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Cardinal Energy Ltd (Alberta) T.CJ

Alternate Symbol(s):  CRLFF

Cardinal Energy Ltd. is an oil and gas company with operations focused on low decline oil in Western Canada. It is engaged in the acquisition, exploration and production of petroleum and natural gas in the provinces of Alberta, British Columbia, and Saskatchewan. Its operating areas include the Midale, South District, Central District, and North District. It has over 730 million original oils in place (OOIP) and its low decline production of approximately 3,200 barrels of oil equivalent per day (boe/d) is supported by both water and carbon dioxide (CO2) enhanced oil recovery (EOR). Its South District operating area is located east of Calgary in southeastern Alberta and produces medium gravity crude, as well as liquids-rich natural gas. Its Central District operation is located in East Central Alberta, which is focused on producing oil from multiple, large original oil in place (OOIP) pools. Its North area includes Grande Prairie, Clearwater, House Mountain, Mica, and Mitsue properties.


TSX:CJ - Post by User

Post by Re1ndeer2on Jun 28, 2022 9:51am
241 Views
Post# 34787092

Price Target $10....CIBC

Price Target $10....CIBC
Cardinal Energy Initiated With Neutral Rating, $10 Price Target at CIBC, from 1 hour ago by MT Newswires
1 hour ago by MT Newswires
07:56 AM EDT, 06/28/2022 (MT Newswires) -- Cardinal Energy Ltd. (CJ.TO) was started at Neutral with a $10 price target in new coverage at CIBC Capital Markets.
 
Analyst Chris Thompson said the Calgary-based oil and gas company has a low-decline-rate operating model that generates impressive free cash flow, and a leading dividend yield.
 
"That being said, when stress tested at lower commodity prices, we see relatively higher risk in the model because of the company's higher relative cash costs," Thompson said in a note to clients.
 
"While we believe a valuation premium relative to peers is warranted given Cardinal's leading capital intensity ratio, with the stock trading at 3.5x 2023E EV/DACF on our price deck versus a peer average of 2.7x, we would wait for a smaller gap," the analyst said.
 
(MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us)
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