Obsidian Energy (NYSEAMERICAN:OBE) Shares Gap Down – Here’s Why

Obsidian Energy Ltd (NYSEAMERICAN:OBE) (TSE:PWT)’s share price gapped down prior to trading on Monday . The stock had previously closed at $10.72, but opened at $10.06. Obsidian Energy shares last traded at $10.13, with a volume of 145,534 shares.

Analyst Ratings Changes

Several brokerages have issued reports on OBE. BMO Capital Markets reissued an “outperform” rating on shares of Obsidian Energy in a research note on Tuesday, June 2nd. Royal Bank Of Canada lifted their price target on Obsidian Energy from $14.00 to $18.00 and gave the company a “sector perform” rating in a report on Monday, May 11th. Two analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, Obsidian Energy has a consensus rating of “Moderate Buy” and a consensus price target of $18.00.

Obsidian Energy Stock Down 5.6%

The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.25. The firm has a market capitalization of $675.34 million, a PE ratio of 36.11 and a beta of 0.15. The business’s 50-day moving average price is $9.82 and its 200-day moving average price is $9.49.

Institutional Investors Weigh In On Obsidian Energy

Institutional investors have recently modified their holdings of the stock. Royal Bank of Canada boosted its stake 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 buying an additional 1,061,819 shares during the period. Arrowstreet Capital Limited Partnership raised its holdings in shares of 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 acquiring an additional 1,736,064 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in Obsidian Energy by 5.2% during the first quarter. Dimensional Fund Advisors LP now owns 1,369,948 shares of the oil and gas company’s stock valued at $12,973,000 after purchasing an additional 67,919 shares during the last quarter. Goldman Sachs Group Inc. grew its stake in Obsidian Energy by 11.5% in the first quarter. Goldman Sachs Group Inc. now owns 937,349 shares of the oil and gas company’s stock valued at $5,493,000 after purchasing an additional 96,428 shares in the last quarter. Finally, Bank of America Corp DE grew its stake in Obsidian Energy by 87.3% in the first quarter. Bank of America Corp DE now owns 642,321 shares of the oil and gas company’s stock valued at $6,083,000 after purchasing an additional 299,431 shares in the last quarter. Institutional investors and hedge funds 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.