Cardinal Energy (TSE:CJ) Sets New 1-Year High After Dividend Announcement

Cardinal Energy Ltd. (TSE:CJ) reached a new 52-week high during mid-day trading on Monday following a dividend announcement from the company. The stock traded as high as C$10.31 and last traded at C$9.95, with a volume of 513452 shares traded. The stock had previously closed at C$9.87.

The newly announced dividend which will be paid on Monday, March 16th. Shareholders of record on Monday, March 16th will be given a dividend of $0.06 per share. This represents a c) dividend on an annualized basis and a yield of 7.2%. The ex-dividend date is Friday, February 27th. Cardinal Energy’s dividend payout ratio (DPR) is currently 150.00%.

Analysts Set New Price Targets

CJ has been the subject of several recent research reports. Raymond James Financial lifted their target price on shares of Cardinal Energy from C$9.00 to C$9.50 and gave the stock a “market perform” rating in a research note on Thursday, February 5th. Royal Bank Of Canada raised their price objective on shares of Cardinal Energy from C$9.00 to C$9.50 and gave the stock an “outperform” rating in a report on Thursday, February 5th. Finally, Canadian Imperial Bank of Commerce raised shares of Cardinal Energy from a “hold” rating to a “strong-buy” rating and boosted their target price for the company from C$7.75 to C$11.00 in a report on Thursday, February 5th. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of C$10.00.

Cardinal Energy Stock Up 0.6%

The company’s 50-day moving average price is C$9.12 and its 200 day moving average price is C$8.46. The company has a debt-to-equity ratio of 24.20, a quick ratio of 0.67 and a current ratio of 0.48. The stock has a market cap of C$1.73 billion, a PE ratio of 20.75, a price-to-earnings-growth ratio of -0.26 and a beta of 0.46.

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.