Obsidian Energy raised from Underperform rating at BMO as deleveraging seen on track | OBE Message Board Posts


Obsidian Energy Ltd.

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Msg  21734 of 21742  at  9/19/2022 7:31:26 PM  by

shiftsuper175607


Obsidian Energy raised from Underperform rating at BMO as deleveraging seen on track

"Obsidian Energy (PBE) +3.1% in Monday's trading as BMO Capital upgraded shares to Market Perform from Underperform with a $14 price target, raised from $10, citing a much improved balance sheet and likely better than average production growth in 2023.

"Through rapid deleveraging assisted by the recent strength in commodity prices, we no longer see the balance sheet as an area of concern for the company," BMO's Mike Murphy wrote, adding the company should be in a net cash position by Q4 2023.

With legacy acreage in the Peace River region combined with recent crown land purchases, the analyst said he sees Obsidian (NYSE:OBE) "as having a meaningful position in an emerging area of the Clearwater/Spirit river heavy oil play."

Citing "a step up in free cash flow next year as hedges roll," BMO analysts"



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