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Scotiabank began coverage on shares of Cardinal Energy (TSE:CJ) in a research note issued on Tuesday. The firm set an “outperform” rating and a C$22.50 price target on the stock. Scotiabank’s price target suggests a potential upside of 13.07% from the stock’s previous close.

Cardinal Energy (TSE:CJ) traded up 0.84% on Tuesday, hitting $20.41. 132,092 shares of the company’s stock traded hands. Cardinal Energy has a 52 week low of $11.10 and a 52 week high of $20.32. The stock’s 50-day moving average is $18.78 and its 200-day moving average is $16.25. The company has a market cap of $771.6 million and a P/E ratio of 6.84.

Cardinal Energy (TSE:CJ) last released its earnings data on Friday, August 15th. The company reported $0.10 EPS for the quarter, missing the Thomson Reuters consensus estimate of $0.15 by $0.05. Analysts expect that Cardinal Energy will post $0.46 EPS for the current fiscal year.

The company also recently declared a aug 14 dividend, which is scheduled for Monday, September 15th. Investors of record on Friday, August 29th will be given a dividend of $0.0542 per share. The ex-dividend date of this dividend is Wednesday, August 27th.

Several other analysts have also recently commented on the stock. Analysts at National Bank Financial raised their price target on shares of Cardinal Energy from C$21.00 to C$22.00 in a research note on Tuesday. They now have an “outperform” rating on the stock. Separately, analysts at NBF raised their price target on shares of Cardinal Energy from C$21.00 to C$22.00 in a research note on Monday. Finally, analysts at FirstEnergy Capital raised their price target on shares of Cardinal Energy from C$21.00 to C$24.00 in a research note on Friday. Six research analysts have rated the stock with a buy rating, Cardinal Energy presently has an average rating of “Buy” and a consensus target price of C$20.69.

Cardinal Energy Ltd. is a junior oil focused company. The Company’s Chauvin is located approximately 65 kilometers east of Wainwright, Alberta.

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