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Cardinal Energy ( (TSE:CJ) ) has provided an announcement.
Cardinal Energy Ltd. has closed a $104.7 million upsized bought deal financing, issuing 12.1 million common shares at $8.65 each through a syndicate of Canadian underwriters, with company insiders purchasing $3.5 million of the offering. The net proceeds will be used to repay and then redraw its senior credit facility to accelerate development of Cardinal’s second thermal oil project at Reford and for general corporate purposes, bolstering the company’s growth pipeline; insider participation, treated as a related-party transaction under Canadian securities rules, remained below thresholds requiring a formal valuation or minority shareholder approval, allowing the financing to be completed quickly.
The most recent analyst rating on (TSE:CJ) stock is a Hold with a C$9.00 price target. To see the full list of analyst forecasts on Cardinal Energy stock, see the TSE:CJ Stock Forecast page.
Spark’s Take on TSE:CJ Stock
According to Spark, TipRanks’ AI Analyst, TSE:CJ is a Outperform.
The score is driven primarily by solid financial performance (strong margins and cash generation despite recent TTM revenue/FCF softness and higher leverage versus prior periods). Technicals add support with price above key moving averages and neutral-to-slightly positive momentum. Valuation is helped by the high dividend yield, but a mid-to-high P/E for a cyclical business limits upside in this component.
To see Spark’s full report on TSE:CJ stock, click here.
More about Cardinal Energy
Cardinal Energy Ltd. is a Canadian oil and gas producer based in Calgary, focused on conventional and thermal oil development projects in Western Canada. The company is listed on the Toronto Stock Exchange under the symbol CJ and uses senior credit facilities and capital markets financings to support the expansion of its upstream asset base.
Average Trading Volume: 912,843
Technical Sentiment Signal: Buy
Current Market Cap: C$1.41B
Learn more about CJ stock on TipRanks’ Stock Analysis page.