Cardinal Energy (TSE:CJ) Reaches New 1-Year High Following Dividend Announcement

Shares of Cardinal Energy Ltd. (TSE:CJ) hit a new 52-week high during trading on Monday after the company announced a dividend. The stock traded as high as C$10.31 and last traded at C$9.95, with a volume of 513452 shares trading hands. The stock had previously closed at C$9.87.

The newly announced dividend which will be paid on Monday, March 16th. Stockholders of record on Monday, March 16th will be given a dividend of $0.06 per share. The ex-dividend date is Friday, February 27th. This represents a c) annualized dividend and a dividend yield of 7.2%. Cardinal Energy’s dividend payout ratio (DPR) is 150.00%.

Wall Street Analyst Weigh In

Several equities research analysts have commented on CJ shares. Royal Bank Of Canada boosted their price target on shares of Cardinal Energy from C$9.00 to C$9.50 and gave the stock an “outperform” rating in a research report on Thursday, February 5th. Raymond James Financial upped their price target on Cardinal Energy from C$9.00 to C$9.50 and gave the company a “market perform” rating in a report on Thursday, February 5th. Finally, Canadian Imperial Bank of Commerce raised Cardinal Energy from a “hold” rating to a “strong-buy” rating and raised their price objective for the stock from C$7.75 to C$11.00 in a research note on Thursday, February 5th. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of C$10.00.

Cardinal Energy Stock Up 0.8%

The firm has a market cap of C$1.73 billion, a PE ratio of 20.73, a P/E/G ratio of -0.26 and a beta of 0.46. The company has a debt-to-equity ratio of 8.05, a current ratio of 0.50 and a quick ratio of 0.67. The business has a fifty day moving average price of C$9.07 and a two-hundred day moving average price of C$8.42.

Cardinal Energy Company Profile

Cardinal is a Canadian oil and natural gas production company with operations focused on low decline sustainable oil production in Western Canada. Cardinal has recently completed its first thermal SAGD project in Reford, Saskatchewan and has transitioned to the production phase of operations. The Company’s portfolio of conventional and SAGD project inventory offers a complimentary low decline, long life resource base that is ideally suited to sustain our commitment to meaningful dividend returns to shareholders.