RBC Upgraded Price target $9 RBC’s Luke Davis raised his Cardinal Energy Ltd. target to $9 from $8, keeping a “sector perform” rating. The average is $9.14.
“Cardinal’s Q3 report was punctuated by a strategic shift toward thermal development with management identifying three SAGD projects within the portfolio while building out the technical team to support future growth,” said Mr. Davis. “While we view the move favourably given it should ultimately improve the sustainability and productive capacity of the business, the long-cycle nature of the projects and up front capital outlay impact relative sustainability near-term.”