Obsidian Energy (NYSEAMERICAN:OBE) Stock Price Up 5.4% – Time to Buy?

Obsidian Energy Ltd (NYSEAMERICAN:OBE) (TSE:PWT)’s share price rose 5.4% during mid-day trading on Wednesday . The stock traded as high as $8.58 and last traded at $8.5940. 173,831 shares changed hands during mid-day trading, a decline of 79% from the average daily volume of 834,454 shares. The stock had previously closed at $8.15.

Analysts Set New Price Targets

A number of analysts recently issued reports on OBE shares. Royal Bank Of Canada lifted their price objective on Obsidian Energy from $14.00 to $18.00 and gave the company a “sector perform” rating in a research report on Monday, May 11th. Raymond James Financial upgraded shares of Obsidian Energy from a “hold” rating to a “moderate buy” rating in a report on Monday, March 30th. Finally, BMO Capital Markets reiterated an “outperform” rating on shares of Obsidian Energy in a report on Tuesday, June 2nd. Two investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $18.00.

Obsidian Energy Stock Up 6.1%

The business has a fifty day simple moving average of $11.09 and a two-hundred day simple moving average of $9.04. The company has a market capitalization of $577.99 million, a price-to-earnings ratio of -866.70 and a beta of 0.16. The company has a quick ratio of 0.58, a current ratio of 0.58 and a debt-to-equity ratio of 0.18.

Institutional Trading of Obsidian Energy

Large investors have recently added to or reduced their stakes in the company. Goldman Sachs Group Inc. grew its position in Obsidian Energy by 11.5% during the 1st quarter. Goldman Sachs Group Inc. now owns 937,349 shares of the oil and gas company’s stock worth $5,493,000 after acquiring an additional 96,428 shares during the last quarter. Jane Street Group LLC boosted its holdings in Obsidian Energy by 52.3% in the first quarter. Jane Street Group LLC now owns 64,844 shares of the oil and gas company’s stock valued at $380,000 after acquiring an additional 22,273 shares during the last quarter. First Trust Advisors LP boosted its stake in shares of Obsidian Energy by 38.7% in the 2nd quarter. First Trust Advisors LP now owns 344,042 shares of the oil and gas company’s stock valued at $1,909,000 after purchasing an additional 95,932 shares during the last quarter. Qube Research & Technologies Ltd bought a new stake in shares of Obsidian Energy during the 2nd quarter valued at $56,000. Finally, Raymond James Financial Inc. boosted its position in shares of Obsidian Energy by 17.3% in the 2nd quarter. Raymond James Financial Inc. now owns 203,809 shares of the oil and gas company’s stock worth $1,131,000 after purchasing an additional 30,039 shares during the last quarter. 13.51% of the stock is owned by institutional investors.

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.