Thu Sep 19 05:45:58 UTC 2024: ## Obsidian Energy Target Price Reduced by Royal Bank of Canada

**Calgary, Canada – September 19, 2024** – Royal Bank of Canada has lowered its target price for Obsidian Energy (TSE:OBE) from C$15.00 to C$13.00, according to a note issued to investors on Tuesday. This new price target represents a potential upside of 63.73% from the stock’s previous close.

Obsidian Energy, which engages in the exploration, production, and development of oil and natural gas properties in Western Canada, opened at C$7.94 on Tuesday. The company recently reported earnings of C$0.46 per share for the quarter ending August 1st, with revenue reaching C$208.40 million.

Despite the positive earnings report, analysts at Royal Bank of Canada seem to be cautious about the company’s future prospects, leading to the reduction in the target price.

Obsidian Energy’s stock has a fifty-day simple moving average of C$9.31 and a two-hundred-day simple moving average of C$10.15. The company’s market capitalization stands at C$603.52 million, with a PE ratio of 6.06, a P/E/G ratio of 0.08, and a beta of 2.35.

Investors interested in receiving daily updates on Obsidian Energy and related companies can sign up for MarketBeat.com’s free email newsletter.

Read More