Obsidian Energy (NYSEAMERICAN:OBE) Shares Gap Up – Here’s What Happened

Shares of Obsidian Energy Ltd (NYSEAMERICAN:OBE) (TSE:PWT) gapped up prior to trading on Thursday . The stock had previously closed at $12.16, but opened at $12.56. Obsidian Energy shares last traded at $12.25, with a volume of 116,672 shares traded.

Wall Street Analysts Forecast Growth

Separately, BMO Capital Markets reissued an “outperform” rating on shares of Obsidian Energy in a report on Tuesday, June 2nd. Two research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Obsidian Energy has a consensus rating of “Moderate Buy” and a consensus target price of $18.00.

Obsidian Energy Price Performance

The stock has a market cap of $863.29 million, a P/E ratio of 46.65 and a beta of 0.18. 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’s fifty day moving average price is $10.33 and its 200-day moving average price is $10.28.

Institutional Trading of Obsidian Energy

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Engineers Gate Manager LP increased its stake in Obsidian Energy by 5.6% during the 2nd quarter. Engineers Gate Manager LP now owns 31,014 shares of the oil and gas company’s stock valued at $252,000 after purchasing an additional 1,636 shares in the last quarter. Spark Investment Management LLC lifted its holdings in shares of Obsidian Energy by 23.1% during the 2nd quarter. Spark Investment Management LLC now owns 133,000 shares of the oil and gas company’s stock valued at $1,088,000 after buying an additional 25,000 shares during the period. Hsbc Holdings PLC bought a new position in Obsidian Energy in the second quarter valued at about $129,000. Beacon Pointe Advisors LLC bought a new position in shares of Obsidian Energy in the 2nd quarter worth approximately $329,000. Finally, Public Employees Retirement System of Ohio bought a new position in Obsidian Energy in the second quarter worth approximately $1,145,000. Hedge funds and other institutional investors 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.