Obsidian Energy Ltd (TSE:OBE) rose 6% on Tuesday . The company traded as high as C$1.65 and last traded at C$1.57. Approximately 2,541,149 shares changed hands during mid-day trading, an increase of 191% from the average daily volume of 873,214 shares. The stock had previously closed at C$1.67.
OBE has been the topic of a number of recent analyst reports. Barclays cut their price objective on Obsidian Energy from C$2.00 to C$1.50 in a research report on Monday, October 30th. Canaccord Genuity lifted their price target on Obsidian Energy from C$1.50 to C$1.80 in a research report on Tuesday, November 28th. TD Securities lifted their price target on Obsidian Energy from C$2.00 to C$2.25 in a research report on Monday, November 13th. Raymond James Financial lifted their price target on Obsidian Energy from C$1.75 to C$2.00 and gave the company an “outperform” rating in a research report on Monday, November 13th. Finally, AltaCorp Capital upgraded Obsidian Energy from a “sector perform” rating to an “outperform” rating in a research report on Monday, November 13th. One analyst has rated the stock with a sell rating, six have issued a hold rating and three have given a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of C$2.11.
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About Obsidian Energy
Obsidian Energy Ltd. explores for, develops, and produces oil and natural gas properties in western Canada. It primarily holds interest in the Cardium Resource Play that covers an area of approximately 400 net sections of developed and undeveloped land located in west central Alberta; Peace River Resource Play covering an area of 235 net sections of developed and undeveloped land located in northwestern Alberta; and Viking Resource Play that covers an area of approximately 170 net sections of developed and undeveloped land located in north-central Alberta.
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