Obsidian Energy (NYSEAMERICAN:OBE) Shares Down 7.1% – Here’s Why
by Doug Wharley · The Cerbat GemObsidian Energy Ltd (NYSEAMERICAN:OBE – Get Free Report) (TSE:PWT)’s stock price dropped 7.1% during trading on Tuesday . The company traded as low as $12.71 and last traded at $12.7740. Approximately 460,122 shares traded hands during trading, a decline of 47% from the average daily volume of 874,858 shares. The stock had previously closed at $13.75.
Analysts Set New Price Targets
Several equities research analysts have recently issued reports on OBE shares. Royal Bank Of Canada raised their price objective on Obsidian Energy from $14.00 to $18.00 and gave the stock a “sector perform” rating in a report on Monday, May 11th. BMO Capital Markets restated an “outperform” rating on shares of Obsidian Energy in a report on Friday, May 8th. Finally, Raymond James Financial upgraded Obsidian Energy from a “hold” rating to a “moderate buy” rating in a report on Monday, March 30th. Two research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, Obsidian Energy has a consensus rating of “Moderate Buy” and an average price target of $18.00.
View Our Latest Stock Analysis on OBE
Obsidian Energy Stock Down 7.8%
The firm has a fifty day moving average price of $10.55 and a 200-day moving average price of $7.96. The company has a quick ratio of 0.58, a current ratio of 0.58 and a debt-to-equity ratio of 0.18. The firm has a market cap of $844.48 million, a price-to-earnings ratio of -1,266.10 and a beta of 0.30.
Institutional Inflows and Outflows
Several large investors have recently made changes to their positions in OBE. Arrowstreet Capital Limited Partnership raised its position in shares of Obsidian Energy by 137.8% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 2,996,167 shares of the oil and gas company’s stock worth $28,463,000 after buying an additional 1,736,064 shares during the period. Royal Bank of Canada raised its position in shares of Obsidian Energy by 57.4% in the 4th quarter. Royal Bank of Canada now owns 3,382,597 shares of the oil and gas company’s stock worth $20,734,000 after buying an additional 1,233,804 shares during the period. UBS Group AG raised its position in shares of Obsidian Energy by 460.2% in the 3rd quarter. UBS Group AG now owns 491,153 shares of the oil and gas company’s stock worth $3,212,000 after buying an additional 403,486 shares during the period. Bank of America Corp DE raised its position in shares of 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 worth $6,083,000 after buying an additional 299,431 shares during the period. Finally, Quadrature Capital Ltd raised its position in shares of 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 buying an additional 270,555 shares during the period. 13.51% of the stock is owned by hedge funds and other institutional investors.
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.