Cardinal Energy Takes Flight With Director’s Investment
Headquartered in Calgary, Alberta, Cardinal Energy Ltd. (CJ:CN) is a prominent Canadian oil and natural gas company renowned for its operations primarily centered on low-decline oil reserves in Western Canada.
The company's market capitalization is approximately CAD 1.11 billion while CJ’s stock price has risen by 12.74% year-to-date.
Director Stocks Up
On April 4, 2024, John Albert Brussa, who serves on Cardinal’s Board of Directors bought 27,000 shares at a share price of CAD 6.98. In total, this amounted to a value of CAD 188,676 ($139,997).
A graduate of the University of Windsor, Mr. Brussa is a director at several companies in the oil and gas industry and has served on Cardinal’s Board since 2012.
Brussa has been a frequent trader of CJ stock; the above transaction being his first trade in 2024. Based on statistics, John Brussa ranks as the second insider with the highest number of shares in Cardinal Energy.
Q4 Results & Market Standing
On March 14, 2024, Cardinal disclosed its fourth-quarter and year-end results. While the production saw a minimal increase in Q4, net operating costs per BOE (Barrel of oil equivalent) decreased by 10% for the fourth quarter and 2% for the full year of 2023 compared to the prior year. This report followed the company's dividend announcement on March 11, 2024. The company verified its March dividend, amounting to $0.06 per common share, to shareholders recorded as of March 28, 2024.
While the past quarters have been challenging, Cardinal still shows promise. The company delivered a remarkable long-term performance, with a staggering 520% increase in share price over the past three years. With ongoing Insider buying, there could be room for more bull runs at the energy company.
