Obsidian Energy (NYSEAMERICAN:OBE) Stock Crosses Above 200 Day Moving Average – What’s Next?

Shares of Obsidian Energy Ltd (NYSEAMERICAN:OBE) (TSE:PWT) passed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of $8.24 and traded as high as $11.97. Obsidian Energy shares last traded at $11.56, with a volume of 733,595 shares trading hands.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on OBE shares. BMO Capital Markets restated an “outperform” rating on shares of Obsidian Energy in a research report on Friday, May 8th. Raymond James Financial upgraded shares of Obsidian Energy from a “hold” rating to a “moderate buy” rating in a research report on Monday, March 30th. Finally, Royal Bank Of Canada raised their price objective on shares of Obsidian Energy from $14.00 to $18.00 and gave the company a “sector perform” rating in a research report on Monday, May 11th. Two 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, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $18.00.

Obsidian Energy Trading Down 4.5%

The firm has a market capitalization of $770.01 million, a P/E ratio of -1,156.00 and a beta of 0.30. The company has a quick ratio of 0.58, a current ratio of 0.58 and a debt-to-equity ratio of 0.18. The firm’s 50-day simple moving average is $10.99 and its 200-day simple moving average is $8.24.

Institutional Investors Weigh In On Obsidian Energy

Several hedge funds have recently bought and sold shares of the stock. Royal Bank of Canada lifted its position 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 during the last quarter. Arrowstreet Capital Limited Partnership lifted its position 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 purchasing an additional 1,736,064 shares during the last quarter. Dimensional Fund Advisors LP lifted its position 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 purchasing an additional 67,919 shares during the last quarter. Goldman Sachs Group Inc. raised its stake in shares of Obsidian Energy by 11.5% during the first quarter. Goldman Sachs Group Inc. now owns 937,349 shares of the oil and gas company’s stock worth $5,493,000 after acquiring an additional 96,428 shares in the last quarter. Finally, Bank of America Corp DE raised its stake in shares of Obsidian Energy by 87.3% during the first quarter. Bank of America Corp DE now owns 642,321 shares of the oil and gas company’s stock worth $6,083,000 after acquiring an additional 299,431 shares in the last quarter. 13.51% of the stock is currently owned by institutional investors.

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.