Raymond James Financial Upgrades Cardinal Energy (TSE:CJ) to "Hold"

Key Points

• Raymond James Financial has upgraded Cardinal Energy (TSE:CJ) to a "hold" rating as of a research note issued on Monday.
• Recent insider transactions indicate increased confidence in the company, with two directors purchasing a total of 30,000 shares in early September.
• Cardinal Energy's market capitalization stands at C$1.27 billion, with a current share price of C$7.90.

Cardinal Energy (TSE:CJ - Get Free Report) was upgraded by equities research analysts at Raymond James Financial to a "hold" rating in a research note issued on Monday,Zacks.com reports.

Cardinal Energy Trading Up 1.0%

Shares of TSE:CJ opened at C$7.90 on Monday. Cardinal Energy has a 1 year low of C$4.64 and a 1 year high of C$8.09. The firm has a market capitalization of C$1.27 billion, a price-to-earnings ratio of 14.36, 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 business's 50 day moving average price is C$7.30 and its 200-day moving average price is C$6.63.

Insider Buying and Selling

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