Cardinal Energy (TSE:CJ) Reaches New 52-Week High After Analyst Upgrade

Cardinal Energy Ltd. (TSE:CJ)’s stock price reached a new 52-week high during mid-day trading on Tuesday after BMO Capital Markets upgraded the stock from a hold rating to an outperform rating. BMO Capital Markets now has a C$13.00 price target on the stock. Cardinal Energy traded as high as C$11.77 and last traded at C$11.72, with a volume of 277171 shares traded. The stock had previously closed at C$11.16.

Several other research analysts also recently issued reports on the company. Canadian Imperial Bank of Commerce raised Cardinal Energy from a “hold” rating to a “strong-buy” rating and lifted their price target for the stock from C$7.75 to C$11.00 in a research note on Thursday, February 5th. Royal Bank Of Canada lifted their price target on Cardinal Energy from C$9.50 to C$11.00 and gave the stock an “outperform” rating in a research note on Monday, March 16th. Finally, Raymond James Financial raised Cardinal Energy from a “hold” rating to a “moderate buy” rating and lifted their price target for the stock from C$9.50 to C$13.00 in a research note on Monday, March 30th. One research analyst has rated the stock with a Strong Buy rating and three have issued a Buy rating to the stock. According to MarketBeat.com, Cardinal Energy has a consensus rating of “Buy” and an average target price of C$12.00.

Cardinal Energy Stock Down 7.6%

The firm’s 50 day moving average is C$10.18 and its two-hundred day moving average is C$9.07. The stock has a market cap of C$1.91 billion, a price-to-earnings ratio of 84.77, a P/E/G ratio of -0.26 and a beta of 0.16. The company has a current ratio of 0.54, a quick ratio of 0.67 and a debt-to-equity ratio of 29.09.

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

Cardinal Energy Announces Dividend

The company also recently announced a monthly dividend, which was paid on Monday, March 16th. Investors of record on Monday, March 16th were paid a $0.06 dividend. The ex-dividend date of this dividend was Friday, February 27th. This represents a c) annualized dividend and a yield of 6.5%. Cardinal Energy’s payout ratio is presently 553.85%.

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.