Cardinal Energy (TSE:CJ) Hits New 1-Year High - Still a Buy?

Key Points

• Cardinal Energy shares hit a new 52-week high of C$7.46, closing just below that at C$7.45 with a trading volume of over 616,000 shares.
• Analysts have varying outlooks, with the Royal Bank of Canada upgrading the stock to "outperform" with a price target of C$7.50, while CIBC reduced their target from C$8.00 to C$7.00.
• The company declared a monthly dividend of $0.06, with an annualized yield of 9.66%, despite a high dividend payout ratio of 111.27%.

Shares of Cardinal Energy Ltd. (TSE:CJ - Get Free Report) reached a new 52-week high on Wednesday . The company traded as high as C$7.46 and last traded at C$7.45, with a volume of 616044 shares. The stock had previously closed at C$7.36.

Analyst Ratings Changes

A number of equities analysts recently issued reports on CJ shares. CIBC cut their target price on Cardinal Energy from C$8.00 to C$7.00 in a report on Thursday, April 10th. Royal Bank Of Canada raised shares of Cardinal Energy from a "sector perform" rating to an "outperform" rating and raised their price objective for the company from C$7.00 to C$7.50 in a research note on Thursday, April 17th.

Cardinal Energy Stock 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 firm has a market capitalization of C$1.12 billion, a PE ratio of 10.88, a P/E/G ratio of -0.26 and a beta of 2.81. The company's fifty day simple moving average is C$6.82 and its 200 day simple moving average is C$6.40.

Cardinal Energy Dividend Announcement

The company also recently declared a monthly dividend, which will be paid on Friday, August 15th. Stockholders of record on Friday, August 15th will be issued a $0.06 dividend. The ex-dividend date of this dividend is Thursday, July 31st. This represents a c) annualized dividend and a dividend yield of 10.2%. Cardinal Energy's dividend payout ratio is presently 111.27%.

Insiders Place Their Bets

In related news, Director John Festival acquired 50,000 shares of the stock in a transaction dated Thursday, May 15th. The shares were purchased at an average price of C$6.10 per share, for a total transaction of C$305,000.00. 23.38% of the stock is owned by corporate 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.