Cardinal Energy J (TSE:CJ)
TSX:CJ
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Cardinal Energy
(TSX:CJ)
Select Model
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Rating:70Outperform
Price Target:
C$11.50
▲(1.77% Upside)
Action:ReiteratedDate:03/15/26
The score is driven primarily by solid cash generation and a still-manageable balance sheet, partially offset by a sharp 2025 earnings/revenue downshift and a meaningful increase in debt. Technicals are supportive with price above major moving averages and positive MACD, while valuation is mixed—strong yield but a relatively high P/E given recent profitability volatility.
Positive Factors
Strong free cash flow generation
Consistent high operating and free cash flow provides durable internal funding for sustaining capital, maintenance, and shareholder distributions. Over a 2–6 month horizon this supports balance-sheet resilience, funds opportunistic asset activity, and cushions cyclicality in commodity revenues.
Negative Factors
Sharp 2025 revenue and earnings drop
A material year-over-year decline in revenue and net income highlights earnings sensitivity to commodity cycles and operational factors. This reduces the margin of safety for funding commitments and increases the risk that cash flow and distributions will compress if weak pricing persists.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong free cash flow generation
Consistent high operating and free cash flow provides durable internal funding for sustaining capital, maintenance, and shareholder distributions. Over a 2–6 month horizon this supports balance-sheet resilience, funds opportunistic asset activity, and cushions cyclicality in commodity revenues.
Read all positive factors
Cardinal Energy (CJ) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$1.96B
Dividend Yield8.25%
Average Volume (3M)897.55K
Price to Earnings (P/E)―
Beta (1Y)0.69
Revenue Growth-9.30%
EPS Growth-26.09%
CountryCA
Employees177
SectorEnergy
Sector Strength52
IndustryOil & Gas Exploration & Production
Share Statistics
EPS (TTM)-0.18
Shares Outstanding173,397,460
10 Day Avg. Volume1,053,157
30 Day Avg. Volume897,546
Financial Highlights & Ratios
PEG Ratio-0.83
Price to Book (P/B)1.67
Price to Sales (P/S)3.17
P/FCF Ratio10.84
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$11.13Price Target Upside-1.55% Downside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)0.47
Revenue Forecast (FY)C$509.06M
Cardinal Energy Business Overview & Revenue Model
Company Description
Cardinal Energy Ltd. engages in the acquisition, exploration, and production of low decline light, medium, and heavy quality oil, and natural gas in Western Canada. It has operations in the provinces of Alberta and Saskatchewan. As of February 24,...
How the Company Makes Money
Cardinal Energy makes money primarily by producing and selling hydrocarbons—crude oil and natural gas liquids (NGLs) and natural gas—from its operated and non-operated upstream assets. Revenue is generated from (1) sales of crude oil and NGLs, typ...
Cardinal Energy Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
73
Positive
Cash Flow
78
Positive
| 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
Positive
11.30
Price Trends
9.77
Positive
9.16
Positive
8.09
Positive
Market Momentum
0.40
Negative
75.25
Negative
79.23
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:CJ, the sentiment is Positive. The current price of 11.3 is above the 20-day moving average (MA) of 10.54, above the 50-day MA of 9.77, and above the 200-day MA of 8.09, indicating a bullish trend. The MACD of 0.40 indicates Negative momentum. The RSI at 75.25 is Negative, neither overbought nor oversold. The STOCH value of 79.23 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:CJ.
Cardinal Energy Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
86 Outperform | C$2.59B | 5.03 | 5.77% | 8.48% | -20.07% | -53.33% | |
73 Outperform | C$883.64M | 17.02 | 5.47% | 7.59% | -7.36% | ― | |
70 Outperform | C$1.96B | -11.67 | 8.46% | 8.25% | -9.30% | -26.09% | |
66 Neutral | C$1.88B | 24.19 | 5.65% | ― | 9.92% | 2.74% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
62 Neutral | C$2.64B | 20.51 | 11.57% | ― | 17.31% | -75.56% |
* Energy Sector Average
TSE:CJ
Cardinal Energy
11.30
5.36
90.33%
TSE:SGY
Surge Energy
8.94
3.22
56.43%
TSE:KEL
Kelt Exploration
9.38
2.58
37.94%
TSE:PXT
Parex Resources
26.94
14.60
118.30%
TSE:SDE
Spartan Delta
13.19
9.85
294.91%
Cardinal Energy Corporate Events
Business Operations and StrategyDividendsFinancial Disclosures
Cardinal Energy Lifts Output on Reford SAGD as Lower Prices Squeeze Cash Flow
Neutral
Mar 12, 2026
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% reducti...
Dividends
Cardinal Energy Declares March Cash Dividend
Positive
Mar 10, 2026
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 purpos...
Business Operations and StrategyFinancial Disclosures
Cardinal Energy Lifts Proved Reserves on Thermal Growth, Eyes Further Upside
Positive
Feb 23, 2026
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 stro...
Business Operations and StrategyDividends
Cardinal Energy Declares February Cash Dividend
Positive
Feb 10, 2026
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 purpo...
Business Operations and StrategyPrivate Placements and FinancingRegulatory Filings and Compliance
Cardinal Energy Raises $104.7 Million to Accelerate Reford Thermal Oil Project
Positive
Feb 4, 2026
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 p...
Private Placements and Financing
Cardinal Energy Upsizes Equity Financing to $95 Million on Strong Demand
Positive
Jan 29, 2026
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...
Business Operations and StrategyPrivate Placements and Financing
Cardinal Energy Launches $86.5 Million Equity Raise and Sanctions Second SAGD Project
Positive
Jan 29, 2026
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 t...
Business Operations and Strategy
Cardinal Energy Advances Saskatchewan SAGD Expansion as Reford 1 Outperforms
Positive
Jan 26, 2026
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 capac...
Business Operations and Strategy
Cardinal Energy Accelerates Thermal Growth with Reford Expansion and New SAGD Projects
Positive
Jan 26, 2026
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 ...
Business Operations and StrategyDividendsFinancial Disclosures
Cardinal Energy Sets Conservative $75 Million 2026 Budget with 15% Production Growth Target
Positive
Jan 21, 2026
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 25,00...
Business Operations and StrategyDividends
Cardinal Energy Lifts Output at Reford SAGD, Maintains Dividend Amid Price Volatility
Positive
Jan 13, 2026
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 ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.