CIBC’s Christopher Thompson raised his Cardinal Energy Ltd. (
) target to $11 from $10 with a “neutral” rating, while Stifel’s Cody Kwong bumped his target to $13 from $12.25 with a “buy” rating and Raymond James’ Jeremy McCrea increased his target to $10 from $9.50 with an “outperform” rating. The average is $10.75.
“Cardinal is firing on all cylinders on both an operational and financial basis,” said Mr. Kwong. “Not only did the Company post a 2Q22 production and FFO beat, the better than expected FCF was used to reestablish a compelling base dividend (6.8-per-cent yield) as well as a stealthy share buyback of 3.0 mm shares (2 per cent of the stock) over the past month. The catalysts will continue to roll, as we anticipate the Company reaching its $50 debt target in 3Q22 where we expected to see a meaningful increase, to an already robust, base dividend payout. With this differentiated commitment to shareholder returns, we are increasing our target.”
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