Cormark Comments on Cardinal Energy Ltd’s FY2017 Earnings (CJ)

Cardinal Energy Ltd (TSE:CJ) – Cormark dropped their FY2017 earnings estimates for Cardinal Energy in a research report issued to clients and investors on Friday, according to Zacks Investment Research. Cormark analyst G. Ursu now expects that the company will post earnings of $0.01 per share for the year, down from their prior estimate of $0.07. Cormark also issued estimates for Cardinal Energy’s Q1 2018 earnings at $0.04 EPS, Q2 2018 earnings at $0.06 EPS, Q3 2018 earnings at $0.07 EPS and Q4 2018 earnings at $0.06 EPS.

CJ has been the topic of several other research reports. TD Securities lowered their price target on shares of Cardinal Energy from C$12.00 to C$10.50 and set a “buy” rating on the stock in a research report on Wednesday, January 25th. Royal Bank of Canada reissued an “outperform” rating and set a C$11.00 price target on shares of Cardinal Energy in a research report on Tuesday, April 18th. BMO Capital Markets began coverage on shares of Cardinal Energy in a report on Wednesday, April 12th. They issued an “outperform” rating on the stock. National Bank Financial reduced their price objective on shares of Cardinal Energy from C$9.00 to C$8.00 and set an “outperform” rating on the stock in a report on Friday, May 5th. Finally, Scotiabank restated an “outperform” rating and issued a C$12.00 price objective on shares of Cardinal Energy in a report on Wednesday, January 25th. Ten research analysts have rated the stock with a buy rating, Cardinal Energy has an average rating of “Buy” and an average price target of C$10.29.

Earnings History and Estimates for Cardinal Energy (TSE:CJ)

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Cardinal Energy (TSE:CJ) traded up 4.76% during trading on Monday, hitting $6.60. 194,785 shares of the company’s stock were exchanged. The company’s 50-day moving average price is $6.75 and its 200 day moving average price is $8.37. Cardinal Energy has a 12-month low of $6.12 and a 12-month high of $10.92. The firm’s market cap is $523.21 million.

In other news, insider Douglas Kevin Smith acquired 10,000 shares of the firm’s stock in a transaction dated Thursday, March 16th. The stock was acquired at an average cost of C$7.08 per share, with a total value of C$70,800.00.

The firm also recently declared a monthly dividend, which will be paid on Thursday, June 15th. Investors of record on Thursday, June 15th will be issued a $0.035 dividend. This represents a $0.42 dividend on an annualized basis and a yield of 6.67%. The ex-dividend date is Friday, May 26th.

Cardinal Energy Company Profile

Cardinal Energy Ltd. is a Canada-based oil-focused company. The Company is engaged in the acquisition, exploration and production of petroleum and natural gas in the provinces of Alberta and Saskatchewan. Its Wainwright properties are located approximately 200 kilometers southeast of Edmonton, Alberta.

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