Obsidian Energy (NYSEAMERICAN:OBE) Shares Gap Down – Here’s Why

Obsidian Energy Ltd (NYSEAMERICAN:OBE) (TSE:PWT)’s stock price gapped down before the market opened on Monday . The stock had previously closed at $10.72, but opened at $10.06. Obsidian Energy shares last traded at $10.13, with a volume of 145,534 shares.

Wall Street Analysts Forecast Growth

OBE has been the topic of several research reports. BMO Capital Markets reaffirmed an “outperform” rating on shares of Obsidian Energy in a report on Tuesday, June 2nd. Royal Bank Of Canada lifted their target price on Obsidian Energy from $14.00 to $18.00 and gave the stock a “sector perform” rating in a 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. According to MarketBeat, Obsidian Energy currently has an average rating of “Moderate Buy” and an average target price of $18.00.

Obsidian Energy Stock Performance

The firm’s fifty day simple moving average is $9.74 and its 200 day simple moving average is $9.54. The company has a market capitalization of $636.89 million, a price-to-earnings ratio of 34.07 and a beta of 0.15. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.78 and a quick ratio of 0.78.

Hedge Funds Weigh In On Obsidian Energy

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Quarry LP acquired a new stake in Obsidian Energy during the 3rd quarter valued at $31,000. Qube Research & Technologies Ltd acquired a new position in Obsidian Energy during the second quarter valued at $56,000. Marks Group Wealth Management Inc acquired a new position in Obsidian Energy during the fourth quarter valued at $61,000. Caitong International Asset Management Co. Ltd lifted its stake in Obsidian Energy by 1,209.9% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 11,632 shares of the oil and gas company’s stock worth $71,000 after acquiring an additional 10,744 shares in the last quarter. Finally, HRT Financial LP acquired a new stake in Obsidian Energy during the 4th quarter worth about $77,000. 13.51% of the stock is currently owned by hedge funds and other institutional investors.

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.