Cardinal Energy (TSE:CJ) Hits New 1-Year High Following Analyst Upgrade

Cardinal Energy Ltd. (TSE:CJ) hit a new 52-week high during trading on Monday after Raymond James Financial upgraded the stock from a hold rating to a moderate buy rating. Raymond James Financial now has a C$13.00 price target on the stock, up from their previous price target of C$9.50. Cardinal Energy traded as high as C$11.77 and last traded at C$11.54, with a volume of 660586 shares traded. The stock had previously closed at C$11.30.

Other equities analysts also recently issued research reports about the stock. Canadian Imperial Bank of Commerce upgraded shares of Cardinal Energy from a “hold” rating to a “strong-buy” rating and increased their price target for the company from C$7.75 to C$11.00 in a report on Thursday, February 5th. Royal Bank Of Canada boosted their price objective on shares of Cardinal Energy from C$9.50 to C$11.00 and gave the stock an “outperform” rating in a report on Monday, March 16th. One investment analyst has rated the stock with a Strong Buy rating and two have given a Buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Buy” and an average target price of C$11.67.

Cardinal Energy Price Performance

The company has a market cap of C$1.97 billion, a price-to-earnings ratio of 87.46, a price-to-earnings-growth ratio of -0.26 and a beta of 0.53. The company has a fifty day simple moving average of C$9.94 and a two-hundred day simple moving average of C$8.94. The company has a quick ratio of 0.67, a current ratio of 0.54 and a debt-to-equity ratio of 29.09.

Cardinal Energy (TSE:CJ) last released its quarterly earnings results on Thursday, March 12th. The company reported C($0.18) earnings per share (EPS) for the quarter. Cardinal Energy had a return on equity of 2.35% and a net margin of 4.22%.The firm had revenue of C$109.19 million for the quarter. On average, equities research analysts anticipate that Cardinal Energy Ltd. will post 0.625118 earnings per share for the current fiscal year.

Cardinal Energy Announces Dividend

The firm also recently announced a monthly dividend, which was paid on Monday, March 16th. Shareholders of record on Monday, March 16th were given a dividend of $0.06 per share. The ex-dividend date was Friday, February 27th. This represents a c) dividend on an annualized basis and a yield of 6.3%. Cardinal Energy’s payout ratio is presently 553.85%.

About Cardinal Energy

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.