Obsidian Energy (NYSEAMERICAN:OBE) Trading 5.4% Higher – Should You Buy?

Obsidian Energy Ltd (NYSEAMERICAN:OBE) (TSE:PWT) shares shot up 5.4% during trading on Wednesday . The stock traded as high as $8.58 and last traded at $8.5940. 173,831 shares changed hands during trading, a decline of 79% from the average session volume of 834,454 shares. The stock had previously closed at $8.15.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on OBE. BMO Capital Markets reaffirmed an “outperform” rating on shares of Obsidian Energy in a report on Tuesday, June 2nd. Raymond James Financial upgraded shares of Obsidian Energy from a “hold” rating to a “moderate buy” rating in a research report on Monday, March 30th. Finally, Royal Bank Of Canada increased their price objective on Obsidian Energy from $14.00 to $18.00 and gave the company a “sector perform” rating in a research note on Monday, May 11th. Two research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $18.00.

Obsidian Energy Trading Up 6.1%

The firm has a market cap of $577.99 million, a price-to-earnings ratio of -866.70 and a beta of 0.16. 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 business has a 50 day moving average price of $11.09 and a 200-day moving average price of $9.04.

Hedge Funds Weigh In On Obsidian Energy

Large investors have recently added to or reduced their stakes in the company. Quarry LP acquired a new position in shares of Obsidian Energy during the third quarter valued at $31,000. State of Wyoming bought a new stake in Obsidian Energy in the first quarter worth about $84,000. Marks Group Wealth Management Inc acquired a new stake in Obsidian Energy during the fourth quarter valued at approximately $61,000. Qube Research & Technologies Ltd acquired a new stake in shares of Obsidian Energy during the second quarter worth $56,000. Finally, Caitong International Asset Management Co. Ltd raised its holdings in Obsidian Energy by 1,209.9% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 11,632 shares of the oil and gas company’s stock worth $71,000 after buying an additional 10,744 shares during the period. 13.51% of the stock is currently owned by institutional investors.

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.