Obsidian Energy (OBE) Lowered to “Sell” at Zacks Investment Research

Obsidian Energy (NYSE:OBE) (TSE:PWT) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Thursday.

According to Zacks, “Obsidian Energy Ltd. is a conventional oil and natural gas producer and development company. Obsidian Energy Ltd, formerly known as Penn West Petroleum Ltd, is based in Calgary, Canada. “

Several other equities research analysts have also issued reports on the stock. ValuEngine lowered shares of Obsidian Energy from a “sell” rating to a “strong sell” rating in a report on Friday, September 1st. Canaccord Genuity set a $2.00 target price on shares of Obsidian Energy and gave the stock a “hold” rating in a report on Wednesday, August 9th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and one has given a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $2.37.

Obsidian Energy (OBE) opened at 1.06 on Thursday. The stock’s market cap is $534.48 million. Obsidian Energy has a 52-week low of $0.82 and a 52-week high of $2.05. The firm has a 50 day moving average of $1.40 and a 200-day moving average of $1.61.

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Hedge funds have recently bought and sold shares of the stock. Toronto Dominion Bank purchased a new position in Obsidian Energy in the 2nd quarter worth about $338,000. Adalta Capital Management LLC purchased a new position in Obsidian Energy in the 2nd quarter worth about $829,000. Proxima Capital Management LLC purchased a new position in Obsidian Energy in the 2nd quarter worth about $4,210,000. Cubist Systematic Strategies LLC purchased a new position in Obsidian Energy in the 2nd quarter worth about $106,000. Finally, BlueCrest Capital Management Ltd purchased a new position in Obsidian Energy in the 2nd quarter worth about $531,000. 16.69% of the stock is currently owned by institutional investors.

Obsidian Energy Company Profile

Obsidian Energy Ltd, formerly Penn West Petroleum Ltd, is a Canada-based conventional oil and natural gas producer and development and production company. The Company operates a portfolio of opportunities with an oil position in the Cardium, Viking and Peace River areas of Alberta. The Alberta Viking area offers a mix of light-oil and gas with high-netback shorter cycle wells to complement longer cycle activities in the Cardium.

Analyst Recommendations for Obsidian Energy (NYSE:OBE)

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