Obsidian Energy (NYSEAMERICAN:OBE) Stock Price Breaks Above 50 Day Moving Average – Should You Sell?

Obsidian Energy Ltd (NYSEAMERICAN:OBE) (TSE:PWT) shares passed above its 50 day moving average during trading on Wednesday. The stock has a 50 day moving average of $11.56 and traded as high as $11.99. Obsidian Energy shares last traded at $11.79, with a volume of 728,158 shares traded.

Analyst Upgrades and Downgrades

Separately, Raymond James Financial restated an “outperform” rating on shares of Obsidian Energy in a research note on Wednesday, September 16th. Two analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $18.00.

Obsidian Energy Trading Up 3.0%

The firm has a market capitalization of $779.91 million, a PE ratio of 42.11 and a beta of 0.35. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.25. The company’s 50-day simple moving average is $11.56 and its 200 day simple moving average is $10.05.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of OBE. Royal Bank of Canada increased its position in shares of 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 worth $42,089,000 after purchasing an additional 1,061,819 shares in the last quarter. Arrowstreet Capital Limited Partnership boosted its position in shares of Obsidian Energy by 137.8% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 2,996,167 shares of the oil and gas company’s stock worth $28,463,000 after purchasing an additional 1,736,064 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Obsidian Energy by 5.2% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,369,948 shares of the oil and gas company’s stock worth $12,973,000 after purchasing an additional 67,919 shares in the last quarter. Bank of America Corp DE acquired a new stake in shares of Obsidian Energy in the 2nd quarter worth $7,777,000. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new position in Obsidian Energy during the 2nd quarter worth $4,341,000. Institutional investors own 13.51% of the company’s stock.

About Obsidian Energy

Obsidian Energy Ltd. is a Canadian oil and natural gas exploration and production company headquartered in Calgary, Alberta. The company develops and produces crude oil, natural gas and natural gas liquids from conventional and light-oil assets in the Western Canadian Sedimentary Basin.

Obsidian Energy’s operations are concentrated in Alberta and are organized around core operating areas that include the Cardium, Peace River and Clearwater regions. Its activities include acquiring and developing petroleum properties, drilling and completing wells, and managing production and field infrastructure.

The company was formerly known as Penn West Petroleum Ltd.