Cardinal Energy (TSE:CJ) Share Price Breaks Below 200-Day Moving Average – Here’s Why

Cardinal Energy Ltd. (TSE:CJ) passed below its 200-day moving average during trading on Thursday. The stock has a 200-day moving average of C$11.36 and traded as low as C$11.03. Cardinal Energy shares last traded at C$11.03, with a volume of 1,880,710 shares changing hands.

Analyst Upgrades and Downgrades

CJ has been the topic of a number of research analyst reports. Raymond James Financial raised Cardinal Energy from a “hold” rating to a “moderate buy” rating and lifted their price target for the stock from C$12.00 to C$15.00 in a research note on Wednesday, September 16th. Royal Bank Of Canada downgraded Cardinal Energy from a “moderate buy” rating to a “hold” rating and increased their price objective for the company from C$14.00 to C$14.50 in a research note on Tuesday, October 13th. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of C$13.38.

Cardinal Energy Stock Performance

The company has a debt-to-equity ratio of 13.97, a current ratio of 0.63 and a quick ratio of 0.67. The stock has a market cap of C$1.96 billion, a price-to-earnings ratio of 31.86, a PEG ratio of -0.26 and a beta of 0.28. The firm has a fifty day moving average of C$12.49 and a 200 day moving average of C$11.37.

Cardinal Energy Announces Dividend

The business also recently announced a monthly dividend, which will be paid on Monday, November 16th. Shareholders of record on Monday, November 16th will be paid a $0.06 dividend. The ex-dividend date of this dividend is Friday, October 30th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 6.5%. Cardinal Energy’s dividend payout ratio (DPR) is 205.71%.

Cardinal Energy Company Profile

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.