On March 7, an analyst has provided a rating update for the Materials sector company, Obsidian Energy Ltd (OBE). Canaccord Genuity’s analyst Anthony Petrucci expressed some doubt on March 7 about the stock, as it was downgraded to Hold , with a C$0.40 price target.
According to TipRanks.com, Petrucci has 0 stars on 0-5 star ranking scale with an average return of -21.3% and a 18.4% success rate. Petrucci covers the Basic Materials sector, focusing on stocks such as Frontera Energy Corporation, Tamarack Valley Energy Ltd, and Athabasca Oil Corporation.
Obsidian Energy Ltd has an analyst consensus of Hold, with a price target consensus of C$0.71, implying a 77.5% upside from current levels. In a report issued on March 8, Raymond James also downgraded the stock to Hold with a C$0.75 price target.
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Based on Obsidian Energy Ltd’s latest earnings release for the quarter ending December 31, the company reported a quarterly revenue of C$76 million and GAAP net loss of C$113 million. In comparison, last year the company earned revenue of C$111 million and had a GAAP net loss of C$58 million.
Obsidian Energy Ltd. engages the production of oil and gas. I also involves in acquiring, exploring, developing, exploiting, and holding interests in petroleum and natural gas properties and related assets. Its portfolio of properties includes Cardium, Alberta Viking, Deep Basin, and Peace River.
The company’s shares closed on Monday at C$0.40, close to its 52-week low of C$0.38.
