Obsidian Energy (NYSEAMERICAN:OBE) Shares Gap Down – What’s Next?

Shares of Obsidian Energy Ltd (NYSEAMERICAN:OBE) (TSE:PWT) gapped down prior to trading on Monday. The stock had previously closed at $11.80, but opened at $11.21. Obsidian Energy shares last traded at $11.1850, with a volume of 146,559 shares traded.

Wall Street Analysts Forecast Growth

Separately, Raymond James Financial reaffirmed an “outperform” rating on shares of Obsidian Energy in a research report on Wednesday, September 16th. Two research 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, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $18.00.

Obsidian Energy Stock Performance

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 50 day moving average price of $11.55 and a 200 day moving average price of $10.10. The stock has a market cap of $711.26 million, a PE ratio of 38.46 and a beta of 0.31.

Institutional Investors Weigh In On Obsidian Energy

Several large investors have recently modified their holdings of OBE. Royal Bank of Canada lifted its position in shares of Obsidian Energy by 31.4% in the 1st quarter. Royal Bank of Canada now owns 4,444,416 shares of the oil and gas company’s stock worth $42,089,000 after purchasing an additional 1,061,819 shares during the period. Arrowstreet Capital Limited Partnership increased its holdings in 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 valued at $28,463,000 after buying an additional 1,736,064 shares during the period. Dimensional Fund Advisors LP increased its holdings 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 buying an additional 67,919 shares during the period. Bank of America Corp DE purchased a new position in Obsidian Energy during the second quarter valued at approximately $7,777,000. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new position in Obsidian Energy in the second quarter worth approximately $4,341,000. Institutional investors own 13.51% of the company’s stock.

About Obsidian Energy

Obsidian Energy Ltd. is a Canadian oil and natural gas exploration and production company headquartered in Calgary, Alberta. The company develops and produces crude oil, natural gas and natural gas liquids from conventional and light-oil assets in the Western Canadian Sedimentary Basin.

Obsidian Energy’s operations are concentrated in Alberta and are organized around core operating areas that include the Cardium, Peace River and Clearwater regions. Its activities include acquiring and developing petroleum properties, drilling and completing wells, and managing production and field infrastructure.

The company was formerly known as Penn West Petroleum Ltd.