Obsidian Energy (NYSEAMERICAN:OBE) Shares Up 2.8% – Time to Buy?

Obsidian Energy Ltd (NYSEAMERICAN:OBE) (TSE:PWT)’s share price was up 2.8% during mid-day trading on Wednesday . The company traded as high as $11.52 and last traded at $11.4660. 84,680 shares changed hands during trading, a decline of 90% from the average session volume of 841,707 shares. The stock had previously closed at $11.15.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on OBE shares. BMO Capital Markets reaffirmed an “outperform” rating on shares of Obsidian Energy in a research report on Tuesday, June 2nd. Raymond James Financial reiterated an “outperform” rating on shares of Obsidian Energy in a research report on Wednesday, September 16th. Two analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, Obsidian Energy currently has a consensus rating of “Moderate Buy” and a consensus target price of $18.00.

Obsidian Energy Trading Up 0.3%

The stock has a market cap of $739.49 million, a P/E ratio of 39.86 and a beta of 0.18. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.25. The stock’s fifty day moving average price is $11.01 and its 200 day moving average price is $10.56.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in OBE. Royal Bank of Canada grew its stake in shares of Obsidian Energy by 31.4% in the first quarter. Royal Bank of Canada now owns 4,444,416 shares of the oil and gas company’s stock worth $42,089,000 after acquiring an additional 1,061,819 shares during the last quarter. Arrowstreet Capital Limited Partnership boosted its stake in 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 purchasing an additional 1,736,064 shares in the last quarter. Dimensional Fund Advisors LP grew its position in Obsidian Energy by 5.2% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,369,948 shares of the oil and gas company’s stock valued at $12,973,000 after purchasing an additional 67,919 shares during the last quarter. Bank of America Corp DE purchased a new stake in Obsidian Energy during the 2nd quarter valued at about $7,777,000. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new stake in Obsidian Energy during the 2nd quarter valued at about $4,341,000. 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. Its activities include the acquisition, development and operation of petroleum and natural gas properties, with a focus on generating production from conventional oil and liquids-rich natural gas assets.

The company’s operations are concentrated in Alberta, Canada, including the Peace River, Cardium and Pembina areas. Its products include crude oil, natural gas liquids and natural gas, which are sold into Canadian and North American energy markets.

Obsidian Energy was formerly known as Penn West Petroleum Ltd.