Obsidian Energy (NYSE:OBE) Downgraded by Zacks Investment Research to Sell

Zacks Investment Research downgraded shares of Obsidian Energy (NYSE:OBE) (TSE:PWT) from a hold rating to a sell rating in a research note published on Wednesday morning, Zacks.com reports.

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 analysts have also issued reports on OBE. BMO Capital Markets cut their price target on Obsidian Energy from $1.50 to $1.25 and set an underperform rating on the stock in a research note on Thursday, August 29th. Raymond James lowered Obsidian Energy from a market perform rating to an underperform rating in a research note on Tuesday, September 10th. CIBC reaffirmed a hold rating and set a $1.50 price target on shares of Obsidian Energy in a research note on Tuesday, June 25th. Finally, ValuEngine raised Obsidian Energy from a sell rating to a hold rating in a research note on Thursday, August 1st. Four research analysts have rated the stock with a sell rating and four have assigned a hold rating to the company. The stock has an average rating of Hold and a consensus price target of $1.15.

Obsidian Energy stock traded down $0.01 on Wednesday, reaching $0.77. The company’s stock had a trading volume of 75,323 shares, compared to its average volume of 186,571. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.32 and a current ratio of 0.32. The company has a market cap of $56.20 million, a price-to-earnings ratio of -0.26 and a beta of 3.19. The business’s fifty day moving average price is $0.98 and its 200 day moving average price is $0.73. Obsidian Energy has a twelve month low of $0.73 and a twelve month high of $6.56.

Obsidian Energy (NYSE:OBE) (TSE:PWT) last posted its quarterly earnings data on Wednesday, August 14th. The oil and gas company reported ($0.61) EPS for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.56). Obsidian Energy had a negative return on equity of 13.95% and a negative net margin of 87.22%. The business had revenue of $76.26 million during the quarter. As a group, equities analysts forecast that Obsidian Energy will post -2.75 earnings per share for the current year.

Institutional investors have recently bought and sold shares of the company. GMT Capital Corp increased its stake in shares of Obsidian Energy by 595.0% in the 1st quarter. GMT Capital Corp now owns 1,260,081 shares of the oil and gas company’s stock valued at $347,000 after acquiring an additional 1,078,787 shares during the last quarter. HighTower Advisors LLC acquired a new stake in shares of Obsidian Energy in the 2nd quarter valued at approximately $235,000. Finally, BlackRock Inc. acquired a new stake in shares of Obsidian Energy in the 2nd quarter valued at approximately $144,000. Institutional investors own 11.61% of the company’s stock.

Obsidian Energy Company Profile

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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