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Over the past 12 months, Obsidian Energy Ltd. (OBE-T) shares were down about 25 per cent as of Nov. 6, lagging the S&P/TSX Capped Energy Index which was up slightly. Given Obsidian’s underperformance, it caught our attention to see director Edward Kernaghan buying. In the past, we have characterized Mr. Kernaghan as a value-oriented contrarian investor. As such, we find it notable that on Nov. 1 he bought 140,500 Obsidian shares at an average price of $7.87. In the third quarter, Obsidian produced an average of 39,714 barrels of oil equivalent per day.
Ted Dixon is CEO of INK Research which provides insider news and knowledge to investors. For more background on insider reporting in Canada, visit the FAQ section at www.inkresearch.com. Securities referenced in this profile may have already appeared in recent reports distributed to INK subscribers. INK staff may also hold a position in profiled securities.
Chart reflects public-market transactions of common shares or unit trusts by company officers and directors.