Stock Price: $1.96
Market Cap: $410.26 million
P/E Ratio: -3.3
Consensus Rating: Buy
Ratings Breakdown: 6 Buy Ratings, 0 Hold Ratings, 0 Sell Ratings.
Consensus Price Target: $4.00 (104.1% Upside)

Plug Power Inc., an alternative energy technology provider, engages in the design, development, commercialization, and manufacture of hydrogen and fuel cell systems for the material handling and stationary power markets primarily in North America and Europe. It focuses on proton exchange membrane (PEM) fuel cell and fuel processing technologies, fuel cell/battery hybrid technologies, and related hydrogen storage and dispensing infrastructure. The company offers GenDrive, a hydrogen fueled PEM fuel cell system that provides power to material handling electric vehicles; GenFuel, a hydrogen fueling delivery, generation, storage, and dispensing systems; GenCare, which is an ongoing maintenance program for GenDrive fuel cells, GenSure products, GenFuel products, and ProGen engines; and GenSure, a stationary fuel cell solution that provides scalable modular PEM fuel cell power to support the backup and grid-support power requirements of the telecommunications, transportation, and utility sectors. It also provides GenKey, a turn-key solution for transitioning to fuel cell power; ProGen, a fuel cell stack and engine technology that is used in mobility and stationary fuel cell systems, and as engines in electric delivery vans; and GenFund, which offers financing solutions to customers. The company offers its products to distribution and manufacturing businesses, and government agencies through direct product sales force, original equipment manufacturers, and dealer networks. Plug Power Inc. was founded in 1997 and is headquartered in Latham, New York.

#9 - Genocea Biosciences (NASDAQ:GNCA)

Stock Price: $0.64
Market Cap: $51.11 million
P/E Ratio: -0.3
Consensus Rating: Buy
Ratings Breakdown: 6 Buy Ratings, 1 Hold Ratings, 0 Sell Ratings.
Consensus Price Target: $4.7857 (647.8% Upside)

Genocea Biosciences, Inc., a biopharmaceutical company, discovers and develops novel cancer vaccines. The company uses its proprietary discovery platform, ATLAS, to recall a patient's pre-existing CD4+ and CD8+ T cell immune responses to tumor to identify antigens for inclusion in vaccines that are designed to act through T cell (or cellular) immune responses. Its lead immuno-oncology program is GEN-009, an adjuvanted neoantigen peptide vaccine candidate, which is in preclinical stage, designed to direct a patient's immune system to attack tumor. The company is also seeking partners to develop cancer vaccines targeting tumor-associated antigens and a vaccine targeting cancers caused by Epstein-Barr virus. Genocea Biosciences, Inc. was founded in 2006 and is headquartered in Cambridge, Massachusetts.

#10 - Catabasis Pharmaceuticals (NASDAQ:CATB)

Stock Price: $0.65
Market Cap: $19.51 million
P/E Ratio: -0.5
Consensus Rating: Buy
Ratings Breakdown: 4 Buy Ratings, 1 Hold Ratings, 0 Sell Ratings.
Consensus Price Target: $4.10 (530.8% Upside)

Catabasis Pharmaceuticals, Inc., a clinical-stage biopharmaceutical company, focuses on the discovery, development, and commercialization of therapeutics based on safely metabolized and rationally targeted (SMART) linker drug discovery platform in the United States. The company's lead product candidate is Edasalonexent, an oral small molecule, which completed Phase II clinical trial for the treatment of duchenne muscular dystrophy (DMD), as well as Phase I clinical trial for the treatment of additional rare diseases. It is also involved in developing SMART linker conjugates that are in preclinical stage of development, including CAT-5571 for cystic fibrosis (CF) and malfunctioning of CF transmembrane conductance regulator, as well as for the clearance of pathogens, such as P. aeruginosa and B. cenocepacia; and CAT-4001 for the treatment of severe and rare neurodegenerative diseases consisting of Friedreich's ataxia and amyotrophic lateral sclerosis. In addition, the company offers CAT-2000 compounds, which are SMART linker conjugates of nicotinic acid and EPA that are used for the treatment of nonalcoholic steatohepatitis. Catabasis Pharmaceuticals, Inc. has a pre-clinical joint research collaboration agreement with Sarepta Therapeutics, Inc. to explore a combination drug treatment approach for DMD. The company was founded in 2008 and is based in Cambridge, Massachusetts.

#11 - FuelCell Energy (NASDAQ:FCEL)

Stock Price: $1.14
Market Cap: $101.44 million
P/E Ratio: -0.9
Consensus Rating: Buy
Ratings Breakdown: 5 Buy Ratings, 1 Hold Ratings, 0 Sell Ratings.
Consensus Price Target: $3.80 (233.3% Upside)

FuelCell Energy, Inc., together with its subsidiaries, designs, manufactures, sells, installs, operates, and services stationary fuel cell power plants for distributed power generation. The company offers SureSource power plants, a tri-generation distributed hydrogen configuration that generates electricity, heat, and hydrogen for commercial, industrial, government, and utility customers; and fuel cell carbon capture solution for coal or gas-fired power plants. It also develops solid oxide fuel cells for adjacent sub-megawatt applications to the markets for megawatt-class SureSource power plants, as well as energy storage applications. The company serves various markets, such as utilities and independent power producers, industrial and process applications, education and health care, data centers and communication, wastewater treatment, government, and commercial and hospitality. It primarily operates in the United States, South Korea, England, Germany, Canada, and Spain. FuelCell Energy, Inc. was founded in 1969 and is headquartered in Danbury, Connecticut.

#12 - Golden Star Resources (NYSEAMERICAN:GSS)

Stock Price: $0.72
Market Cap: $362.27 million
Consensus Rating: Buy
Ratings Breakdown: 5 Buy Ratings, 1 Hold Ratings, 0 Sell Ratings.
Consensus Price Target: $0.9750 (35.4% Upside)

Golden Star Resources Ltd. operates as a gold mining and exploration company. The company owns and operates the Wassa open-pit gold mine, the Wassa underground mine, and a carbon-in-leach processing plant located to the northeast of the town of Tarkwa, Ghana; and Bogoso gold mining and processing operation, Prestea open-pit mining operations, and the Prestea underground development project located near the town of Prestea, Ghana. It also holds and manages interests in various gold exploration properties in Ghana and Brazil. The company was incorporated in 1992 and is headquartered in Toronto, Canada.

#13 - Trevena (NASDAQ:TRVN)

Stock Price: $1.60
Market Cap: $124.01 million
P/E Ratio: -1.3
Consensus Rating: Buy
Ratings Breakdown: 4 Buy Ratings, 1 Hold Ratings, 0 Sell Ratings.
Consensus Price Target: $6.30 (293.8% Upside)

Trevena, Inc., a biopharmaceutical company, develops therapies based on breakthrough science to benefit patients and healthcare providers confronting serious medical conditions. Its product candidates include OLINVO injection, a G protein biased ligand of the µ opioid receptor that has completed Phase III clinical trials for the management of moderate-to-severe acute pain where intravenous administration is preferred; TRV250, a G protein biased ligand targeting the d-receptor, which is in Phase I clinical study for the treatment of migraine; and TRV734, a small molecule G protein biased ligand of the µ opioid receptor that has completed Phase I clinical study for the treatment of moderate-to-severe acute and chronic pain, as well as TRV027 for the treatment of acute heart failure. The company was founded in 2007 and is headquartered in Chesterbrook, Pennsylvania.

#14 - Lipocine (NASDAQ:LPCN)

Stock Price: $1.42
Market Cap: $32.53 million
P/E Ratio: -1.4
Consensus Rating: Buy
Ratings Breakdown: 3 Buy Ratings, 1 Hold Ratings, 0 Sell Ratings.
Consensus Price Target: $6.3750 (348.9% Upside)

Lipocine Inc., a specialty pharmaceutical company, focuses on the development of pharmaceutical products in the area of men's and women's health. Its primary development programs are based on oral delivery solutions for poorly bioavailable drugs. The company has a portfolio of product candidates designed to produce pharmacokinetic characteristics, facilitate lower dosing requirements, bypass first-pass metabolism in certain cases, reduce side effects, and eliminate gastrointestinal interactions that limit bioavailability. Its lead product candidate is TLANDO, an oral testosterone replacement therapy. The company's pipeline candidates also include LPCN 1111, an oral testosterone therapy product for once daily dosing that is currently in Phase II testing; and LPCN 1107, an oral hydroxyprogesterone caproate product for the prevention of recurrent preterm birth and has completed an end-of-Phase II meeting with the Food and Drug Administration. Lipocine Inc. is headquartered in Salt Lake City, Utah.

#15 - Agile Therapeutics (NASDAQ:AGRX)

Stock Price: $0.26
Market Cap: $8.66 million
P/E Ratio: -0.3
Consensus Rating: Buy
Ratings Breakdown: 4 Buy Ratings, 2 Hold Ratings, 0 Sell Ratings.
Consensus Price Target: $6.25 (2,303.8% Upside)

Agile Therapeutics, Inc., a women's healthcare company, focuses on the development and commercialization of prescription contraceptive products for women. Its lead product candidate is Twirla, also known as AG200-15, a once-weekly prescription combination hormonal contraceptive patch, which completed Phase III clinical trials. The company is also developing a pipeline of other transdermal contraceptive products, including AG200-ER, a regimen that allows a woman to extend the length of her cycle; AG200-SP, which is a regimen designed to provide shorter lighter periods; AG200-ER (SmP), a regimen to allow a woman to extend the length of her cycle, as well as experience shorter and lighter periods; and AG890, a progestin-only contraceptive patch intended for use by women who are unable or unwilling to take estrogen. Agile Therapeutics, Inc. was founded in 1997 and is headquartered in Princeton, New Jersey.

#16 - ConforMIS (NASDAQ:CFMS)

Stock Price: $0.91
Market Cap: $61.28 million
P/E Ratio: -0.8
Consensus Rating: Buy
Ratings Breakdown: 5 Buy Ratings, 0 Hold Ratings, 1 Sell Ratings.
Consensus Price Target: $3.75 (312.1% Upside)

ConforMIS, Inc., a medical technology company, develops, manufactures, and sells joint replacement implants. The company offers customized knee replacement products, including iTotal CR, a cruciate-retaining product; iTotal PS, a posterior cruciate ligament substituting product; iDuo, a customized bicompartmental knee replacement system; and iUni, a customized unicompartmental knee replacement product to treat the medial or lateral compartment of the knee. It also provides ConforMIS Hip System, a hip replacement product; and iJigs, a customized single-use patient-specific instrumentation. The company markets and sells its products to hospitals and other medical facilities through sales force, independent sales representatives, and distributors in the United States, Germany, the United Kingdom, Austria, Ireland, Switzerland, Singapore, Hong Kong, Malaysia, and Monaco. ConforMIS, Inc. was founded in 2004 and is headquartered in Billerica, Massachusetts.

#17 - Yogaworks (NASDAQ:YOGA)

Stock Price: $1.19
Market Cap: $31.92 million
Consensus Rating: Buy
Ratings Breakdown: 4 Buy Ratings, 2 Hold Ratings, 0 Sell Ratings.
Consensus Price Target: $5.8333 (390.2% Upside)

YogaWorks, Inc. operates yoga studios under the YogaWorks and Yoga Tree brand names in the United States. It primarily provides yoga classes, workshops, teacher training programs, and yoga-related retail merchandise. The company offers online yoga instruction and programming services through its MyYogaWorks Web platform. As of May 10, 2018, it operated 69 locations. The company was formerly known as YWX Holdings, Inc. and changed its name to YogaWorks, Inc. in April 2017. YogaWorks, Inc. was founded in 1987 and is headquartered in Culver City, California.

#18 - Obalon Therapeutics (NASDAQ:OBLN)

Stock Price: $1.70
Market Cap: $31.36 million
P/E Ratio: -0.9
Consensus Rating: Buy
Ratings Breakdown: 3 Buy Ratings, 2 Hold Ratings, 0 Sell Ratings.
Consensus Price Target: $7.80 (358.8% Upside)

Obalon Therapeutics, Inc., a vertically integrated medical device company, focuses on developing and commercializing medical devices to treat obese and overweight people by facilitating weight loss. It offers the Obalon balloon system designed to provide weight loss in obese patients. Obalon Therapeutics, Inc. was founded in 2008 and is headquartered in Carlsbad, California.

#19 - Rewalk Robotics (NASDAQ:RWLK)

Stock Price: $0.90
Market Cap: $29.10 million
P/E Ratio: -0.9
Consensus Rating: Buy
Ratings Breakdown: 4 Buy Ratings, 0 Hold Ratings, 1 Sell Ratings.
Consensus Price Target: $2.80 (211.1% Upside)

ReWalk Robotics Ltd., a medical device company, designs, develops, and commercializes exoskeletons for wheelchair-bound individuals with mobility impairments or other medical conditions. The company offers ReWalk Personal for everyday use to paraplegic individuals at home and in their communities; and ReWalk Rehabilitation for exercise and therapy used in hospitals and rehabilitation centers in the United States and Europe. It is also developing ReWalk Restore, a soft suit exoskeleton for individuals who have suffered a stroke. ReWalk Robotics Ltd. markets and sells its products directly to third party payers, institutions and individuals, as well as through third-party distributors. The company was formerly known as Argo Medical Technologies Ltd. ReWalk Robotics Ltd. was founded in 2001 and is headquartered in Yokne'am Illit, Israel.

#20 - Obsidian Energy (NYSE:OBE)

Stock Price: $0.97
Market Cap: $495.05 million
P/E Ratio: -7.5
Consensus Rating: Buy
Ratings Breakdown: 3 Buy Ratings, 2 Hold Ratings, 0 Sell Ratings.
Consensus Price Target: $1.71 (76.3% Upside)

Obsidian Energy Ltd. explores for, develops, and produces oil and natural gas in western Canada. The company primarily holds interests in the Cardium development area that covers an area of approximately 450 net sections of developed and undeveloped land located in west central Alberta; Peace River development area covering an area of 235 net sections of developed and undeveloped land located in northwestern Alberta; and Viking development area that covers an area of approximately 170 net sections of developed and undeveloped land located in Eastern Alberta. It also owns an interest in the Deep Basin development area covering an area of 700 net sections of developed and undeveloped land located located in Alberta. 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.