Calgary, Canada-based Obsidian Energy Ltd. (OBE) focuses primarily on exploring, producing, and developing oil and natural gas properties in the Western Canada Sedimentary Basin. OBE’s shares have had a great run, up 94.2% in price year-to-date. The stock has gained a whopping 515.4% over the past year to close yesterday’s trading session at $8.00. Moreover, OBE hit its 52-week high of $9.84on April 18.
Rising oil and gas prices amid geopolitical crises and short supply have been driving energy stocks higher. And the market could tighten if the European Union (EU) bans the import of Russian crude oil, lending further support to high prices and substantially boosting energy companies’ prospects.
