Cardinal Energy (TSE:CJ) Reaches New 52-Week High After Dividend Announcement

Cardinal Energy Ltd. (TSE:CJ) shares 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. The stock had previously closed at C$9.87.

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

Analyst Upgrades and Downgrades

A number of research analysts recently commented on CJ shares. Canadian Imperial Bank of Commerce raised Cardinal Energy from a “hold” rating to a “strong-buy” rating and boosted their price target for the stock from C$7.75 to C$11.00 in a report on Thursday, February 5th. Raymond James Financial upped their target price on shares of 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. Finally, Royal Bank Of Canada lifted 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 research note on Thursday, February 5th. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of C$10.00.

Cardinal Energy Stock Performance

The company has a fifty day moving average of C$9.07 and a two-hundred day moving average of C$8.42. The stock has a market capitalization of C$1.73 billion, a P/E ratio of 20.73, a price-to-earnings-growth ratio of -0.26 and a beta of 0.46. The company has a debt-to-equity ratio of 8.05, a current ratio of 0.50 and a quick ratio of 0.67.

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.