Obsidian Energy (NYSEAMERICAN:OBE) Stock Price Down 5.9% – What’s Next?

Obsidian Energy Ltd (NYSEAMERICAN:OBE) (TSE:PWT) traded down 5.9% during mid-day trading on Monday . The stock traded as low as $10.29 and last traded at $10.4070. 134,902 shares traded hands during mid-day trading, a decline of 84% from the average session volume of 844,539 shares. The stock had previously closed at $11.06.

Analyst Ratings Changes

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

Obsidian Energy Stock Performance

The company has a market cap of $689.15 million, a P/E ratio of -1,035.50 and a beta of 0.21. The company’s 50-day moving average is $11.63 and its two-hundred day moving average is $8.72. The company has a quick ratio of 0.58, a current ratio of 0.58 and a debt-to-equity ratio of 0.18.

Hedge Funds Weigh In On Obsidian Energy

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. JPMorgan Chase & Co. boosted its position in Obsidian Energy by 3,092.4% during the third quarter. JPMorgan Chase & Co. now owns 144,966 shares of the oil and gas company’s stock worth $1,029,000 after purchasing an additional 140,425 shares during the period. Versor Investments LP purchased a new stake in Obsidian Energy during the 4th quarter worth about $271,000. Spark Investment Management LLC bought a new position in shares of Obsidian Energy in the fourth quarter valued at approximately $595,000. Quarry LP bought a new position in shares of Obsidian Energy in the third quarter valued at approximately $31,000. Finally, Bank of America Corp DE boosted its position in shares of Obsidian Energy by 87.3% in the first 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 period. Institutional investors own 13.51% of the company’s stock.

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.