Shares of Obsidian Energy Ltd (TSE:OBE) dropped 11.9% on Wednesday . The stock traded as low as C$1.70 and last traded at C$1.70. Approximately 141,692 shares were traded during trading, an increase of 64% from the average daily volume of 86,456 shares. The stock had previously closed at C$1.93.

OBE has been the topic of several research analyst reports. Canaccord Genuity downgraded Obsidian Energy from a “speculative buy” rating to a “hold” rating and dropped their price target for the company from C$0.75 to C$0.40 in a research note on Friday, March 8th. National Bank Financial dropped their price target on Obsidian Energy from C$0.65 to C$0.50 and set a “sector perform” rating on the stock in a research note on Friday, March 8th. Raymond James downgraded Obsidian Energy from an “outperform” rating to a “market perform” rating and dropped their price target for the company from C$1.00 to C$0.75 in a research note on Friday, March 8th. AltaCorp Capital downgraded Obsidian Energy from an “outperform” rating to a “sector perform” rating in a research note on Friday, March 8th. Finally, TD Securities downgraded Obsidian Energy from a “buy” rating to a “hold” rating and dropped their price target for the company from C$0.65 to C$0.50 in a research note on Monday, March 11th. Six equities research analysts have rated the stock with a hold rating, The company has an average rating of “Hold” and a consensus price target of C$0.77.

The firm has a market capitalization of $124.07 million and a price-to-earnings ratio of -2.55. The company has a quick ratio of 0.40, a current ratio of 0.46 and a debt-to-equity ratio of 32.33.

Obsidian Energy (TSE:OBE) last released its quarterly earnings results on Friday, May 10th. The company reported C($0.11) earnings per share for the quarter. The company had revenue of C$103.00 million during the quarter. On average, research analysts predict that Obsidian Energy Ltd will post -0.21 earnings per share for the current year.

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Obsidian Energy Company Profile (TSE:OBE)

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.

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