Obsidian Energy (NYSEAMERICAN:OBE) Stock Price Down 7.1% – Here’s What Happened

Obsidian Energy Ltd (NYSEAMERICAN:OBE) (TSE:PWT) shares fell 7.1% during trading on Tuesday . The stock traded as low as $12.71 and last traded at $12.7740. 460,122 shares changed hands during mid-day trading, a decline of 47% from the average session volume of 874,858 shares. The stock had previously closed at $13.75.

Wall Street Analyst Weigh In

Several brokerages have commented on OBE. Raymond James Financial raised Obsidian Energy from a “hold” rating to a “moderate buy” rating in a report on Monday, March 30th. Royal Bank Of Canada raised their price objective on Obsidian Energy from $14.00 to $18.00 and gave the company a “sector perform” rating in a report on Monday, May 11th. Finally, BMO Capital Markets reissued an “outperform” rating on shares of Obsidian Energy in a report on Friday, May 8th. Two analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $18.00.

Obsidian Energy Stock Performance

The firm has a market cap of $820.64 million, a PE ratio of -1,232.00 and a beta of 0.30. The firm has a 50-day moving average price of $10.71 and a two-hundred day moving average price of $8.06. The company has a quick ratio of 0.58, a current ratio of 0.58 and a debt-to-equity ratio of 0.18.

Hedge Funds Weigh In On Obsidian Energy

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Raymond James Financial Inc. lifted its position in shares of Obsidian Energy by 1.2% in the third quarter. Raymond James Financial Inc. now owns 206,206 shares of the oil and gas company’s stock valued at $1,349,000 after acquiring an additional 2,397 shares in the last quarter. First Trust Advisors LP lifted its position in shares of Obsidian Energy by 0.8% in the third quarter. First Trust Advisors LP now owns 346,860 shares of the oil and gas company’s stock valued at $2,268,000 after acquiring an additional 2,818 shares in the last quarter. Quarry LP purchased a new position in shares of Obsidian Energy in the third quarter valued at approximately $31,000. Register Financial Advisors LLC lifted its position in shares of Obsidian Energy by 14.0% in the third quarter. Register Financial Advisors LLC now owns 40,700 shares of the oil and gas company’s stock valued at $266,000 after acquiring an additional 5,000 shares in the last quarter. Finally, State of Wyoming purchased a new position in shares of Obsidian Energy in the first quarter valued at approximately $84,000. Hedge funds and other institutional investors 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.