Cardinal Energy (TSE:CJ) Shares Cross Below 200 Day Moving Average – Here’s Why

Shares of Cardinal Energy Ltd. (TSE:CJ) crossed below its 200-day moving average during trading on Monday . The stock has a 200-day moving average of C$6.53 and traded as low as C$6.48. Cardinal Energy shares last traded at C$6.58, with a volume of 779,976 shares trading hands.

Wall Street Analysts Forecast Growth

CJ has been the subject of a number of analyst reports. BMO Capital Markets boosted their price target on Cardinal Energy from C$7.00 to C$7.50 in a research note on Tuesday, January 14th. CIBC dropped their price target on Cardinal Energy from C$8.75 to C$8.00 in a research note on Friday, November 8th. Finally, Atb Cap Markets downgraded Cardinal Energy from a “strong-buy” rating to a “hold” rating in a research note on Thursday, January 30th.

Cardinal Energy Stock Performance

The company has a quick ratio of 0.67, a current ratio of 0.50 and a debt-to-equity ratio of 8.05. The stock has a market cap of C$1.05 billion, a price-to-earnings ratio of 10.17, a P/E/G ratio of -0.26 and a beta of 2.81. The company has a 50 day simple moving average of C$6.49 and a 200 day simple moving average of C$6.53.

Cardinal Energy Announces Dividend

The firm also recently announced a monthly dividend, which was paid on Tuesday, February 18th. Shareholders of record on Tuesday, February 18th were paid a dividend of $0.06 per share. This represents a $0.72 annualized dividend and a yield of 10.94%. The ex-dividend date of this dividend was Friday, January 31st. Cardinal Energy’s payout ratio is 111.27%.

Insiders Place Their Bets

In other news, Director M. Scott Ratushny acquired 10,000 shares of the stock in a transaction dated Friday, December 20th. The stock was bought at an average price of C$6.12 per share, with a total value of C$61,160.00. Also, Director John Festival acquired 75,000 shares of the stock in a transaction dated Monday, December 23rd. The stock was purchased at an average cost of C$6.20 per share, with a total value of C$465,000.00. 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.