Obsidian Energy double downgraded at Raymond James on new oil outlook

As previously reported, Raymond James downgraded Obsidian Energy (OBE) to Market Perform from Strong Buy with a price target of C$10, down from C$14, citing reduced estimates alongside a trimming of its capital spending assumptions. The firm believes oil-weighted equities broadly will remain under pressure in the context of the current macro environment and says that its new oil outlook suggests management will likely have to trim development capital below current Street expectations.