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

Cardinal Energy Ltd. (TSE:CJ - Get Free Report) shares hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as C$7.25 and last traded at C$7.25, with a volume of 482184 shares changing hands. The stock had previously closed at C$7.06.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on CJ. CIBC reduced their price objective on shares of Cardinal Energy from C$8.00 to C$7.00 in a research note on Thursday, April 10th. Royal Bank Of Canada raised shares of Cardinal Energy from a "sector perform" rating to an "outperform" rating and upped 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 Down 0.1%

The firm's 50-day moving average price is C$6.20 and its 200-day moving average price is C$6.29. The company has a market cap of C$1.15 billion, a price-to-earnings ratio of 11.11, a price-to-earnings-growth ratio of -0.26 and a beta of 2.81. The company has a debt-to-equity ratio of 8.05, a current ratio of 0.50 and a quick ratio of 0.67.

Cardinal Energy Announces Dividend

The business also recently disclosed a monthly dividend, which will be paid on Tuesday, July 15th. Shareholders of record on Tuesday, July 15th will be issued a dividend of $0.06 per share. This represents a $0.72 annualized dividend and a yield of 10.01%. The ex-dividend date of this dividend is Monday, June 30th. Cardinal Energy's dividend payout ratio is currently 111.27%.

Insider Transactions at Cardinal Energy

In other Cardinal Energy news, Director M. Scott Ratushny purchased 10,000 shares of Cardinal Energy stock in a transaction dated Thursday, April 10th. The shares were bought at an average cost of C$5.00 per share, for a total transaction of C$50,000.00. Also, Director John Festival acquired 6,925 shares of the business's stock in a transaction that occurred on Friday, May 23rd. The stock was purchased at an average price of C$6.13 per share, for a total transaction of C$42,450.25. In the last three months, insiders have acquired 96,925 shares of company stock worth $560,050. 23.38% of the stock is currently 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.