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

Cardinal Energy Ltd. (TSE:CJ) shares crossed above its 50-day moving average during trading on Tuesday . The stock has a 50-day moving average of C$6.42 and traded as high as C$6.49. Cardinal Energy shares last traded at C$6.48, with a volume of 430,167 shares.

Wall Street Analyst Weigh In

CJ has been the subject of several analyst reports. CIBC reduced their price objective on shares of Cardinal Energy from C$8.75 to C$8.00 in a research note on Friday, November 8th. Royal Bank of Canada decreased their price target on Cardinal Energy from C$8.00 to C$7.00 in a research note on Tuesday, September 17th. Finally, BMO Capital Markets cut their price objective on Cardinal Energy from C$7.50 to C$7.00 in a research note on Friday, October 4th.

Cardinal Energy Stock Performance

The firm has a market capitalization of C$1.06 billion, a price-to-earnings ratio of 9.12, a price-to-earnings-growth ratio of -0.26 and a beta of 2.81. The firm’s 50-day moving average price is C$6.42 and its two-hundred day moving average price is C$6.60. The company has a debt-to-equity ratio of 9.04, a quick ratio of 0.67 and a current ratio of 0.73.

Cardinal Energy Dividend Announcement

The company also recently declared a monthly dividend, which was paid on Monday, December 16th. Shareholders of record on Friday, November 29th were given a $0.06 dividend. The ex-dividend date was Friday, November 29th. This represents a $0.72 dividend on an annualized basis and a yield of 10.81%. Cardinal Energy’s dividend payout ratio (DPR) is presently 98.63%.

Insider Buying and Selling

In other news, Director John Festival purchased 75,000 shares of the firm’s stock in a transaction that occurred on Monday, December 23rd. The shares were acquired at an average price of C$6.20 per share, for a total transaction of C$465,000.00. Also, Director M. Scott Ratushny acquired 10,000 shares of the company’s stock in a transaction on Friday, December 20th. The shares were purchased at an average cost of C$6.12 per share, with a total value of C$61,160.00. Insiders have acquired a total of 137,650 shares of company stock worth $852,718 in the last three months. Insiders own 23.38% of the company’s stock.

About Cardinal Energy

Cardinal Energy Ltd. engages in the acquisition, development, optimization, and production of petroleum and natural gas in the provinces of Alberta, British Columbia, and Saskatchewan. Cardinal Energy Ltd. was incorporated in 2010 and is headquartered in Calgary, Canada.