Obsidian Energy (NYSEAMERICAN:OBE) Shares Up 6.5% – Here’s What Happened

Obsidian Energy Ltd (NYSEAMERICAN:OBE) (TSE:PWT) rose 6.5% during trading on Monday . The company traded as high as $11.36 and last traded at $11.36. 514,872 shares were traded during mid-day trading, a decline of 39% from the average session volume of 841,924 shares. The stock had previously closed at $10.67.

Wall Street Analysts Forecast Growth

OBE has been the subject of a number of recent analyst reports. Royal Bank Of Canada lifted their price target on shares of Obsidian Energy from $14.00 to $18.00 and gave the company a “sector perform” rating in a research report on Monday, May 11th. BMO Capital Markets restated an “outperform” rating on shares of Obsidian Energy in a report on Tuesday, June 2nd. Two research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $18.00.

Obsidian Energy Price Performance

The company has a market capitalization of $768.41 million, a PE ratio of 41.11 and a beta of 0.15. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.78 and a quick ratio of 0.78. The stock’s 50 day simple moving average is $9.52 and its 200-day simple moving average is $9.74.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of OBE. Goldman Sachs Group Inc. grew its position in shares of Obsidian Energy by 11.5% during the first quarter. Goldman Sachs Group Inc. now owns 937,349 shares of the oil and gas company’s stock worth $5,493,000 after buying an additional 96,428 shares in the last quarter. Jane Street Group LLC raised its position in shares of Obsidian Energy by 52.3% during the 1st quarter. Jane Street Group LLC now owns 64,844 shares of the oil and gas company’s stock worth $380,000 after acquiring an additional 22,273 shares in the last quarter. First Trust Advisors LP lifted its position in shares of Obsidian Energy by 38.7% during the 2nd quarter. First Trust Advisors LP now owns 344,042 shares of the oil and gas company’s stock worth $1,909,000 after buying an additional 95,932 shares during the last quarter. Qube Research & Technologies Ltd purchased a new stake in Obsidian Energy in the second quarter valued at $56,000. Finally, Raymond James Financial Inc. lifted its holdings in shares of Obsidian Energy by 17.3% in the 2nd quarter. Raymond James Financial Inc. now owns 203,809 shares of the oil and gas company’s stock valued at $1,131,000 after purchasing an additional 30,039 shares during the last quarter. 13.51% of the stock is owned by institutional investors and hedge funds.

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.