Obsidian Energy (NYSEAMERICAN:OBE) Sees Large Volume Increase – Time to Buy?

Obsidian Energy Ltd (NYSEAMERICAN:OBE) (TSE:PWT) shares saw an uptick in trading volume on Friday . 430,307 shares traded hands during mid-day trading, a decline of 38% from the previous session’s volume of 689,115 shares.The stock last traded at $9.3690 and had previously closed at $10.12.

Analysts Set New Price Targets

Several research firms have recently issued reports on OBE. Raymond James Financial upgraded Obsidian Energy from a “hold” rating to a “moderate buy” rating in a research report on Monday, March 30th. Royal Bank Of Canada increased their price target on shares of Obsidian Energy from $9.00 to $10.00 and gave the company a “sector perform” rating in a research report on Friday, February 20th. One equities research analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat, Obsidian Energy currently has a consensus rating of “Moderate Buy” and a consensus price target of $10.00.

Obsidian Energy Stock Performance

The firm has a market cap of $666.43 million, a P/E ratio of 30.41 and a beta of -0.10. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.54 and a current ratio of 0.54. The stock’s 50-day moving average is $8.53 and its 200 day moving average is $7.02.

Hedge Funds Weigh In On Obsidian Energy

Several institutional investors have recently modified their holdings of the business. Raymond James Financial Inc. lifted its holdings in shares of Obsidian Energy by 1.2% during the 3rd quarter. Raymond James Financial Inc. now owns 206,206 shares of the oil and gas company’s stock valued at $1,349,000 after purchasing an additional 2,397 shares in the last quarter. First Trust Advisors LP increased its stake in Obsidian Energy by 0.8% during the 3rd quarter. First Trust Advisors LP now owns 346,860 shares of the oil and gas company’s stock worth $2,268,000 after purchasing an additional 2,818 shares in the last quarter. Quarry LP acquired a new stake in Obsidian Energy during the 3rd quarter worth approximately $31,000. Register Financial Advisors LLC raised its holdings in Obsidian Energy by 14.0% during the 3rd quarter. Register Financial Advisors LLC now owns 40,700 shares of the oil and gas company’s stock worth $266,000 after buying an additional 5,000 shares during the period. Finally, Marks Group Wealth Management Inc bought a new position in Obsidian Energy in the fourth quarter valued at approximately $61,000. Institutional investors own 13.51% of the company’s stock.

Obsidian Energy Company Profile

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.