Cardinal Energy (TSE:CJ) Stock Price Crosses Above 50 Day Moving Average - Here's What Happened

Key Points

• Cardinal Energy Ltd.'s stock price surpassed its 50-day moving average of C$7.40, with shares trading as high as C$7.85 on Wednesday.
• Raymond James Financial upgraded the stock to a "hold" rating, contributing to a consensus rating of "hold" with an average price target of C$7.33.
• The company announced a dividend of $0.06 per share, set to be paid on October 15th, representing a significant dividend yield of 960.0%.

Cardinal Energy Ltd. (TSE:CJ - Get Free Report)'s share price passed above its 50 day moving average during trading on Wednesday . The stock has a 50 day moving average of C$7.40 and traded as high as C$7.85. Cardinal Energy shares last traded at C$7.84, with a volume of 536,997 shares.

Wall Street Analyst Weigh In

Separately, Raymond James Financial raised shares of Cardinal Energy to a "hold" rating in a research note on Monday, September 22nd. One 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, Cardinal Energy has a consensus rating of "Hold" and an average price target of C$7.33.

Cardinal Energy Trading Up 1.2%

The firm has a market cap of C$1.26 billion, a price-to-earnings ratio of 14.25, a price-to-earnings-growth ratio of -0.26 and a beta of 0.69. 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's fifty day moving average is C$7.40 and its 200-day moving average is C$6.70.

Cardinal Energy Dividend Announcement

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

Insider Activity

In related news, Director John Albert Brussa acquired 15,000 shares of the company's stock in a transaction dated Wednesday, September 3rd. The shares were purchased at an average price of C$7.30 per share, for a total transaction of C$109,500.00. Following the completion of the acquisition, the director owned 653,600 shares of the company's stock, valued at approximately C$4,771,280. This trade represents a 2.35% increase in their ownership of the stock. Also, Director M. Scott Ratushny acquired 15,000 shares of the company's stock in a transaction dated Wednesday, September 3rd. The shares were bought at an average price of C$7.25 per share, for a total transaction of C$108,750.00. Following the acquisition, the director directly owned 2,988,256 shares of the company's stock, valued at approximately C$21,664,856. This trade represents a 0.50% increase in their position. Insiders have bought 33,500 shares of company stock worth $244,005 in the last quarter. Company 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.

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