CIBC downgraded shares of Cardinal Energy (TSE:CJ) from an outperform rating to a neutral rating in a research note released on Thursday. CIBC currently has C$4.50 price target on the stock, down from their previous price target of C$6.25.
A number of other equities analysts also recently weighed in on CJ. Raymond James cut their price target on shares of Cardinal Energy from C$6.00 to C$5.75 in a research note on Friday, October 5th. GMP Securities cut their price target on shares of Cardinal Energy from C$7.25 to C$6.25 in a research note on Monday, November 5th. Finally, Royal Bank of Canada cut their price target on shares of Cardinal Energy from C$8.00 to C$7.00 and set an outperform rating on the stock in a research note on Monday, November 5th. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Cardinal Energy currently has a consensus rating of Buy and an average price target of C$6.18.
TSE:CJ traded down C$0.16 during trading hours on Thursday, reaching C$2.92. 528,329 shares of the company were exchanged, compared to its average volume of 632,087. The company has a quick ratio of 0.45, a current ratio of 0.47 and a debt-to-equity ratio of 32.50. Cardinal Energy has a 52-week low of C$2.90 and a 52-week high of C$5.89.
In related news, insider David Kelly purchased 14,100 shares of the business’s stock in a transaction on Tuesday, November 20th. The shares were bought at an average price of C$3.03 per share, with a total value of C$42,723.00. In the last ninety days, insiders have acquired 52,600 shares of company stock worth $164,425.
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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