Obsidian Energy (TSE:OBE) Trading Up 6.7% – Here’s Why

Obsidian Energy Ltd. (TSE:OBE) rose 6.7% on Thursday . The stock traded as high as C$6.08 and last traded at C$6.03. Approximately 816,714 shares changed hands during mid-day trading, an increase of 122% from the average daily volume of 367,170 shares. The stock had previously closed at C$5.65.

Wall Street Analysts Forecast Growth

Several research firms recently commented on OBE. Royal Bank of Canada reduced their price objective on Obsidian Energy from C$10.00 to C$9.00 and set a “sector perform” rating for the company in a research note on Thursday. BMO Capital Markets increased their target price on shares of Obsidian Energy from C$12.00 to C$14.00 in a research report on Thursday, February 20th. Finally, Raymond James lowered their price target on shares of Obsidian Energy from C$10.00 to C$9.00 and set a “market perform” rating on the stock in a research report on Thursday.

Obsidian Energy Stock Performance

The firm has a fifty day moving average price of C$6.99 and a 200 day moving average price of C$7.59. The company has a current ratio of 0.45, a quick ratio of 0.41 and a debt-to-equity ratio of 20.55. The firm has a market cap of C$458.31 million, a PE ratio of 3.93, a price-to-earnings-growth ratio of 0.08 and a beta of 2.30.

Insider Buying and Selling at Obsidian Energy

In related news, Director Gordon Malcolm Ritchie bought 4,229 shares of the stock in a transaction on Thursday, February 27th. The stock was bought at an average price of C$7.94 per share, with a total value of C$33,578.26. Also, Senior Officer Mark Kristian Rodger Hawkins sold 25,000 shares of the business’s stock in a transaction that occurred on Thursday, March 20th. The shares were sold at an average price of C$7.56, for a total transaction of C$189,000.00. Insiders have bought 6,329 shares of company stock worth $46,744 in the last ninety days. 1.20% of the stock is owned by insiders.

About Obsidian Energy

Obsidian Energy Ltd, is an intermediate-sized oil and gas producer with strategic assets in Alberta. It operates in a single reporting segment that is exploration, development and holding an interest in oil and natural gas properties and related production infrastructure in the Western Canada Sedimentary Basin.