ValuEngine Downgrades Obsidian Energy (OBE) to Strong Sell
ValuEngine cut shares of Obsidian Energy (NYSE:OBE) (TSE:PWT) from a sell rating to a strong sell rating in a research note issued to investors on Friday morning.
Other analysts also recently issued reports about the stock. Canaccord Genuity initiated coverage on shares of Obsidian Energy in a research report on Monday, June 5th. They set a hold rating on the stock. Zacks Investment Research raised shares of Obsidian Energy from a sell rating to a hold rating in a research report on Wednesday, May 24th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and one has issued a buy rating to the company. The company has an average rating of Hold and an average target price of $2.37.
Obsidian Energy (OBE) opened at 1.03 on Friday. The stock’s 50 day moving average price is $1.40 and its 200 day moving average price is $1.61. Obsidian Energy has a 52 week low of $0.82 and a 52 week high of $2.05. The firm’s market capitalization is $519.35 million.
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Several hedge funds and other institutional investors have recently made changes to their positions in OBE. Cubist Systematic Strategies LLC purchased a new stake in shares of Obsidian Energy during the 2nd quarter valued at about $106,000. Toronto Dominion Bank purchased a new stake in shares of Obsidian Energy during the 2nd quarter valued at about $338,000. BlueCrest Capital Management Ltd purchased a new stake in shares of Obsidian Energy during the 2nd quarter valued at about $531,000. Adalta Capital Management LLC purchased a new stake in shares of Obsidian Energy during the 2nd quarter valued at about $829,000. Finally, Royal Bank of Canada purchased a new stake in shares of Obsidian Energy during the 2nd quarter valued at about $1,219,000. 16.69% of the stock is currently owned by hedge funds and other institutional investors.
Obsidian Energy Company Profile
Obsidian Energy Ltd, formerly Penn West Petroleum Ltd, is a Canada-based conventional oil and natural gas producer and development and production company. The Company operates a portfolio of opportunities with an oil position in the Cardium, Viking and Peace River areas of Alberta. The Alberta Viking area offers a mix of light-oil and gas with high-netback shorter cycle wells to complement longer cycle activities in the Cardium.
To view ValuEngine’s full report, visit ValuEngine’s official website.
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