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

Shares of Obsidian Energy Ltd (NYSEAMERICAN:OBE) (TSE:PWT) gapped down prior to trading on Monday . The stock had previously closed at $10.59, but opened at $10.07. Obsidian Energy shares last traded at $10.32, with a volume of 146,232 shares trading hands.

Analysts Set New Price Targets

Several research analysts have recently weighed in on OBE shares. Royal Bank Of Canada boosted their price objective on shares of Obsidian Energy from $14.00 to $18.00 and gave the stock a “sector perform” rating in a research note on Monday, May 11th. BMO Capital Markets reiterated an “outperform” rating on shares of Obsidian Energy in a research note on Tuesday, June 2nd. Two equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, Obsidian Energy presently has a consensus rating of “Moderate Buy” and a consensus price target of $18.00.

Obsidian Energy Price Performance

The company has a current ratio of 0.58, a quick ratio of 0.58 and a debt-to-equity ratio of 0.18. The company has a market capitalization of $628.21 million, a P/E ratio of -941.00 and a beta of 0.16. The company has a 50 day moving average price of $9.95 and a 200 day moving average price of $9.41.

Hedge Funds Weigh In On Obsidian Energy

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Quarry LP bought a new position in shares of Obsidian Energy in the third quarter valued at about $31,000. Qube Research & Technologies Ltd acquired a new stake in shares of Obsidian Energy during the 2nd quarter worth about $56,000. Marks Group Wealth Management Inc bought a new stake in shares of Obsidian Energy during the 4th quarter worth about $61,000. Caitong International Asset Management Co. Ltd boosted its holdings in shares of Obsidian Energy by 1,209.9% during 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 buying an additional 10,744 shares during the period. Finally, HRT Financial LP acquired a new position in Obsidian Energy in the 4th quarter valued at about $77,000. 13.51% of the stock is owned by 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.