Here comes the brigade hold on GLTA 02:12 PM EDT, 05/13/2022 (MT Newswires) -- BMO Capital Markets on Friday kept its rating on the shares of Cardinal Energy (CJ.TO) with a C$11.00 price target after the Western Canadian oil and gas producer released first-quarter results and reinstated its dividend.
"Positive. While the quarterly results were largely in-line, the key highlight was the substantial dividend initiated by Cardinal, which implies an ~9.0% dividend yield," analyst Ray Kwan said in a note. "We look forward to further return of capital initiatives by Cardinal, as the company further delevers. We maintain our Outperform rating and $11.00 target price."
(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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