RJ Repentence We’ll admit, we’ve been on the sidelines for too long with Obsidian, with the stock up 450% YTD (XEG: 88%). We had concerns with leverage, a number of CEOs/CFOs over the past five years and overall, the legacy costs and generally limited capex over the last number of years. One item that did continue to impress amid all this was its Cardium well results that were among some of the best in the region. Fast-forward to today with unhedged oil production, a balance sheet that has greatly improved, and a resumption of spending (and M&A), the company is not what it used to be. Nevertheless, the company remains off the radar screens for most institutions as evidenced by its industry low valuation (2.0x EV/EBITDA). With an emerging Clearwater play that closely offsets the best wells in the basin, not only do we see a revamp in growth but also a name with some of the highest potential for a multiple expansion. As such, we’re moving our rating to Outperform.
Obsidian Energy Ltd. OBE:CA OUTPERFORM MARKET PERFORM $7.50 $7.00 Raymond James 26 Nov 2021
Obsidian Energy Ltd OBE:CA MARKET PERFORM $7.00 $4.75 Raymond James 18 Oct 2021
Obsidian Energy Ltd. OBE:CA MARKET PERFORM $4.75 Raymond James 16 Sep 2021
Obsidian Energy Ltd. OBE:CA MARKET PERFORM $4.75 Raymond James 03 Aug 2021
bsidian Energy Ltd. OBE:CA MARKET PERFORM $4.75 $2.25 Raymond James 30 Jun 2021
Obsidian Energy Ltd. OBE:CA MARKET PERFORM $2.25 $2.00 Raymond James 10 May 2021
Obsidian Energy Ltd. OBE:CA MARKET PERFORM $2.00 $1.90 Raymond James 30 Mar 2021
Obsidian Energy Ltd OBE:CA MARKET PERFORM $1.90 $1.00 Raymond James 17 Mar 2021
Obsidian Energy Ltd. OBE:CA MARKET PERFORM $1.00 Raymond James 19 Feb 2021
Obsidian Energy Ltd. OBE:CA MARKET PERFORM UNDERPERFORM $1.00 $0.05 Raymond James 15 Jan 2021