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

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

Analyst Ratings Changes

Several brokerages have recently commented on OBE. BMO Capital Markets reaffirmed an “outperform” rating on shares of Obsidian Energy in a research 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 target price on shares of Obsidian Energy from $14.00 to $18.00 and gave the stock a “sector perform” rating in a research note on Monday, May 11th. Two analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $18.00.

Obsidian Energy Price Performance

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

Institutional Investors Weigh In On Obsidian Energy

A number of hedge funds have recently added to or reduced their stakes in OBE. Quarry LP acquired a new position in shares of Obsidian Energy during the third quarter worth approximately $31,000. Qube Research & Technologies Ltd acquired a new position in Obsidian Energy during the second quarter worth $56,000. Marks Group Wealth Management Inc acquired a new position in Obsidian Energy during the fourth quarter worth $61,000. Caitong International Asset Management Co. Ltd lifted its stake in shares of Obsidian Energy by 1,209.9% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 11,632 shares of the oil and gas company’s stock valued at $71,000 after buying an additional 10,744 shares in the last quarter. Finally, HRT Financial LP bought a new position in shares of Obsidian Energy in the fourth quarter valued at $77,000. Institutional investors and hedge funds own 13.51% 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. was founded in 1979 and is headquartered in Calgary, Canada.