Obsidian Energy (NYSEAMERICAN:OBE) Stock Price Up 5.4% – Here’s What Happened

Obsidian Energy Ltd (NYSEAMERICAN:OBE) (TSE:PWT)’s share price rose 5.4% on Friday . The company traded as high as $9.32 and last traded at $9.3510. 110,184 shares changed hands during trading, a decline of 87% from the average session volume of 828,922 shares. The stock had previously closed at $8.87.

Analyst Ratings Changes

Several brokerages recently issued reports on OBE. Raymond James Financial raised Obsidian Energy from a “hold” rating to a “moderate buy” rating in a report on Monday, March 30th. Royal Bank Of Canada increased their target price on Obsidian Energy from $14.00 to $18.00 and gave the stock a “sector perform” rating in a research report on Monday, May 11th. Finally, BMO Capital Markets reaffirmed an “outperform” rating on shares of Obsidian Energy in a research report on Tuesday, June 2nd. Two equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $18.00.

Obsidian Energy Price Performance

The business has a fifty day moving average price of $10.39 and a 200 day moving average price of $9.19. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.58 and a quick ratio of 0.58. The company has a market capitalization of $643.57 million, a price-to-earnings ratio of -964.00 and a beta of 0.16.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Royal Bank of Canada raised its stake in shares of Obsidian Energy by 31.4% in the 1st quarter. Royal Bank of Canada now owns 4,444,416 shares of the oil and gas company’s stock worth $42,089,000 after buying an additional 1,061,819 shares in the last quarter. Arrowstreet Capital Limited Partnership grew its holdings in Obsidian Energy by 137.8% during the first 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 during the period. Dimensional Fund Advisors LP raised its position in Obsidian Energy by 5.2% in the first quarter. Dimensional Fund Advisors LP now owns 1,369,948 shares of the oil and gas company’s stock worth $12,973,000 after acquiring an additional 67,919 shares in the last quarter. Goldman Sachs Group Inc. lifted its holdings in Obsidian Energy by 11.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 937,349 shares of the oil and gas company’s stock valued at $5,493,000 after acquiring an additional 96,428 shares during the last quarter. Finally, Bank of America Corp DE lifted 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 valued at $6,083,000 after acquiring an additional 299,431 shares during the last quarter. Institutional investors and hedge funds own 13.51% of the company’s stock.

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.