Obsidian Energy (NYSEAMERICAN:OBE) Trading Down 5.9% – Should You Sell?

Shares of Obsidian Energy Ltd (NYSEAMERICAN:OBE) (TSE:PWT) fell 5.9% on Monday . The company traded as low as $10.29 and last traded at $10.4070. 134,902 shares were traded during trading, a decline of 84% from the average session volume of 844,539 shares. The stock had previously closed at $11.06.

Analysts Set New Price Targets

A number of research firms recently weighed in on OBE. Raymond James Financial raised Obsidian Energy from a “hold” rating to a “moderate buy” rating in a research note on Monday, March 30th. BMO Capital Markets reaffirmed an “outperform” rating on shares of Obsidian Energy in a research note on Tuesday, June 2nd. Finally, Royal Bank Of Canada upped their price target on Obsidian Energy from $14.00 to $18.00 and gave the stock a “sector perform” rating in a research note on Monday, May 11th. Two research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, Obsidian Energy presently has a consensus rating of “Moderate Buy” and an average price target of $18.00.

Obsidian Energy Stock Performance

The company has a debt-to-equity ratio of 0.18, a current ratio of 0.58 and a quick ratio of 0.58. The company’s fifty day simple moving average is $11.67 and its two-hundred day simple moving average is $8.78. The stock has a market cap of $635.46 million, a price-to-earnings ratio of -954.00 and a beta of 0.20.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. JPMorgan Chase & Co. lifted its holdings in shares of Obsidian Energy by 3,092.4% in the third quarter. JPMorgan Chase & Co. now owns 144,966 shares of the oil and gas company’s stock valued at $1,029,000 after purchasing an additional 140,425 shares in the last quarter. Versor Investments LP bought a new position in shares of Obsidian Energy in the fourth quarter valued at approximately $271,000. Spark Investment Management LLC bought a new position in shares of Obsidian Energy in the fourth quarter valued at approximately $595,000. XTX Topco Ltd bought a new position in shares of Obsidian Energy in the fourth quarter valued at approximately $152,000. Finally, Dynamic Technology Lab Private Ltd purchased a new stake in shares of Obsidian Energy in the third quarter valued at about $80,000. 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.