Obsidian Energy (NYSEAMERICAN:OBE) Sees Strong Trading Volume – What’s Next?

Shares of Obsidian Energy Ltd (NYSEAMERICAN:OBE) (TSE:PWT) saw an uptick in trading volume on Thursday . 665,569 shares were traded during mid-day trading, a decline of 16% from the previous session’s volume of 787,742 shares.The stock last traded at $13.21 and had previously closed at $12.39.

Analyst Upgrades and Downgrades

Several brokerages have commented on OBE. Royal Bank Of Canada boosted their price target on shares of Obsidian Energy from $9.00 to $10.00 and gave the stock a “sector perform” rating in a research report on Friday, February 20th. Raymond James Financial upgraded shares of Obsidian Energy from a “hold” rating to a “moderate buy” rating in a research report on Monday, March 30th. One equities research analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $10.00.

Obsidian Energy Price Performance

The stock has a 50 day moving average of $9.02 and a two-hundred day moving average of $7.24. The stock has a market cap of $901.90 million, a PE ratio of 41.03 and a beta of -0.10. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.54 and a current ratio of 0.54.

Hedge Funds Weigh In On Obsidian Energy

A number of institutional investors have recently bought and sold shares of the stock. Caitong International Asset Management Co. Ltd increased its stake in Obsidian Energy by 1,209.9% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 11,632 shares of the oil and gas company’s stock worth $71,000 after purchasing an additional 10,744 shares in the last quarter. XTX Topco Ltd purchased a new position in Obsidian Energy in the 4th quarter worth about $152,000. Quadrature Capital Ltd increased its stake in Obsidian Energy by 402.0% in the 4th quarter. Quadrature Capital Ltd now owns 337,858 shares of the oil and gas company’s stock worth $2,075,000 after purchasing an additional 270,555 shares in the last quarter. Millennium Management LLC increased its stake in Obsidian Energy by 80.3% in the 4th quarter. Millennium Management LLC now owns 487,895 shares of the oil and gas company’s stock worth $2,994,000 after purchasing an additional 217,239 shares in the last quarter. Finally, Man Group plc purchased a new position in Obsidian Energy in the 4th quarter worth about $913,000. Hedge funds and other institutional investors 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.