Obsidian Energy (NYSEAMERICAN:OBE) Shares Gap Down – Time to Sell?

Obsidian Energy Ltd (NYSEAMERICAN:OBE) (TSE:PWT) gapped down before the market opened on Monday. The stock had previously closed at $11.80, but opened at $11.21. Obsidian Energy shares last traded at $11.1850, with a volume of 146,559 shares changing hands.

Wall Street Analysts Forecast Growth

Separately, Raymond James Financial reiterated an “outperform” rating on shares of Obsidian Energy in a report on Wednesday, September 16th. Two research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $18.00.

Obsidian Energy Stock Performance

The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.78 and a current ratio of 0.78. The firm has a market cap of $689.80 million, a P/E ratio of 37.04 and a beta of 0.31. The firm’s fifty day moving average price is $11.50 and its 200 day moving average price is $10.14.

Institutional Trading of Obsidian Energy

A number of hedge funds have recently bought and sold shares of OBE. Royal Bank of Canada boosted its position in Obsidian Energy by 31.4% during the first quarter. Royal Bank of Canada now owns 4,444,416 shares of the oil and gas company’s stock valued at $42,089,000 after purchasing an additional 1,061,819 shares in the last quarter. Arrowstreet Capital Limited Partnership grew its stake in Obsidian Energy by 137.8% in the first quarter. Arrowstreet Capital Limited Partnership now owns 2,996,167 shares of the oil and gas company’s stock valued at $28,463,000 after purchasing an additional 1,736,064 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings 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 purchasing an additional 67,919 shares in the last quarter. Bank of America Corp DE bought a new position in Obsidian Energy in the second quarter worth about $7,777,000. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of Obsidian Energy during the second quarter valued at about $4,341,000. Hedge funds and other institutional investors own 13.51% of the company’s stock.

Obsidian Energy Company Profile

Obsidian Energy Ltd. is a Canadian oil and natural gas exploration and production company headquartered in Calgary, Alberta. The company develops and produces crude oil, natural gas and natural gas liquids from conventional and light-oil assets in the Western Canadian Sedimentary Basin.

Obsidian Energy’s operations are concentrated in Alberta and are organized around core operating areas that include the Cardium, Peace River and Clearwater regions. Its activities include acquiring and developing petroleum properties, drilling and completing wells, and managing production and field infrastructure.

The company was formerly known as Penn West Petroleum Ltd.