Obsidian Energy (TSE:OBE) Shares Up 6.1% – Here’s What Happened

Obsidian Energy Ltd. (TSE:OBE)’s stock price shot up 6.1% during mid-day trading on Thursday . The company traded as high as C$15.37 and last traded at C$15.24. Approximately 250,663 shares were traded during trading, a decline of 34% from the average daily volume of 382,463 shares. The stock had previously closed at C$14.36.

Analysts Set New Price Targets

Several research firms have commented on OBE. Raymond James Financial boosted their target price on shares of Obsidian Energy from C$19.00 to C$20.00 and gave the stock an “outperform” rating in a research report on Tuesday, June 2nd. Royal Bank Of Canada raised shares of Obsidian Energy to a “hold” rating in a research note on Monday, May 11th. Two analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, Obsidian Energy has a consensus rating of “Moderate Buy” and a consensus price target of C$14.00.

Obsidian Energy Stock Performance

The stock’s 50-day moving average price is C$14.25 and its 200 day moving average price is C$12.84. The company has a quick ratio of 0.41, a current ratio of 0.58 and a debt-to-equity ratio of 19.51. The company has a market cap of C$1.02 billion, a P/E ratio of 1,529.00, a price-to-earnings-growth ratio of 0.08 and a beta of -0.30.

Obsidian Energy (TSE:OBE) last issued its quarterly earnings results on Thursday, May 7th. The company reported C($0.27) earnings per share (EPS) for the quarter. The business had revenue of C$138.50 million during the quarter. Obsidian Energy had a net margin of 0.21% and a return on equity of 0.08%. As a group, research analysts expect that Obsidian Energy Ltd. will post 1.5996205 EPS for the current fiscal year.

Insider Activity at Obsidian Energy

In other news, Director Edward Hume Kernaghan acquired 3,000 shares of the firm’s stock in a transaction that occurred on Monday, July 6th. The stock was purchased at an average price of C$11.25 per share, for a total transaction of C$33,750.00. Following the completion of the acquisition, the director owned 4,032,914 shares in the company, valued at C$45,370,282.50. This trade represents a 0.07% increase in their ownership of the stock. Also, Director Stephen Loukas bought 10,000 shares of the business’s stock in a transaction on Thursday, May 14th. The stock was purchased at an average price of C$17.99 per share, for a total transaction of C$179,900.00. Following the completion of the acquisition, the director owned 1,321,146 shares of the company’s stock, valued at approximately C$23,767,416.54. This trade represents a 0.76% increase in their position. Insiders bought 30,600 shares of company stock valued at $461,458 in the last ninety days. Insiders own 1.20% of the company’s stock.

Obsidian Energy Company Profile

Obsidian Energy is an intermediate-sized oil and gas producer with a well-balanced portfolio of high-quality assets, primarily in the Peace River, Willesden Green and Viking areas in Alberta. The Company’s business is to explore for, develop and hold interests in oil and natural gas properties and related production infrastructure in the Western Canada Sedimentary Basin.