Cardinal could increase the dividend yet again!From Stockwatch Energy courtesy of loonietunes.
"Within the oil patch, stocks fell with commodity prices, even as some companies made a determined effort to lift the gloom. Scott Ratushny's Alberta oil producer, Cardinal Energy Ltd. (CJ), lost 20 cents to $8.20 on 2.19 million shares, despite confirming a dividend hike. It has declared a six-cent dividend for October. This is up from the old monthly dividend of five cents, for a new yield of 8.8 per cent. Investors shrugged off the increase (or raised eyebrows at the lofty yield), perhaps because Cardinal started predicting a dividend hike in July and settled on a figure of six cents in September. It used both of those announcements in part to pat itself on the back for its rapid debt reduction. Net debt came to $62-million as of June 30, down from $178-million at the start of the year (and from $246-million at the start of last year). As this number approaches $50-million, Cardinal hinted today that it could increase the dividend yet again. Investors should find out more when the company releases its 2023 guidance later this year."
One dividend paid, An increased dividend announced and a future increase hinted at. Who could ask for more?
Not me!
GLTA Longs