Obsidian Energy (OBE) Shares Up 6%

Obsidian Energy Ltd (NYSE:OBE) (TSE:PWT)’s share price shot up 6% on Friday . The stock traded as high as $0.32 and last traded at $0.30. 829,041 shares traded hands during trading, a decline of 25% from the average session volume of 1,111,931 shares. The stock had previously closed at $0.28.

Several brokerages have weighed in on OBE. Scotiabank cut Obsidian Energy to a “sell” rating in a research note on Friday, March 8th. Zacks Investment Research upgraded Obsidian Energy from a “sell” rating to a “hold” rating in a research note on Wednesday, April 17th. Raymond James cut Obsidian Energy from an “outperform” rating to a “mkt perform” rating in a research note on Friday, March 8th. Desjardins restated a “hold” rating and set a $0.75 price objective on shares of Obsidian Energy in a research note on Tuesday, February 12th. Finally, BMO Capital Markets restated a “sell” rating and set a $0.50 price objective on shares of Obsidian Energy in a research note on Wednesday, February 13th. Two research analysts have rated the stock with a sell rating and four have issued a hold rating to the stock. Obsidian Energy presently has a consensus rating of “Hold” and an average target price of $1.00.

The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.40 and a current ratio of 0.40.

Obsidian Energy (NYSE:OBE) (TSE:PWT) last released its earnings results on Thursday, March 7th. The oil and gas company reported ($0.17) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.10) by ($0.07). The business had revenue of $62.05 million for the quarter. Obsidian Energy had a negative return on equity of 14.07% and a negative net margin of 70.22%. Sell-side analysts expect that Obsidian Energy Ltd will post -0.2 EPS for the current year.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Moors & Cabot Inc. raised its stake in shares of Obsidian Energy by 81.5% during the 1st quarter. Moors & Cabot Inc. now owns 118,000 shares of the oil and gas company’s stock worth $32,000 after purchasing an additional 53,000 shares during the period. IHT Wealth Management LLC bought a new stake in shares of Obsidian Energy during the 4th quarter worth $40,000. Beacon Pointe Wealth Advisors LLC bought a new stake in shares of Obsidian Energy during the 4th quarter worth $37,000. Adalta Capital Management LLC raised its stake in shares of Obsidian Energy by 43.9% during the 4th quarter. Adalta Capital Management LLC now owns 1,579,750 shares of the oil and gas company’s stock worth $635,000 after purchasing an additional 481,615 shares during the period. Finally, Grace & White Inc. NY raised its stake in shares of Obsidian Energy by 150.7% during the 1st quarter. Grace & White Inc. NY now owns 1,007,434 shares of the oil and gas company’s stock worth $277,000 after purchasing an additional 605,584 shares during the period. Institutional investors own 16.95% of the company’s stock.

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About Obsidian Energy (NYSE: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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