Cardinal Energy (TSE:CJ) Trading Up 11.3% – Time to Buy?

Cardinal Energy Ltd. (TSE:CJ)’s stock price shot up 11.3% during trading on Thursday . The company traded as high as C$6.23 and last traded at C$6.19. 2,044,006 shares were traded during trading, an increase of 162% from the average session volume of 781,408 shares. The stock had previously closed at C$5.56.

Analyst Ratings Changes

Several brokerages have commented on CJ. Royal Bank of Canada raised 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 report on Thursday. Atb Cap Markets cut Cardinal Energy from a “strong-buy” rating to a “hold” rating in a research report on Thursday, January 30th. BMO Capital Markets increased their price objective on Cardinal Energy from C$7.00 to C$7.50 in a research note on Tuesday, January 14th. Finally, CIBC lowered their target price on shares of Cardinal Energy from C$8.00 to C$7.00 in a research note on Thursday, April 10th.

Cardinal Energy Price Performance

The company has a market cap of C$976.84 million, a price-to-earnings ratio of 9.46, a price-to-earnings-growth ratio of -0.26 and a beta of 2.81. The stock has a 50 day simple moving average of C$6.15 and a two-hundred day simple moving average of C$6.37. The company has a debt-to-equity ratio of 8.05, a current ratio of 0.50 and a quick ratio of 0.67.

Cardinal Energy Announces Dividend

The company also recently disclosed a monthly dividend, which will be paid on Thursday, May 15th. Investors of record on Thursday, May 15th will be given a dividend of $0.06 per share. This represents a $0.72 annualized dividend and a yield of 11.76%. The ex-dividend date of this dividend is Wednesday, April 30th. Cardinal Energy’s payout ratio is currently 111.27%.

Insider Buying and Selling at Cardinal Energy

In related news, Director M. Scott Ratushny purchased 10,000 shares of Cardinal Energy stock in a transaction dated Thursday, April 10th. The shares were acquired at an average cost of C$5.00 per share, with a total value of C$50,000.00. Also, Director John Albert Brussa acquired 30,000 shares of the firm’s stock in a transaction dated Monday, April 7th. The stock was bought at an average price of C$5.42 per share, for a total transaction of C$162,600.00. 23.38% of the stock is currently owned by company insiders.

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.