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Cardinal Energy
(TSX:CJ)
Cardinal Energy (CJ) vs. iShares MSCI Canada ETF (EWC)
Cardinal Energy Business Overview & Revenue Model
Cardinal Energy Financial Statement Overview
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 439.43M | 611.12M | 481.12M | 741.84M | 448.75M |
| Gross Profit | 120.82M | 392.29M | 265.00M | 489.37M | 286.82M |
| EBITDA | 206.59M | 252.94M | 253.64M | 410.56M | 385.95M |
| Net Income | 20.80M | 108.35M | 103.60M | 302.69M | 284.42M |
Balance Sheet | |||||
| Total Assets | 1.36B | 1.30B | 1.19B | 1.16B | 1.08B |
| Cash, Cash Equivalents and Short-Term Investments | 0.00 | 4.88M | 4.09M | 3.73M | 3.51M |
| Total Debt | 243.03M | 90.31M | 50.10M | 35.77M | 157.59M |
| Total Liabilities | 521.74M | 378.72M | 267.16M | 229.64M | 356.60M |
| Stockholders Equity | 835.47M | 918.26M | 920.69M | 925.37M | 719.23M |
Cash Flow | |||||
| Free Cash Flow | 128.48M | 144.26M | 125.83M | 216.61M | 68.72M |
| Operating Cash Flow | 206.82M | 247.54M | 230.26M | 337.26M | 125.12M |
| Investing Cash Flow | -241.94M | -163.97M | -114.64M | -116.18M | -46.57M |
| Financing Cash Flow | 35.12M | -83.57M | -115.63M | -221.08M | -78.55M |
Cardinal Energy Technical Analysis
Cardinal Energy Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
85 Outperform | $2.60B | 5.03 | 5.77% | 8.48% | -20.07% | -53.33% | |
73 Outperform | $881.66M | 17.02 | 5.47% | 7.59% | -7.36% | ― | |
70 Outperform | C$1.90B | -11.67 | 8.46% | 8.25% | -9.30% | -26.09% | |
66 Neutral | C$1.86B | 24.19 | 5.22% | ― | 9.92% | 2.74% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
62 Neutral | $2.42B | 20.51 | 11.57% | ― | 17.31% | -75.56% |
Cardinal Energy Corporate Events
Cardinal Energy reported record fourth-quarter 2025 production of 23,514 boe/d, driven by the Reford SAGD project entering its production phase and resilient conventional output, keeping annual production flat at 21,870 boe/d despite a 24% reduction in conventional development capital. The company cut total 2025 capital expenditures by 25% to $77.7 million while directing $136.5 million of exploration and evaluation spending to Reford and future SAGD opportunities, reduced per-barrel operating costs, and maintained its dividend, but lower oil prices and higher interest and G&A costs pressured adjusted funds flow and pushed net debt to $281.9 million, increasing leverage to 1.4 times adjusted funds flow.
The most recent analyst rating on (TSE:CJ) stock is a Buy with a C$11.00 price target. To see the full list of analyst forecasts on Cardinal Energy stock, see the TSE:CJ Stock Forecast page.
Cardinal Energy Ltd. has declared a monthly cash dividend of $0.06 per common share for March, payable on April 15, 2026, to shareholders of record as of March 31, 2026. The designation of the payout as an eligible dividend for Canadian tax purposes underscores the company’s continued emphasis on delivering stable income to investors, supported by its low-decline production assets in Western Canada.
The most recent analyst rating on (TSE:CJ) stock is a Buy with a C$11.00 price target. To see the full list of analyst forecasts on Cardinal Energy stock, see the TSE:CJ Stock Forecast page.
Cardinal Energy reported a 24% increase in total proved reserves for 2025, reflecting ongoing conversion of prior bookings into higher value categories and underlining the sustainability of its low-decline asset base. The company maintained a strong reserve life index and replaced production in key reserve categories, despite modest capital spending on conventional assets.
Growth was driven by the ramp-up of its first thermal heavy oil project, Reford 1, which now represents a significant share of corporate reserves and carries an estimated before-tax NPV10 of $507 million. With Reford 2 formally sanctioned and additional thermal prospects still unbooked, Cardinal is positioning for further step-change reserve additions and production growth, reinforcing its long-term cash flow profile for stakeholders.
The most recent analyst rating on (TSE:CJ) stock is a Buy with a C$11.00 price target. To see the full list of analyst forecasts on Cardinal Energy stock, see the TSE:CJ Stock Forecast page.
Cardinal Energy Ltd. has declared a monthly cash dividend of $0.06 per common share for February, payable on March 16, 2026, to shareholders of record as of February 27, 2026. The dividend, designated as an eligible dividend for Canadian tax purposes, underscores the company’s continued emphasis on returning capital to investors through stable, recurring payouts supported by its long-life, low-decline asset base.
This latest dividend declaration reinforces Cardinal’s strategy of leveraging its sustainable Western Canadian oil and gas operations to maintain consistent shareholder distributions. The move signals management’s confidence in the company’s cash flow profile and may appeal to income-focused investors seeking reliable returns in the Canadian energy sector.
The most recent analyst rating on (TSE:CJ) stock is a Buy with a C$11.00 price target. To see the full list of analyst forecasts on Cardinal Energy stock, see the TSE:CJ Stock Forecast page.
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.
Cardinal Energy has increased the size of its previously announced bought-deal equity financing to $95.15 million, with underwriters led by RBC Capital Markets and CIBC Capital Markets purchasing 11 million common shares at $8.65 each, and an over-allotment option that could lift total proceeds to approximately $104.67 million. The upsizing, driven by strong investor demand, underscores continued market appetite for Cardinal’s equity and provides additional capital flexibility ahead of its February 4, 2026 expected closing; however, new investors in this offering will not receive the February 17, 2026 dividend tied to the January 30 record date, and the deal remains subject to customary regulatory approvals, including from the TSX.
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.
Cardinal Energy Ltd. has launched an $86.5 million bought deal equity financing through a syndicate of underwriters led by RBC Capital Markets and CIBC Capital Markets, issuing 10 million common shares at $8.65 each with an over-allotment option that could raise total gross proceeds to about $95.15 million. The company plans to use the net proceeds primarily to reduce senior credit facility debt, advance its newly sanctioned Reford 2 SAGD heavy oil project, and for general corporate purposes, while noting that new purchasers in the offering are not expected to receive the upcoming February dividend if the deal closes after the January 30 record date.
Concurrent with the financing, Cardinal has formally sanctioned Reford 2, a new SAGD oil development about 10 kilometres north of its successful Reford 1 project, with an initial capacity of 4,250 bbl/d and an estimated capital cost of roughly $140 million, expandable to 6,500 bbl/d for an additional $40 million. Construction is expected to take about 18 months, targeting first steam in summer 2027 and ramp-up to nameplate capacity by early fourth quarter 2027, with projected payout in roughly two years at US$60/bbl WTI once full capacity is reached. To support Reford 2, Cardinal is increasing its 2026 capital budget by approximately $85 million and plans to lock in fixed-price contracts covering about two-thirds of project capital costs with vendors used on Reford 1, aiming to de-risk execution and further enhance the company’s long-term sustainability through low-decline, high-margin thermal production.
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.
Cardinal Energy reported that its inaugural Reford 1 SAGD thermal project in Saskatchewan is performing ahead of expectations, having been delivered substantially on budget and ahead of schedule and now producing above its 6,000 bbl/d design capacity, with a target of 6,500 bbl/d in the first quarter of 2026. Building on this operational success, the company has consolidated a 100% interest in the nearby Reford 2 project and advanced the Kelfield project, both targeting the same Waseca channel and designed with similar 20-year lives, scalable capacities and standardized facilities, while regulatory applications and technical de-risking work continue on these and additional prospects as part of Cardinal’s broader thermal growth strategy in partnership with Saskatchewan authorities.
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.
Cardinal Energy reported that its inaugural Reford 1 SAGD thermal project was delivered substantially on budget and ahead of schedule and is now producing above its 6,000 bbl/d nameplate capacity, with a target of 6,500 bbl/d in the first quarter of 2026. Building on this performance, the company has consolidated a 100% working interest in the nearby Reford 2 project, designed for 4,250 bbl/d and expandable to over 6,500 bbl/d at an estimated remaining capital cost of about $140 million for the base phase and $40 million for expansion, with an 18‑month build to first steam and an expected two‑year payout once nameplate capacity is reached, while a similarly sized Kelfield project and additional SAGD prospects are being advanced using the proven Reford 1 design and subsurface learnings. These developments signal an aggressive but methodical scaling of Cardinal’s thermal portfolio, with potential operational synergies among clustered projects, extended 20‑year project lives, and deeper integration with Saskatchewan’s regulatory and infrastructure environment, positioning the company for long-term, low-decline heavy oil growth.
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.
Cardinal Energy has unveiled a conservative C$75 million capital program for 2026 aimed at balancing growth with shareholder returns while managing exposure to volatile crude prices. The budget targets 15% year-over-year production growth to 25,000–25,500 boe/d, driven by a full year of operations at the Reford SAGD thermal project and limited new drilling, with only two net conventional wells planned and further conventional activity contingent on oil prices. The plan allocates C$68 million to conventional assets, C$7 million to thermal projects including Reford and exploration, and C$10 million to abandonment and reclamation work, and is expected to generate C$208 million in adjusted funds flow and about C$133 million in free cash flow at US$60 WTI, supporting a maintained monthly dividend of C$0.06 per share. Cardinal expects to fund its program within cash flow while keeping net debt flat versus year-end 2025 and limiting use of its C$240 million credit facility to roughly 69%, reinforcing financial flexibility after fourth-quarter 2025 production outpaced guidance due to a faster-than-expected ramp-up at Reford.
The most recent analyst rating on (TSE:CJ) stock is a Buy with a C$9.50 price target. To see the full list of analyst forecasts on Cardinal Energy stock, see the TSE:CJ Stock Forecast page.
Cardinal Energy Ltd. has confirmed a cash dividend of $0.06 per common share for January, payable in mid-February, underscoring its commitment to ongoing shareholder returns despite recent volatility in crude oil prices. The company reported that its Reford SAGD project has surpassed its 6,000 bbl/d nameplate capacity about two months ahead of schedule, with expected output of 6,500 bbl/d in the first quarter of 2026, which is anticipated to lift overall corporate production to record levels. In response to market uncertainty, Cardinal is deferring its formal 2026 guidance and plans to operate on a net debt neutral basis, prioritizing capital toward essential drilling, completion and maintenance work, while indicating that any additional cash flow from stronger oil prices would be directed to expanded conventional and thermal activity and further debt reduction.
The most recent analyst rating on (TSE:CJ) stock is a Buy with a C$9.50 price target. To see the full list of analyst forecasts on Cardinal Energy stock, see the TSE:CJ Stock Forecast page.