Obsidian Energy (NYSE:OBE) Rating Lowered to Hold at Zacks Investment Research

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Zacks Investment Research lowered shares of Obsidian Energy (NYSE:OBE) (TSE:PWT) from a buy rating to a hold rating in a research note published on Thursday morning, Zacks.com reports.

According to Zacks, “Obsidian Energy Ltd. is a conventional oil and natural gas producer and development company. Obsidian Energy Ltd, formerly known as Penn West Petroleum Ltd, is based in Calgary, Canada. “

Other analysts also recently issued reports about the stock. ValuEngine downgraded shares of Zumiez from a hold rating to a sell rating in a report on Tuesday, July 2nd. CIBC reaffirmed a market perform rating on shares of HEXO in a report on Tuesday, June 25th. Three analysts have rated the stock with a sell rating and four have assigned a hold rating to the company. The stock has a consensus rating of Hold and a consensus target price of $1.00.

OBE stock opened at $0.98 on Thursday. The company has a fifty day simple moving average of $0.95. The stock has a market cap of $71.54 million, a P/E ratio of -0.33 and a beta of 3.22. The company has a debt-to-equity ratio of 0.29, a current ratio of 0.46 and a quick ratio of 0.46. Obsidian Energy has a 12 month low of $0.98 and a 12 month high of $7.70.

Obsidian Energy (NYSE:OBE) (TSE:PWT) last released its quarterly earnings data on Friday, May 10th. The oil and gas company reported ($0.08) EPS for the quarter, meeting the consensus estimate of ($0.08). The business had revenue of $77.47 million for the quarter. Obsidian Energy had a negative net margin of 69.98% and a negative return on equity of 14.03%. As a group, equities analysts forecast that Obsidian Energy will post -1.05 earnings per share for the current year.

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Norges Bank acquired a new position in shares of Obsidian Energy in the 4th quarter valued at $2,692,000. Adalta Capital Management LLC lifted its stake in shares of Obsidian Energy by 43.9% in the 4th quarter. Adalta Capital Management LLC now owns 1,579,750 shares of the oil and gas company’s stock valued at $635,000 after purchasing an additional 481,615 shares during the period. GMT Capital Corp lifted its stake in shares of Obsidian Energy by 595.0% in the 1st quarter. GMT Capital Corp now owns 1,260,081 shares of the oil and gas company’s stock valued at $347,000 after purchasing an additional 1,078,787 shares during the period. Deutsche Bank AG lifted its stake in shares of Obsidian Energy by 1,840.7% in the 4th quarter. Deutsche Bank AG now owns 1,229,637 shares of the oil and gas company’s stock valued at $495,000 after purchasing an additional 1,166,276 shares during the period. Finally, Grace & White Inc. NY lifted its stake in shares of Obsidian Energy by 150.7% in the 1st quarter. Grace & White Inc. NY now owns 1,007,434 shares of the oil and gas company’s stock valued at $277,000 after purchasing an additional 605,584 shares during the period. Hedge funds and other institutional investors own 13.21% 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.

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