Cardinal Energy (TSE:CJ) Reaches New 52-Week High – Time to Buy?

Shares of Cardinal Energy Ltd. (TSE:CJ) reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as C$9.72 and last traded at C$9.71, with a volume of 384963 shares traded. The stock had previously closed at C$9.47.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the company. Raymond James Financial boosted their target price on Cardinal Energy from C$9.00 to C$9.50 and gave the company a “market perform” rating in a research report on Thursday, February 5th. Canadian Imperial Bank of Commerce upgraded Cardinal Energy from a “hold” rating to a “strong-buy” rating and boosted their price objective for the company from C$7.75 to C$11.00 in a report on Thursday, February 5th. Finally, Royal Bank Of Canada increased their target price on Cardinal Energy from C$9.00 to C$9.50 and gave the stock an “outperform” rating in a report on Thursday, February 5th. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of C$10.00.

Cardinal Energy Stock Performance

The company has a debt-to-equity ratio of 8.05, a quick ratio of 0.67 and a current ratio of 0.50. The stock has a market capitalization of C$1.69 billion, a P/E ratio of 20.25, a PEG ratio of -0.26 and a beta of 0.46. The business has a 50-day moving average price of C$8.87 and a 200 day moving average price of C$8.27.

Cardinal Energy Company Profile

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.