CARDINAL ENERGY Reports Q1 FY2023 Earnings Results

☀️Earnings Overview

CARDINAL ENERGY ($TSX:CJ) announced its earnings results for the first quarter of fiscal year 2023, ending May 11, 2023, on March 31, 2023 – with total revenue decreasing 22.4% year-over-year to CAD 136.2 million while net income decreased 71.5% to CAD 16.3 million.

Price History

On Thursday, CARDINAL ENERGY reported its earnings results for the first quarter (Q1) of fiscal year 2023. The company’s stock opened at CA$6.7 and closed at CA$6.6, down by 1.5% from its prior closing price of CA$6.7. CARDINAL ENERGY’s CEO commented on the results, saying “We are pleased with our performance in the first quarter of FY2023, and our results reflect our commitment to improving operational efficiency and increasing shareholder value.” He added, “We look forward to continued growth and success in the coming quarters.” Live Quote…

About the Company

Income Snapshot

Below shows the total revenue, net income and net margin for Cardinal Energy. More…

Cash Flow Snapshot

Below shows the cash from operations, investing and financing for Cardinal Energy. More…

Balance Sheet Snapshot

Below shows the total assets, liabilities and book value per share for Cardinal Energy. More…

Key Ratios Snapshot

Some of the financial key ratios for Cardinal Energy are shown below. More…

Analysis

At GoodWhale, we have conducted an analysis of CARDINAL ENERGY‘s wellbeing. Based on our Risk Rating, CARDINAL ENERGY is a medium risk investment from both a financial and business perspective. From our analysis, we have detected two risk warnings in CARDINAL ENERGY’s income sheet and balance sheet. To gain access to these warnings and additional insights, please register with us. We will provide you with a comprehensive analysis of this organisation, so you can make an informed decision before investing. More…

Peers

The company has operations in Alberta, Saskatchewan, and Manitoba. Cardinal Energy Ltd is listed on the Toronto Stock Exchange under the symbol “CJ.” The company’s principal competitors are Velocity Energy Inc, Oronova Energy Inc, Canacol Energy Ltd.

– Velocity Energy Inc ($OTCPK:VCYE)

Velocity Energy Inc is a Canadian oil and gas company with a market cap of 2.29M as of 2022. The company is engaged in the exploration, development, and production of oil and gas properties in the Western Canadian Sedimentary Basin. Velocity Energy’s primary focus is on the Montney natural gas play in northeastern British Columbia and northwestern Alberta.

– Oronova Energy Inc ($TSXV:ONV.H)

Oronova Energy Inc is a publicly traded company with a market capitalization of $876.06 thousand as of 2022. The company has a return on equity of 33.35%. Oronova Energy Inc is engaged in the business of oil and gas exploration, development, and production. The company was founded in 2004 and is headquartered in Calgary, Alberta.

– Canacol Energy Ltd ($TSX:CNE)

Canacol Energy Ltd is an oil and gas exploration and production company with operations in Colombia, Guyana, and Brazil. The company has a market capitalization of $365.64 million and a return on equity of 39.95%. Canacol Energy Ltd is engaged in the exploration, development, and production of oil and gas properties in Colombia, Guyana, and Brazil. The company was founded in 1984 and is headquartered in Calgary, Canada.

Summary

CARDINAL ENERGY reported total revenue of CAD 136.2 million for the first quarter of FY2023, a 22.4% decrease from the same quarter in FY2022. Net income declined by 71.5% to CAD 16.3 million in the same period. Investors should take note of these results, as they demonstrate a significant decline in the company’s profitability.

Furthermore, analysts should closely monitor CARDINAL ENERGY’s performance in the upcoming quarters to get a better understanding of how the company is currently performing. Investing in CARDINAL ENERGY in the short-term may be risky, and investors should proceed with caution.