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  5. CJ: Could you comment on results and going forward ? [Cardinal Energy Ltd.]
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Q: Could you comment on results and going forward ?
Asked by terrance on May 13, 2024
5i Research Answer:

EPS of $0.1 missed estimates of $0.14 and revenues of $140.23M missed estimates of $143.4M. Production in the quarter was consistent with the prior year and its Adjusted funds flow was only slightly higher than last year. In its updated 2024 capital budget, it expects to reduce its drilling and completions capital budget by $26M. Its net operating expenses were negatively impacted by an increase in carbon taxes, higher workover costs and inflationary pressures. We feel this was an 'OK' quarter and that largely it will continue to trade in line with the price of oil. It pays a strong dividend yield of 10.5% and if the stock continues to trade sideways, we feel this would be a good outcome for investors.