Thu Sep 19 05:45:51 UTC 2024: ## Cardinal Energy’s Target Price Cut by RBC, Stock Remains “Hold”

**Calgary, Canada – September 19, 2024** – Royal Bank of Canada (RBC) has lowered its target price for Cardinal Energy (TSE: CJ) from C$8.00 to C$7.00, representing a potential upside of 9.72% from the company’s closing price. This news comes after Cardinal Energy missed analyst estimates for its earnings per share in the most recent quarter.

The company reported C$0.25 EPS for the quarter ending August 1st, falling short of the anticipated C$0.33. While revenue reached C$169.35 million, exceeding expectations of C$164.70 million, the lower-than-expected earnings seem to have prompted RBC’s price adjustment.

Despite the lowered target price, Cardinal Energy’s overall outlook remains relatively stable. Other analysts, including BMO Capital Markets and CIBC, have also recently adjusted their target prices for the company. While BMO lowered their target from C$8.00 to C$7.50, CIBC increased theirs from C$8.50 to C$8.75.

Overall, analysts remain cautiously optimistic about Cardinal Energy, with four out of five analysts rating the stock as a “hold” and one rating it as a “buy”. According to MarketBeat, the company currently has an average rating of “Hold” with a consensus price target of C$8.05.

Cardinal Energy is primarily engaged in the exploration and production of oil and gas in Alberta, British Columbia, and Saskatchewan. The company was founded in 2010 and is headquartered in Calgary.

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