Cardinal Energy (TSE:CJ) Hits New 52-Week High - Here's Why

Key Points

• Cardinal Energy Ltd. reached a new 52-week high, trading at C$8.10, reflecting a significant trading volume of 609,357 shares.
• Raymond James Financial upgraded Cardinal Energy to a "hold" rating, while the stock currently has a consensus rating of "Hold" and a target price of C$7.33.
• The company announced a dividend of $0.06 per share, which will be paid on October 15, 2023, reflecting a high yield of 960.0% despite a payout ratio of 130.91%.

Cardinal Energy Ltd. (TSE:CJ - Get Free Report) shares hit a new 52-week high on Monday . The company traded as high as C$8.10 and last traded at C$8.09, with a volume of 609357 shares changing hands. The stock had previously closed at C$7.87.

Analyst Ratings Changes

Separately, Raymond James Financial upgraded Cardinal Energy to a "hold" rating in a report on Monday, September 22nd. One equities research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat.com, Cardinal Energy presently has a consensus rating of "Hold" and a consensus target price of C$7.33.

Cardinal Energy Price Performance

The company has a debt-to-equity ratio of 8.05, a current ratio of 0.50 and a quick ratio of 0.67. The company's 50-day simple moving average is C$7.42 and its 200-day simple moving average is C$6.72. The stock has a market capitalization of C$1.30 billion, a P/E ratio of 14.69, a price-to-earnings-growth ratio of -0.26 and a beta of 0.56.

Cardinal Energy Dividend Announcement

The firm also recently disclosed a sep 25 dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Wednesday, October 15th will be paid a $0.06 dividend. The ex-dividend date is Monday, September 29th. This represents a yield of 960.0%. Cardinal Energy's dividend payout ratio is currently 130.91%.

Insider Transactions at Cardinal Energy

In other Cardinal Energy news, Director John Albert Brussa acquired 15,000 shares of Cardinal Energy stock in a transaction that occurred on Wednesday, September 3rd. The shares were acquired at an average cost of C$7.30 per share, with a total value of C$109,500.00. Following the completion of the purchase, the director directly owned 653,600 shares of the company's stock, valued at C$4,771,280. This represents a 2.35% increase in their position. Also, Director M. Scott Ratushny bought 15,000 shares of the stock in a transaction that occurred on Wednesday, September 3rd. The shares were bought at an average cost of C$7.25 per share, with a total value of C$108,750.00. Following the completion of the transaction, the director owned 2,988,256 shares in the company, valued at C$21,664,856. The trade was a 0.50% increase in their ownership of the stock. Over the last ninety days, insiders have purchased 33,500 shares of company stock worth $244,005. 23.38% of the stock is owned by insiders.

Cardinal Energy Company Profile

Cardinal Energy Ltd is an oil-focused Canadian company. The company's principal business activity is the acquisition, exploration, and production of petroleum and natural gas in the provinces of Alberta and Saskatchewan.

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