Canaccord Genuity Thinks Obsidian Energy Ltd’s Stock is Going to Recover


In a latest note to investors, a research analyst has provided a rating update for the Obsidian Energy Ltd (OBE). Canaccord Genuity’s analyst Anthony Petrucci reiterates their Buy rating on the shares, with a C$0.75 price target.

According to TipRanks.com, Petrucci has currently no stars on a ranking scale of 0-5 stars, with an average return of -22.5% and a 17.1% success rate. Petrucci covers the Basic Materials sector, focusing on stocks such as Essential Energy Services Ltd, Tamarack Valley Energy Ltd, and Athabasca Oil Corporation.

Currently, the analyst consensus on Obsidian Energy Ltd is a Moderate Buy with an average price target of C$1.01, a 102.0% upside from current levels. In a report released today, AltaCorp Captial also reiterated a Buy rating on the stock with a C$0.90 price target.

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Obsidian Energy Ltd’s market cap is currently C$246M and has a P/E ratio of 0. The company has a Price to Book ratio of 0.12.

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 Wednesday at C$0.50, close to its 52-week low of C$0.43.

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