Royal Bank of Canada Purchases 1,061,819 Shares of Obsidian Energy Ltd $OBE

Royal Bank of Canada boosted its position in shares of Obsidian Energy Ltd (NYSEAMERICAN:OBE) (TSE:PWT) by 31.4% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,444,416 shares of the oil and gas company’s stock after acquiring an additional 1,061,819 shares during the period. Royal Bank of Canada owned 0.07% of Obsidian Energy worth $42,089,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Raymond James Financial Inc. lifted its stake in Obsidian Energy by 1.2% in the 3rd quarter. Raymond James Financial Inc. now owns 206,206 shares of the oil and gas company’s stock worth $1,349,000 after purchasing an additional 2,397 shares in the last quarter. First Trust Advisors LP increased its position in shares of Obsidian Energy by 0.8% during the 3rd quarter. First Trust Advisors LP now owns 346,860 shares of the oil and gas company’s stock valued at $2,268,000 after purchasing an additional 2,818 shares during the last quarter. Quarry LP purchased a new position in shares of Obsidian Energy during the 3rd quarter valued at about $31,000. State of Wyoming purchased a new position in shares of Obsidian Energy during the 1st quarter valued at about $84,000. Finally, Marks Group Wealth Management Inc bought a new stake in Obsidian Energy in the 4th quarter worth approximately $61,000. Institutional investors own 13.51% of the company’s stock.

Obsidian Energy Price Performance

Shares of NYSEAMERICAN:OBE opened at $10.72 on Monday. The stock’s 50-day moving average price is $9.82 and its 200-day moving average price is $9.49. Obsidian Energy Ltd has a 12-month low of $5.44 and a 12-month high of $14.59. The stock has a market capitalization of $715.67 million, a P/E ratio of 38.29 and a beta of 0.15. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.25.

Wall Street Analyst Weigh In

Several brokerages have issued reports on OBE. Royal Bank Of Canada upped their target price 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. BMO Capital Markets reissued an “outperform” rating on shares of Obsidian Energy in a research note on Tuesday, June 2nd. Two equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $18.00.

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.