Obsidian Energy (NYSEAMERICAN:OBE) Trading 5.4% Higher – Still a Buy?

Obsidian Energy Ltd (NYSEAMERICAN:OBE) (TSE:PWT)’s share price shot up 5.4% on Friday . The stock traded as high as $9.32 and last traded at $9.3510. Approximately 110,184 shares traded hands during mid-day trading, a decline of 87% from the average daily volume of 828,922 shares. The stock had previously closed at $8.87.

Analyst Upgrades and Downgrades

OBE has been the topic of several analyst reports. Raymond James Financial raised shares of Obsidian Energy from a “hold” rating to a “moderate buy” rating in a research report on Monday, March 30th. Royal Bank Of Canada increased their price objective on Obsidian Energy from $14.00 to $18.00 and gave the stock a “sector perform” rating in a research report on Monday, May 11th. Finally, BMO Capital Markets reissued an “outperform” rating on shares of Obsidian Energy in a research note on Tuesday, June 2nd. Two equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $18.00.

Obsidian Energy Stock Performance

The stock has a market capitalization of $600.17 million, a PE ratio of -899.60 and a beta of 0.16. The firm’s fifty day moving average is $10.44 and its 200-day moving average is $9.19. The company has a current ratio of 0.58, a quick ratio of 0.58 and a debt-to-equity ratio of 0.18.

Institutional Investors Weigh In On Obsidian Energy

Institutional investors and hedge funds have recently made changes to their positions in the stock. JPMorgan Chase & Co. lifted its holdings in shares of Obsidian Energy by 3,092.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 144,966 shares of the oil and gas company’s stock worth $1,029,000 after acquiring an additional 140,425 shares during the last quarter. Versor Investments LP purchased a new position in shares of Obsidian Energy during the 4th quarter worth approximately $271,000. Spark Investment Management LLC acquired a new stake in Obsidian Energy in the 4th quarter valued at approximately $595,000. Schonfeld Strategic Advisors LLC acquired a new stake in Obsidian Energy in the 4th quarter valued at approximately $217,000. Finally, Balyasny Asset Management L.P. purchased a new stake in Obsidian Energy in the fourth quarter valued at approximately $192,000. 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.