Cardinal Energy (TSE:CJ) Stock Price Down 4.2% – Here’s Why

Cardinal Energy Ltd. (TSE:CJ) shares dropped 4.2% on Wednesday . The company traded as low as C$4.64 and last traded at C$4.78. Approximately 490,492 shares traded hands during mid-day trading, a decline of 33% from the average daily volume of 729,466 shares. The stock had previously closed at C$4.99.

Analysts Set New Price Targets

CJ has been the topic of several recent research reports. Atb Cap Markets cut shares of Cardinal Energy from a “strong-buy” rating to a “hold” rating in a research report on Thursday, January 30th. BMO Capital Markets upped their price target on Cardinal Energy from C$7.00 to C$7.50 in a report on Tuesday, January 14th.

Cardinal Energy Stock Down 4.0 %

The stock’s 50-day simple moving average is C$6.29 and its 200-day simple moving average is C$6.42. The company has a current ratio of 0.50, a quick ratio of 0.67 and a debt-to-equity ratio of 8.05. The firm has a market capitalization of C$764.55 million, a P/E ratio of 7.40, a P/E/G ratio of -0.26 and a beta of 2.81.

Cardinal Energy Dividend Announcement

The firm also recently announced a monthly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Tuesday, April 15th will be paid a dividend of $0.06 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 15.03%. The ex-dividend date is Monday, March 31st. Cardinal Energy’s payout ratio is 111.27%.

Insider Buying and Selling

In other news, Director John Albert Brussa acquired 30,000 shares of the stock in a transaction that occurred on Monday, April 7th. The shares were acquired at an average cost of C$5.42 per share, for a total transaction of C$162,600.00. Also, Senior Officer Kenneth Cory Lee Younger sold 12,000 shares of Cardinal Energy stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of C$6.90, for a total transaction of C$82,800.00. 23.38% of the stock is owned by insiders.

About Cardinal Energy

Cardinal Energy Ltd is an oil-focused Canadian company. The company’s principal business activity is the acquisition, exploration, and production of petroleum and natural gas in the provinces of Alberta and Saskatchewan.