Stifel First Energy Update 11:31 AM EST, 11/09/2022 (MT Newswires) -- Stifel FirstEnergy on Wednesday reiterated its buy rating on the shares of Obsidian Energy (OBE.TO, OBE) while reducing its price target to C$16.75 from C$19.00 after the oil and gas producer reported weaker than expected third-quarter results.
"Weather and turnaround activity impacted Obsidian's 3Q22 production and cash flow that came in 4% and 7% below expectations. The delays in its 3Q22 program has prompted the company to revise it 2022 production guidance 3% lower, alongside a modest increase to its capital budget (up 8%). While our updated outlook draws a target price reduction to $16.75/sh, we believe the market will be keenly interested in its next update (mid-December) where not only will it roll-out its 2023 plans, but also detail, for the first time, its return of capital plans," analyst Cody Kwong noted.
(MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us)