Cardinal Energy (TSE:CJ) Shares Cross Below Two Hundred Day Moving Average - Here's What Happened

Shares of Cardinal Energy Ltd. (TSE:CJ - Get Free Report) passed below its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of C$6.28 and traded as low as C$6.16. Cardinal Energy shares last traded at C$6.17, with a volume of 526,766 shares changing hands.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the stock. 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. CIBC reduced their price target on shares of Cardinal Energy from C$8.00 to C$7.00 in a research report on Thursday, April 10th. Finally, Atb Cap Markets cut shares of Cardinal Energy from a "strong-buy" rating to a "hold" rating in a research report on Thursday, January 30th.

Cardinal Energy Stock Down 0.8%

The company has a current ratio of 0.50, a quick ratio of 0.67 and a debt-to-equity ratio of 8.05. The firm's 50 day simple moving average is C$5.97 and its 200-day simple moving average is C$6.28. The stock has a market capitalization of C$999.19 million, a price-to-earnings ratio of 9.67, a price-to-earnings-growth ratio of -0.26 and a beta of 2.81.

Cardinal Energy Dividend Announcement

The firm also recently declared a monthly dividend, which was paid on Thursday, May 15th. Shareholders of record on Thursday, May 15th were paid a $0.06 dividend. The ex-dividend date of this dividend was Wednesday, April 30th. This represents a $0.72 annualized dividend and a yield of 11.50%. Cardinal Energy's payout ratio is currently 111.27%.

Insider Transactions at Cardinal Energy

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

About Cardinal Energy

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.