Obsidian Energy (NYSEAMERICAN:OBE) Shares Cross Above Two Hundred Day Moving Average – What’s Next?

Obsidian Energy Ltd (NYSEAMERICAN:OBE) (TSE:PWT) passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $9.17 and traded as high as $9.39. Obsidian Energy shares last traded at $9.06, with a volume of 666,630 shares traded.

Wall Street Analysts Forecast Growth

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

Obsidian Energy Trading Down 3.0%

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 50 day moving average is $10.52 and its two-hundred day moving average is $9.17. The firm has a market cap of $605.39 million, a P/E ratio of -906.00 and a beta of 0.16.

Institutional Trading of Obsidian Energy

Hedge funds have recently modified their holdings of the company. FNY Investment Advisers LLC acquired a new stake in shares of Obsidian Energy during the 2nd quarter worth approximately $81,000. Post Resch Tallon Group Inc. bought a new stake in shares of Obsidian Energy during the second quarter valued at approximately $122,000. Bank of America Corp DE raised its stake in shares of Obsidian Energy by 87.3% in the first quarter. Bank of America Corp DE now owns 642,321 shares of the oil and gas company’s stock valued at $6,083,000 after purchasing an additional 299,431 shares in the last quarter. Royal Bank of Canada raised its stake in shares of Obsidian Energy by 31.4% in 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 in the last quarter. Finally, Public Employees Retirement System of Ohio acquired a new position in shares of Obsidian Energy in the first quarter valued at $820,000. 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.