Cardinal Energy (TSE:CJ) Stock Price Passes Above 50 Day Moving Average – Here’s What Happened

Cardinal Energy Ltd. (TSE:CJ)’s share price passed above its 50 day moving average during trading on Friday . The stock has a 50 day moving average of C$11.89 and traded as high as C$11.92. Cardinal Energy shares last traded at C$11.60, with a volume of 1,466,791 shares changing hands.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on CJ. Royal Bank Of Canada increased their target price on shares of Cardinal Energy from C$9.50 to C$11.00 and gave the stock an “outperform” rating in a research report on Monday, March 16th. BMO Capital Markets raised shares of Cardinal Energy from a “hold” rating to an “outperform” rating and set a C$13.00 price target on the stock in a research report on Tuesday, April 7th. Finally, Raymond James Financial upgraded shares of Cardinal Energy from a “hold” rating to a “moderate buy” rating and upped their price target for the company from C$9.50 to C$13.00 in a research note on Monday, March 30th. One research analyst has rated the stock with a Strong Buy rating and three have issued a Buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of C$12.00.

Cardinal Energy Stock Down 2.8%

The stock has a fifty day moving average price of C$11.89 and a 200 day moving average price of C$10.28. The company has a debt-to-equity ratio of 18.36, a current ratio of 0.69 and a quick ratio of 0.67. The stock has a market capitalization of C$2.03 billion, a P/E ratio of 193.33, a price-to-earnings-growth ratio of -0.26 and a beta of 0.17.

Cardinal Energy (TSE:CJ) last announced its quarterly earnings results on Thursday, May 7th. The company reported C$0.06 earnings per share for the quarter. Cardinal Energy had a return on equity of 1.14% and a net margin of 2.09%.The company had revenue of C$143.23 million during the quarter. On average, research analysts forecast that Cardinal Energy Ltd. will post 0.625118 earnings per share for the current year.

Cardinal Energy Announces Dividend

The business also recently announced a monthly dividend, which will be paid on Monday, June 15th. Shareholders of record on Monday, June 15th will be paid a $0.06 dividend. The ex-dividend date is Friday, May 29th. This represents a c) annualized dividend and a yield of 6.2%. Cardinal Energy’s dividend payout ratio (DPR) is currently 1,200.00%.

Insider Buying and Selling

In other news, insider Kenneth Cory Lee Younger sold 25,000 shares of the company’s stock in a transaction dated Friday, May 15th. The stock was sold at an average price of C$12.64, for a total transaction of C$316,000.00. Following the sale, the insider directly owned 129,338 shares in the company, valued at C$1,634,832.32. This represents a 16.20% decrease in their ownership of the stock. 23.38% of the stock is currently owned by corporate insiders.

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.