Obsidian Energy (NYSE:OBE) Receives New Coverage from Analysts at CIBC

CIBC started coverage on shares of Obsidian Energy (NYSE:OBE) (TSE:PWT) in a report issued on Wednesday, October 18th, Marketbeat reports. The firm issued a neutral rating on the oil and gas company’s stock.

Several other research firms have also weighed in on OBE. Zacks Investment Research upgraded shares of Obsidian Energy from a sell rating to a hold rating in a research report on Wednesday, July 5th. Canaccord Genuity set a $2.00 price target on shares of Obsidian Energy and gave the company a hold rating in a research report on Wednesday, August 9th. Finally, ValuEngine lowered shares of Obsidian Energy from a sell rating to a strong sell rating in a research report on Friday, September 1st. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and one has issued a buy rating to the company’s stock. Obsidian Energy presently has a consensus rating of Hold and an average target price of $2.37.

Shares of Obsidian Energy (NYSE:OBE) opened at 0.967 on Wednesday. Obsidian Energy has a 52 week low of $0.82 and a 52 week high of $2.05. The firm’s market cap is $487.59 million. The firm has a 50-day moving average of $1.04 and a 200-day moving average of $1.22.

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A number of hedge funds and other institutional investors have recently added to or reduced their stakes in OBE. Cubist Systematic Strategies LLC purchased a new stake in Obsidian Energy during the second quarter valued at about $106,000. Toronto Dominion Bank purchased a new stake in Obsidian Energy during the second quarter valued at about $338,000. BlueCrest Capital Management Ltd purchased a new stake in Obsidian Energy during the second quarter valued at about $531,000. Adalta Capital Management LLC purchased a new stake in Obsidian Energy during the second quarter valued at about $829,000. Finally, Royal Bank of Canada purchased a new stake in Obsidian Energy during the second quarter valued at about $1,219,000. 16.73% of the stock is currently owned by institutional investors and hedge funds.

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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