Alberta-focused oil and natural gas producer Obsidian Energy Ltd. is up about 75 per cent year-to-date, setting a 52-week high of $2.45 on March 18. While it has since pulled back from that high, insiders are signalling this could be an opportunity for bullish oil patch contrarians. Insiders have been buying the dip, spending a combined $207,389 picking up shares in the public market in April. Trailing 12-months free cash flow is rising and going forward Obsidian has offered 2021 production guidance of midpoint 23,550 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.
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Chart reflects public-market transactions of common shares or unit trusts by company officers and directors.
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