Cardinal Energy (CJ) Sets New 12-Month High After Analyst Upgrade

Cardinal Energy (TSE:CJ)’s share price reached a new 52-week high during mid-day trading on Wednesday after Raymond James raised their price target on the stock from C$5.00 to C$5.50. The company traded as high as C$5.30 and last traded at C$5.27, with a volume of 589263 shares trading hands. The stock had previously closed at C$5.19.

A number of other equities analysts have also recently issued reports on the stock. BMO Capital Markets restated an “outperform” rating and issued a C$5.50 price objective on shares of Cardinal Energy in a research report on Wednesday, March 21st. GMP Securities decreased their price objective on shares of Cardinal Energy from C$7.25 to C$6.75 in a research report on Thursday, March 1st. Finally, National Bank Financial boosted their price target on shares of Cardinal Energy from C$7.00 to C$7.25 and gave the company an “outperform” rating in a research report on Tuesday, January 9th. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus price target of C$6.50.

In related news, Director John Albert Brussa purchased 15,000 shares of Cardinal Energy stock in a transaction that occurred on Thursday, March 22nd. The shares were bought at an average price of C$4.53 per share, for a total transaction of C$67,950.00. Also, Director M. Scott Ratushny sold 21,475 shares of the business’s stock in a transaction dated Tuesday, April 3rd. The shares were sold at an average price of C$4.25, for a total transaction of C$91,268.75.

Cardinal Energy (TSE:CJ) last announced its quarterly earnings data on Tuesday, March 20th. The company reported C($0.04) earnings per share for the quarter, missing the Zacks’ consensus estimate of C($0.03) by C($0.01). The business had revenue of C$97.65 million during the quarter, compared to analysts’ expectations of C$85.70 million. Cardinal Energy had a negative return on equity of 5.88% and a negative net margin of 16.44%.

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About Cardinal Energy

Cardinal Energy Ltd. engages in the acquisition, exploration, and production of petroleum and natural gas in the provinces of Alberta and Saskatchewan, Canada. It holds interests in the Wainwright, Bantry, Mitsue, and Grande Prairie properties. The company was incorporated in 2010 and is headquartered in Calgary, Canada.

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