Obsidian Energy (NYSEAMERICAN:OBE) Sees Large Volume Increase – Here’s Why

Shares of Obsidian Energy Ltd (NYSEAMERICAN:OBE) (TSE:PWT) saw unusually-high trading volume on Friday . Approximately 430,307 shares traded hands during trading, a decline of 38% from the previous session’s volume of 689,115 shares.The stock last traded at $9.3690 and had previously closed at $10.12.

Analyst Upgrades and Downgrades

OBE has been the topic of several research analyst reports. Raymond James Financial raised shares of Obsidian Energy from a “hold” rating to a “moderate buy” rating in a research note on Monday, March 30th. Royal Bank Of Canada increased their target price on shares of Obsidian Energy from $9.00 to $10.00 and gave the stock a “sector perform” rating in a research note on Friday, February 20th. One analyst has rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $10.00.

Obsidian Energy Price Performance

The stock has a market capitalization of $672.76 million, a P/E ratio of 30.61 and a beta of -0.10. The business’s 50 day simple moving average is $8.58 and its two-hundred day simple moving average is $7.05. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 0.13.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in OBE. Royal Bank of Canada lifted its stake in shares of Obsidian Energy by 57.4% in the fourth quarter. Royal Bank of Canada now owns 3,382,597 shares of the oil and gas company’s stock valued at $20,734,000 after buying an additional 1,233,804 shares in the last quarter. UBS Group AG lifted its stake in shares of Obsidian Energy by 460.2% in the third quarter. UBS Group AG now owns 491,153 shares of the oil and gas company’s stock valued at $3,212,000 after buying an additional 403,486 shares in the last quarter. Quadrature Capital Ltd lifted its stake in shares of Obsidian Energy by 402.0% in the fourth quarter. Quadrature Capital Ltd now owns 337,858 shares of the oil and gas company’s stock valued at $2,075,000 after buying an additional 270,555 shares in the last quarter. Millennium Management LLC lifted its stake in shares of Obsidian Energy by 80.3% in the fourth quarter. Millennium Management LLC now owns 487,895 shares of the oil and gas company’s stock valued at $2,994,000 after buying an additional 217,239 shares in the last quarter. Finally, Two Sigma Investments LP lifted its stake in shares of Obsidian Energy by 90.2% in the third quarter. Two Sigma Investments LP now owns 450,427 shares of the oil and gas company’s stock valued at $2,946,000 after buying an additional 213,601 shares in the last quarter. 13.51% of the stock is owned by institutional investors.

About Obsidian Energy

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.