Cardinal Energy Ltd (CJ.TO) Buy, Sell or Hold

Cardinal Energy Ltd (CJ.TO)

10.84

+0.21 (1.98%)

as of Jun 19, 2026, 8:00:01 pm Market Open.

166 watching

TOP PICK

Owns 8% of the company and is the second largest holder right now. Not the most exciting holdings but they are very profitable and gives good cashflow. Well over 10 years of development drilling. 1.9x EV to 22 cashflow and 39% free cashflow yield. Expects them to initiate a healthy dividend next year. Net zero emitter. Once the balance sheet is brought back to shape, will be in a good position. (Analysts’ price target is $4.60)

BUY

Bought 7% of the company. A name where you get mature assets with strong leverage to a rising oil price. Strong dividends and share buy backs. At 4x multiple at $70 oil, it would trade at $5.60 share price, a 67% upside potential.

TOP PICK

Bought strategic positions in this company. Trading just under 3x cashflow at $60 oil. Higher operating costs. A boring play but at $70 oil, they generate gobs of free cashflow. De-leveraging and balance sheet is improving. Looking for a dividend in the future. Share buy back and acquisitions will add attractiveness. (Analysts’ price target is $2.65)

TOP PICK

Had a convertible note that was converted to stocks so bought it. 7% stake in the company. 2.3x cashflow at $60 oil. Trading at 34% free cashflow yield. Not the most exciting asset, but generates a lot of free cash. They could reinstate their dividend. (Analysts’ price target is $2.65)

BUY

Likes it. Mostly owned by retail investors, so he can't find an institution to buy a lot of shares from (for his fund). He price-targets $35 share price and 120% upside.

DON'T BUY

It would not be a name he would own. The number of market participants are very small. There is a certain market-cap threshold for market relevance. There is a pressure for MnA. It has higher cost, medium heavy oil company. They suspended dividends.

DON'T BUY

A small cap, medium heavy producer. Because they own older fields, operating costs are higher. Banks cut their lines by 30%. There is free cashflow and there is liquidity. However, he would look elsewhere.

DON'T BUY

Light production? It struggles for relevance in the market as a medium to medium-light oil producer. They cut the dividend to zero to de-lever. They purchased old oil fields, but with the higher operating costs and higher risk for environmental liability he would not own this.

DON'T BUY

There are a couple of knocks in terms of leverage. They have more older well bores. Management don't own enough stock.

DON'T BUY

Privatization possibility? He is not surprised privatizations have not happened already in the space. He suggests taking a tax loss and roll into a better oil producer. The demand for the small cap names is just too small right now.

BUY ON WEAKNESS

It is one of those oil producers that was a dividend oil producing company. They are using cash flow to pay down debt. They are out of favour but take advantage of tax loss selling.

COMMENT

Is the yield safe? Pays 7.9%. One of his few oil stocks. We're at the bottom of the oil cycle, though who knows for how long? CJ has a low decline rate and are buying back lots of share. The yield is safe at current oil prices and will move up or down with oil prices.

PARTIAL BUY

They are a formal dividend model. They cut the dividend as prices came down. They produce mainly oil. Debt is 26% of equity. They have been using cash flow to pay down debt. The financial statements look good. He thinks in the future they will go up, but in the near term they may come off. Only buy a little bit her.

PAST TOP PICK

(A Top Pick Sep 28/18, Down 55%) Typical for the sector as a whole. He continues to hold onto it.

DON'T BUY

Challenging. A price-taker. Along with the others, has had a negative return. Instead, something like a CN makes more sense, as it's a proxy play on oil.

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Cardinal Energy Ltd (CJ.TO)