The Globe and Mail reported on Friday, May 12, edition that RBC Capital Markets analyst Luke Davis has reaffirmed his "sector perform" recommendation for Cardinal Energy. The Globe's David Leeder writes in the Eye On Equities column that Mr. David lowered his share target to $8.50 from $9. Analysts on average target the shares at $9.29. Mr. Davis says in a note: "Cardinal's Q1/23 results were generally in-line with the company continuing to focus on debt repayment and asset optimization. Management highlighted strong Clearwater results at Nipisi, which continues to perform above expectations. Looking forward, the company plans to build on success in the Clearwater and Rex formations with the team working to expand inventory." The Globe reported on Nov. 11 that Raymond James analyst Jeremy McCrea had downgraded Cardinal Energy to "market perform" from "outperform. The shares could then be had for $8.94. The Globe reported on Jan. 18 that CIBC World Market analysts Dennis Fong, Jamie Kubik and Christopher Thompson rated Cardinal "neutral." It was then worth $7.77.