Obsidian Energy (OBE) Upgraded to “Hold” at Zacks Investment Research

Zacks Investment Research upgraded shares of Obsidian Energy (NYSE:OBE) (TSE:PWT) from a sell rating to a hold rating in a report released on Tuesday morning.

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 also recently weighed in on OBE. ValuEngine upgraded shares of Obsidian Energy from a sell rating to a hold rating in a research note on Tuesday, May 16th. Canaccord Genuity started coverage on shares of Obsidian Energy in a research report on Monday, June 5th. They issued a hold rating for the company. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and one has issued a buy rating to the company’s stock. Obsidian Energy presently has an average rating of Hold and a consensus price target of $2.37.

Obsidian Energy (OBE) opened at 0.8487 on Tuesday. The stock has a 50 day moving average price of $1.40 and a 200 day moving average price of $1.61. Obsidian Energy has a one year low of $0.83 and a one year high of $2.05. The firm’s market cap is $427.94 million.

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Large investors have recently made changes to their positions in the stock. Toronto Dominion Bank purchased a new stake in shares of Obsidian Energy during the second quarter worth approximately $338,000. Adalta Capital Management LLC purchased a new stake in shares of Obsidian Energy during the second quarter worth approximately $829,000. Proxima Capital Management LLC purchased a new stake in shares of Obsidian Energy during the second quarter worth approximately $4,210,000. Cubist Systematic Strategies LLC purchased a new stake in shares of Obsidian Energy during the second quarter worth approximately $106,000. Finally, BlueCrest Capital Management Ltd purchased a new stake in shares of Obsidian Energy during the second quarter worth approximately $531,000. Hedge funds and other institutional investors own 19.41% of the company’s stock.

About Obsidian Energy

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.

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