11:38 AM EDT, 08/02/2022 (MT Newswires) -- Stifel FirstEnergy on Tuesday reiterated its buy rating on the shares of Cardinal Energy (CJ.TO) while raising its price target to C$13.00 from C$12.25 after the oil and gas producer reported better than expected second-quarter results.
"Cardinal is firing on all cylinders on both an operational and financial basis," analyst Cody Kwong said in a note. "Not only did the company post a 2Q22 production and FFO beat, the better than expected FCF was used to re-establish a compelling base dividend (6.8% yield) as well as a stealthy share buyback of 3.0 mm shares (2% 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 price to $13.00/sh and reaffirming our BUY recommendation."