Obsidian Energy (NYSEAMERICAN:OBE) Stock Price Down 5% – What’s Next?

Obsidian Energy Ltd (NYSEAMERICAN:OBE) (TSE:PWT) shares dropped 5% on Monday . The company traded as low as $11.72 and last traded at $11.6460. Approximately 140,341 shares traded hands during trading, a decline of 83% from the average daily volume of 841,789 shares. The stock had previously closed at $12.26.

Wall Street Analyst Weigh In

OBE has been the subject of several recent analyst reports. BMO Capital Markets reaffirmed an “outperform” rating on shares of Obsidian Energy in a report on Tuesday, June 2nd. Raymond James Financial restated an “outperform” rating on shares of Obsidian Energy in a research report on Wednesday. Two equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Obsidian Energy presently has a consensus rating of “Moderate Buy” and an average target price of $18.00.

Obsidian Energy Stock Performance

The firm has a market cap of $771.90 million, a PE ratio of 41.64 and a beta of 0.18. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.25. The firm’s 50 day simple moving average is $10.93 and its 200 day simple moving average is $10.51.

Institutional Investors Weigh In On Obsidian Energy

A number of hedge funds have recently made changes to their positions in OBE. Arrowstreet Capital Limited Partnership grew its holdings in shares of Obsidian Energy by 137.8% in the first quarter. Arrowstreet Capital Limited Partnership now owns 2,996,167 shares of the oil and gas company’s stock valued at $28,463,000 after purchasing an additional 1,736,064 shares in the last quarter. Royal Bank of Canada raised its stake in Obsidian Energy by 31.4% during the first 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 purchasing an additional 1,061,819 shares in the last quarter. Bank of America Corp DE purchased a new stake in Obsidian Energy during the second quarter valued at $7,777,000. Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of Obsidian Energy in the 2nd quarter worth $4,341,000. Finally, Public Employees Retirement System of Ohio purchased a new position in shares of Obsidian Energy in the 2nd quarter worth $1,145,000. 13.51% of the stock is currently owned by hedge funds and other institutional investors.

About Obsidian Energy

Obsidian Energy Ltd. is a Canadian oil and natural gas exploration and production company. Its activities include the acquisition, development and operation of petroleum and natural gas properties, with a focus on generating production from conventional oil and liquids-rich natural gas assets.

The company’s operations are concentrated in Alberta, Canada, including the Peace River, Cardium and Pembina areas. Its products include crude oil, natural gas liquids and natural gas, which are sold into Canadian and North American energy markets.

Obsidian Energy was formerly known as Penn West Petroleum Ltd.