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by Stockwatch Business Reporter
West Texas Intermediate crude for May delivery added 31 cents to $63.89 on the New York Merc, while Brent for June added 72 cents to $71.55 (all figures in this para U.S.). Western Canadian Select traded at a discount of $8.41 to WTI, unchanged. Natural gas for May was unchanged at $2.66. The TSX energy index added 1.54 points to close at 163.94.
Scott Ratushny's Alberta-focused Cardinal Energy Ltd. (CJ) added 21 cents to $3.43 on 2.38 million shares, after taking the widely expected step of hiking its dividend. The dividend was previously chopped to one cent a month from 3.5 cents a month in early December, with Cardinal blaming the cut on "embarrassingly low" Canadian crude prices. It promised to review the dividend in April in case market conditions improved. They did, and in expectation of a dividend boost, Cardinal's stock has flitted up to $3.43 from $2.10 over the last month. Now Cardinal has announced that the one-cent monthly dividend is being bumped up to 1.5 cents. The new yield is 5.2 per cent. Investors will have to wait a little bit longer to enjoy this new dividend, however. It will not take effect until the payment in August.
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