Cardinal Energy (CJ.TO) was upgraded to Outperform from Sector Perform at ATB Cormark Capital Markets on Thursday.
Analyst Amir Arif maintained a price target of C$14 on shares of the Calgary-based oil and gas company.
ATB said they "would use the pullback from recent highs in the stock as a buying opportunity," Arif said in a note to clients.
"We believe the name offers both a solid dividend and a multiyear production growth profile from its small-scale SAGD assets," the analyst said.
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