Cardinal Energy (TSE:CJ) Raised to Outperform at BMO Capital Markets

Key Points

• BMO Capital Markets upgraded Cardinal Energy (TSE:CJ) from "market perform" to "outperform" with a C$13 price targetBuy with an average target of C$12.
• CJ traded up to C$11.90 on heavy volume (near its 12‑month high of C$12.03) and has a market cap of C$2.06B; the company reported C($0.18) EPS on C$109.19M revenue, carries a P/E of 91.5, and analysts expect roughly C$0.63 EPS for the current year.

Cardinal Energy (TSE:CJ - Get Free Report) was upgraded by analysts at BMO Capital Markets from a "market perform" rating to an "outperform" rating in a research note issued on Tuesday,BayStreet.CA reports. The firm currently has a C$13.00 price target on the stock. BMO Capital Markets' target price suggests a potential upside of 9.24% from the company's current price.

Other analysts also recently issued reports about the stock. Royal Bank Of Canada upped their price objective on shares of Cardinal Energy from C$9.50 to C$11.00 and gave the stock an "outperform" rating in a report on Monday, March 16th. 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 stock from C$7.75 to C$11.00 in a research report on Thursday, February 5th. Finally, Raymond James Financial raised Cardinal Energy from a "hold" rating to a "moderate buy" rating and raised their price target for the company from C$9.50 to C$13.00 in a research report on Monday, March 30th. One research analyst has rated the stock with a Strong Buy rating and three have issued a Buy rating to the company. According to MarketBeat, the company has a consensus rating of "Buy" and an average target price of C$12.00.

Cardinal Energy Price Performance

Shares of CJ stock traded up C$0.74 during mid-day trading on Tuesday, hitting C$11.90. 2,924,927 shares of the stock traded hands, compared to its average volume of 1,392,774. Cardinal Energy has a twelve month low of C$4.64 and a twelve month high of C$12.03. The firm has a market cap of C$2.06 billion, a price-to-earnings ratio of 91.54, a price-to-earnings-growth ratio of -0.26 and a beta of 0.16. The company's 50-day simple moving average is C$10.09 and its 200-day simple moving average is C$9.03. The company has a debt-to-equity ratio of 29.09, a quick ratio of 0.67 and a current ratio of 0.54.

Cardinal Energy (TSE:CJ - Get Free Report) last issued its earnings results on Thursday, March 12th. The company reported C($0.18) earnings per share (EPS) for the quarter. Cardinal Energy had a return on equity of 2.35% and a net margin of 4.22%.The company had revenue of C$109.19 million during the quarter. As a group, equities research analysts expect that Cardinal Energy will post 0.625118 earnings per share for the current year.

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.

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