Obsidian Energy (NYSEAMERICAN:OBE) Trading Down 6.7% – Time to Sell?

Obsidian Energy Ltd (NYSEAMERICAN:OBE) (TSE:PWT)’s stock price was down 6.7% during mid-day trading on Wednesday . The stock traded as low as $8.49 and last traded at $8.4020. Approximately 150,345 shares were traded during trading, a decline of 82% from the average daily volume of 848,997 shares. The stock had previously closed at $9.01.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the company. Raymond James Financial raised Obsidian Energy from a “hold” rating to a “moderate buy” rating in a report on Monday, March 30th. Royal Bank Of Canada increased their price target 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. Finally, BMO Capital Markets restated 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 company’s stock. According to MarketBeat.com, Obsidian Energy currently has a consensus rating of “Moderate Buy” and an average target price of $18.00.

Obsidian Energy Stock Performance

The stock’s 50 day moving average price is $11.67 and its 200 day moving average price is $8.89. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.58 and a current ratio of 0.58. The company has a market capitalization of $551.20 million, a P/E ratio of -830.50 and a beta of 0.20.

Institutional Trading of Obsidian Energy

A number of institutional investors have recently bought and sold shares of the company. Bank of America Corp DE grew its holdings in Obsidian Energy by 87.3% during 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 acquiring an additional 299,431 shares during the period. Royal Bank of Canada boosted its position in shares of Obsidian Energy by 31.4% during the 1st quarter. Royal Bank of Canada now owns 4,444,416 shares of the oil and gas company’s stock valued at $42,089,000 after purchasing an additional 1,061,819 shares in the last quarter. Public Employees Retirement System of Ohio bought a new stake in shares of Obsidian Energy during the 1st quarter valued at about $820,000. Arrowstreet Capital Limited Partnership grew its stake in Obsidian Energy by 137.8% during the first 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 during the period. Finally, State of Wyoming acquired a new stake in Obsidian Energy during the first quarter worth approximately $84,000. Institutional investors own 13.51% of the company’s stock.

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.