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

Obsidian Energy Ltd (NYSEAMERICAN:OBE) (TSE:PWT) passed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $8.87 and traded as high as $9.46. Obsidian Energy shares last traded at $9.19, with a volume of 738,374 shares changing hands.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the stock. BMO Capital Markets reiterated an “outperform” rating on shares of Obsidian Energy in a research report on Tuesday, June 2nd. 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 target on shares of Obsidian Energy from $14.00 to $18.00 and gave the company a “sector perform” rating in a research note 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.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $18.00.

Obsidian Energy Price Performance

The company has a fifty day simple moving average of $11.67 and a 200 day simple moving average of $8.87. The stock has a market capitalization of $612.15 million, a price-to-earnings ratio of -919.00 and a beta of 0.21. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.58 and a current ratio of 0.58.

Hedge Funds Weigh In On Obsidian Energy

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. JPMorgan Chase & Co. increased its position in Obsidian Energy by 3,092.4% during the 3rd 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 during the period. Versor Investments LP bought a new position in Obsidian Energy during the 4th quarter worth approximately $271,000. Spark Investment Management LLC acquired a new position in shares of Obsidian Energy in the 4th quarter worth approximately $595,000. Aquatic Capital Management LLC acquired a new position in shares of Obsidian Energy in the 3rd quarter worth approximately $183,000. Finally, XTX Topco Ltd acquired a new position in shares of Obsidian Energy in the 4th quarter worth approximately $152,000. 13.51% of the stock is owned by institutional investors and hedge funds.

About Obsidian Energy

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.