Raymond James raised its target price on shares of Obsidian At least now OBE shareholders can evaluate the stock based on its own merits. Good luck OBE shareholders!
10:30 AM EDT, 03/30/2021 (MT Newswires) -- Raymond James raised its target price on shares of Obsidian Energy Ltd. (OBE.TO) to $2.00 from $1.90 on Tuesday.
Analyst Jeremy McCrea maintained a Market Perform rating on the Calgary-based oil and gas company.
On March 26, Obsidian announced it had received an extension to both its credit facility and senior notes.
On Monday, Obsidian said it dropped its merger proposal with Bonterra Energy Corp. (BNE.TO).
"Combined with a higher Asset Retirement Obligation liability than many of its peers and an ongoing take-over bid for Bonterra, we believe many investors have sought to remain sidelined for now," McCrea said in a note to clients.
"Nevertheless, with the bank facility and senior notes extended a full 18 months, the ability to increase spending plans, the bid for Bonterra dropped, and lastly, higher oil prices, OBE might start to have bullish investors re-look at the name," the analyst said.
Dual-listed Obsidian declined $0.09, or 4.3%, to $1.98 in Toronto Stock Exchange trading on Tuesday.