The Globe and Mail reports in its Wednesday edition that BMO Nesbitt Burns analyst Jeremy McCrea has reinstated coverage on Obsidian Energy with an "outperform" rating and $16.50 share target. The Globe's David Leeder writes in the Eye On Equities column that analysts on average target the shares at $13.56. Mr. McCrea says in a note: "Obsidian is one of those companies that has undergone significant change over the past few years. Between restarting its Bluesky/Clearwater operations and shifting from a debt repayment strategy to one of higher growth, we believe there now is more clarity for investor perception/understanding. As well economics, margins, and leverage all improve and the company takes a position as one of the fastest growing oil names in the basin (20 per cent plus), we suspect the company's valuation will benefit in turn — especially as follow-up wells in the Bluesky Walrus field come on-line." The Globe reported on Oct. 3 that RBC Capital analyst Luke Davis had reaffirmed his "outperform" recommendation for Obsidian Energy. The shares could then be had for $11.02. The Globe reported on Jan. 11 that Mr. McCrea continued to rate Obsidian Energy "outperform." The shares could then be had for $8.99.