Cardinal Energy (TSE:CJ) Trading Up 10.6% – Here’s Why

Cardinal Energy Ltd. (TSE:CJ)’s stock price traded up 10.6% on Thursday . The stock traded as high as C$6.19 and last traded at C$6.15. 1,326,587 shares were traded during mid-day trading, an increase of 72% from the average session volume of 771,058 shares. The stock had previously closed at C$5.56.

Analysts Set New Price Targets

Several analysts have recently weighed in on CJ shares. Atb Cap Markets cut shares of Cardinal Energy from a “strong-buy” rating to a “hold” rating in a research note on Thursday, January 30th. BMO Capital Markets increased their price objective on Cardinal Energy from C$7.00 to C$7.50 in a research report on Tuesday, January 14th. Royal Bank of Canada raised Cardinal Energy from a “sector perform” rating to an “outperform” rating and upped their price target for the company from C$7.00 to C$7.50 in a research note on Thursday. Finally, CIBC cut their price objective on Cardinal Energy from C$8.00 to C$7.00 in a research report on Thursday, April 10th.

Cardinal Energy Trading Up 11.3 %

The company has a 50 day moving average of C$6.15 and a 200-day moving average of C$6.37. The stock has a market cap of C$988.02 million, a price-to-earnings ratio of 9.57, a price-to-earnings-growth ratio of -0.26 and a beta of 2.81. The company has a debt-to-equity ratio of 8.05, a quick ratio of 0.67 and a current ratio of 0.50.

Cardinal Energy Dividend Announcement

The firm also recently disclosed a monthly dividend, which will be paid on Thursday, May 15th. Stockholders of record on Thursday, May 15th will be paid a $0.06 dividend. This represents a $0.72 annualized dividend and a dividend yield of 11.63%. The ex-dividend date of this dividend is Wednesday, April 30th. Cardinal Energy’s payout ratio is 111.27%.

Insider Activity at Cardinal Energy

In related news, Director M. Scott Ratushny acquired 10,000 shares of the firm’s stock in a transaction dated Thursday, April 10th. The stock was acquired at an average price of C$5.00 per share, for a total transaction of C$50,000.00. Also, Director John Albert Brussa acquired 30,000 shares of the stock in a transaction dated Monday, April 7th. The shares were bought at an average cost of C$5.42 per share, with a total value of C$162,600.00. Company insiders own 23.38% of the company’s stock.

Cardinal Energy Company Profile

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.