Cardinal Energy (TSE:CJ) Reaches New 52-Week High – Here’s Why

Cardinal Energy Ltd. (TSE:CJ) reached a new 52-week high during trading on Tuesday . The company traded as high as C$13.38 and last traded at C$13.05, with a volume of 220048 shares. The stock had previously closed at C$12.88.

Analyst Ratings Changes

CJ has been the topic of a number of recent research reports. BMO Capital Markets raised Cardinal Energy from a “hold” rating to an “outperform” rating and set a C$13.00 target price on the stock in a research note on Tuesday, April 7th. Raymond James Financial raised Cardinal Energy from a “hold” rating to a “moderate buy” rating and upped their price target for the company from C$9.50 to C$13.00 in a report on Monday, March 30th. Royal Bank Of Canada upped their price target on Cardinal Energy from C$9.50 to C$11.00 and gave the company an “outperform” rating in a report on Monday, March 16th. Finally, Canadian Imperial Bank of Commerce raised Cardinal Energy from a “hold” rating to a “strong-buy” rating and upped their price target for the company from C$7.75 to C$11.00 in a report on Thursday, February 5th. One analyst has rated the stock with a Strong Buy rating and three have given a Buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of C$12.00.

Cardinal Energy Stock Performance

The stock has a market capitalization of C$2.28 billion, a P/E ratio of 216.83, a P/E/G ratio of -0.26 and a beta of 0.26. The company has a quick ratio of 0.67, a current ratio of 0.69 and a debt-to-equity ratio of 18.36. The business has a fifty day moving average price of C$11.39 and a 200-day moving average price of C$9.81.

Cardinal Energy (TSE:CJ) last announced its quarterly earnings results on Thursday, March 12th. The company reported C($0.18) earnings per share (EPS) for the quarter. The business had revenue of C$109.19 million for the quarter. Cardinal Energy had a net margin of 2.09% and a return on equity of 1.14%. On average, sell-side analysts expect that Cardinal Energy Ltd. will post 0.625118 EPS for the current year.

Cardinal Energy Dividend Announcement

The company also recently announced a monthly dividend, which was paid on Friday, May 15th. Shareholders of record on Friday, May 15th were issued a $0.06 dividend. The ex-dividend date of this dividend was Thursday, April 30th. This represents a c) dividend on an annualized basis and a yield of 5.5%. Cardinal Energy’s dividend payout ratio is currently 1,200.00%.

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.