Cardinal Energy (TSE:CJ) Shares Cross Above 50-Day Moving Average – Here’s Why

Cardinal Energy Ltd. (TSE:CJ) shares passed above its 50 day moving average during trading on Tuesday . The stock has a 50 day moving average of C$9.26 and traded as high as C$10.26. Cardinal Energy shares last traded at C$10.16, with a volume of 2,307,132 shares trading hands.

Wall Street Analysts Forecast Growth

CJ has been the subject of several research reports. Raymond James Financial increased their price target on Cardinal Energy from C$9.00 to C$9.50 and gave the stock a “market perform” rating in a research note on Thursday, February 5th. Royal Bank Of Canada boosted their price objective on Cardinal Energy from C$9.00 to C$9.50 and gave the company an “outperform” rating in a research note on Thursday, February 5th. Finally, Canadian Imperial Bank of Commerce raised shares of Cardinal Energy from a “hold” rating to a “strong-buy” rating and upped their price objective for the company from C$7.75 to C$11.00 in a report on Thursday, February 5th. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, Cardinal Energy has an average rating of “Buy” and a consensus target price of C$10.00.

Cardinal Energy Stock Performance

The company’s fifty day simple moving average is C$9.26 and its 200 day simple moving average is C$8.56. The stock has a market capitalization of C$1.76 billion, a P/E ratio of 21.17, a P/E/G ratio of -0.26 and a beta of 0.53. The company has a current ratio of 0.48, a quick ratio of 0.67 and a debt-to-equity ratio of 24.20.

Cardinal Energy Dividend Announcement

The business also recently disclosed a monthly dividend, which will be paid on Monday, March 16th. Investors of record on Monday, March 16th will be given a $0.06 dividend. This represents a c) annualized dividend and a dividend yield of 7.1%. The ex-dividend date is Friday, February 27th. Cardinal Energy’s dividend payout ratio is 150.00%.

About Cardinal Energy

Cardinal is a Canadian oil and natural gas production company with operations focused on low decline sustainable oil production in Western Canada. Cardinal has recently completed its first thermal SAGD project in Reford, Saskatchewan and has transitioned to the production phase of operations. The Company’s portfolio of conventional and SAGD project inventory offers a complimentary low decline, long life resource base that is ideally suited to sustain our commitment to meaningful dividend returns to shareholders.