Obsidian Energy Ltd (NYSEAMERICAN:OBE – Get Free Report) (TSE:PWT) shot up 2.8% on Wednesday. The stock traded as high as $11.52 and last traded at $11.4660. 84,680 shares changed hands during trading, a decline of 90% from the average session volume of 841,707 shares. The stock had previously closed at $11.15.
Wall Street Analyst Weigh In
Several equities analysts have commented on the stock. Raymond James Financial reiterated an “outperform” rating on shares of Obsidian Energy in a research note on Wednesday, September 16th. BMO Capital Markets reiterated an “outperform” rating on shares of Obsidian Energy in a research note on Tuesday, June 2nd. Two analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $18.00.
View Our Latest Analysis on OBE
Obsidian Energy Trading Up 0.4%
Institutional Investors Weigh In On Obsidian Energy
Several hedge funds have recently made changes to their positions in OBE. Royal Bank of Canada raised its stake in Obsidian Energy by 31.4% during the 1st quarter. Royal Bank of Canada now owns 4,444,416 shares of the oil and gas company’s stock valued at $42,089,000 after acquiring an additional 1,061,819 shares during the last quarter. Arrowstreet Capital Limited Partnership lifted its holdings in shares of Obsidian Energy by 137.8% during the first 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 during the period. Dimensional Fund Advisors LP grew its position in 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 valued at $12,973,000 after buying an additional 67,919 shares during the last quarter. Bank of America Corp DE acquired a new position in Obsidian Energy in the 2nd quarter valued at $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 and hedge funds 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. Its activities include the acquisition, development and operation of petroleum and natural gas properties, with a focus on generating production from conventional oil and liquids-rich natural gas assets.
The company’s operations are concentrated in Alberta, Canada, including the Peace River, Cardium and Pembina areas. Its products include crude oil, natural gas liquids and natural gas, which are sold into Canadian and North American energy markets.
Obsidian Energy was formerly known as Penn West Petroleum Ltd.
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