Obsidian Energy (NYSEAMERICAN:OBE) Stock Crosses Above Two Hundred Day Moving Average – Here’s Why

Obsidian Energy Ltd (NYSEAMERICAN:OBE) (TSE:PWT)’s stock price crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $8.87 and traded as high as $9.46. Obsidian Energy shares last traded at $9.19, with a volume of 738,374 shares changing hands.

Analysts Set New Price Targets

A number of equities analysts have issued reports on OBE shares. Raymond James Financial raised shares of Obsidian Energy from a “hold” rating to a “moderate buy” rating in a report on Monday, March 30th. Royal Bank Of Canada upped their target price on Obsidian Energy from $14.00 to $18.00 and gave the company a “sector perform” rating in a report on Monday, May 11th. Finally, BMO Capital Markets reiterated an “outperform” rating on shares of Obsidian Energy in a research report on Tuesday, June 2nd. 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 an average target price of $18.00.

Obsidian Energy Stock Performance

The company has a market cap of $534.21 million, a P/E ratio of -802.00 and a beta of 0.20. The company has a 50 day moving average price of $11.64 and a 200-day moving average price of $8.90. The company has a quick ratio of 0.58, a current ratio of 0.58 and a debt-to-equity ratio of 0.18.

Hedge Funds Weigh In On Obsidian Energy

Several large investors have recently bought and sold shares of OBE. Arrowstreet Capital Limited Partnership lifted its stake 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 acquiring an additional 1,736,064 shares during the period. Royal Bank of Canada increased its stake in shares of Obsidian Energy by 57.4% during the fourth quarter. Royal Bank of Canada now owns 3,382,597 shares of the oil and gas company’s stock valued at $20,734,000 after acquiring an additional 1,233,804 shares during the period. UBS Group AG increased its stake in shares of Obsidian Energy by 460.2% during the third quarter. UBS Group AG now owns 491,153 shares of the oil and gas company’s stock valued at $3,212,000 after acquiring an additional 403,486 shares during the period. Bank of America Corp DE raised its holdings in Obsidian Energy by 87.3% during the first quarter. Bank of America Corp DE now owns 642,321 shares of the oil and gas company’s stock worth $6,083,000 after purchasing an additional 299,431 shares in the last quarter. Finally, Quadrature Capital Ltd raised its holdings in Obsidian Energy by 402.0% during the fourth quarter. Quadrature Capital Ltd now owns 337,858 shares of the oil and gas company’s stock worth $2,075,000 after purchasing an additional 270,555 shares in the last quarter. Institutional investors and hedge funds own 13.51% of the company’s stock.

About Obsidian Energy

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.