Obsidian Energy (OBE) Stock Rating Lowered by Zacks Investment Research

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

A number of other brokerages have also issued reports on OBE. ValuEngine upgraded Obsidian Energy from a “sell” rating to a “hold” rating in a research note on Tuesday, October 2nd. Raymond James restated an “average” rating and issued a $2.00 target price on shares of Obsidian Energy in a research note on Friday, November 9th.

Shares of OBE stock opened at $0.51 on Thursday. The firm has a market capitalization of $257.40 million, a P/E ratio of -3.92 and a beta of 4.00. The company has a quick ratio of 0.39, a current ratio of 0.39 and a debt-to-equity ratio of 0.19. Obsidian Energy has a 1 year low of $0.33 and a 1 year high of $1.28.

Obsidian Energy (NYSE:OBE) (TSE:PWT) last issued its earnings results on Thursday, November 8th. The oil and gas company reported ($0.05) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.03) by ($0.02). The firm had revenue of $94.88 million during the quarter. Obsidian Energy had a negative return on equity of 11.08% and a negative net margin of 53.28%. Analysts forecast that Obsidian Energy will post -0.35 EPS for the current fiscal year.

A number of hedge funds have recently modified their holdings of the stock. Virtu Financial LLC purchased a new position in shares of Obsidian Energy during the 3rd quarter valued at about $257,000. WealthTrust Axiom LLC raised its stake in shares of Obsidian Energy by 31.3% during the 3rd quarter. WealthTrust Axiom LLC now owns 525,500 shares of the oil and gas company’s stock valued at $499,000 after buying an additional 125,350 shares during the last quarter. Pratt Collard Advisory Partners LLC raised its stake in shares of Obsidian Energy by 7.8% during the 3rd quarter. Pratt Collard Advisory Partners LLC now owns 1,181,720 shares of the oil and gas company’s stock valued at $1,123,000 after buying an additional 85,150 shares during the last quarter. GMT Capital Corp purchased a new position in shares of Obsidian Energy during the 2nd quarter valued at about $1,424,000. Finally, Renaissance Technologies LLC raised its stake in shares of Obsidian Energy by 179.1% during the 2nd quarter. Renaissance Technologies LLC now owns 1,280,403 shares of the oil and gas company’s stock valued at $1,447,000 after buying an additional 821,700 shares during the last quarter. Institutional investors own 15.67% of the company’s stock.

Obsidian Energy Company Profile

Obsidian Energy Ltd. explores for, develops, and produces oil and natural gas in western Canada. The company primarily holds interests in the Cardium development area that covers an area of approximately 450 net sections of developed and undeveloped land located in west central Alberta; Peace River development area covering an area of 235 net sections of developed and undeveloped land located in northwestern Alberta; and Viking development area that covers an area of approximately 170 net sections of developed and undeveloped land located in Eastern Alberta.

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