Wall Street Zen upgraded shares of Canadian Natural Resources (NYSE:CNQ – Free Report) (TSE:CNQ) from a hold rating to a buy rating in a research note released on Saturday.
A number of other brokerages have also recently commented on CNQ. Scotiabank reiterated a “sector perform” rating on shares of Canadian Natural Resources in a report on Friday, August 7th. Raymond James Financial upgraded Canadian Natural Resources from a “market perform” rating to an “outperform” rating in a report on Thursday, May 7th. TD Securities restated a “buy” rating on shares of Canadian Natural Resources in a research report on Friday, August 7th. Zacks Research raised shares of Canadian Natural Resources from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, July 21st. Finally, Desjardins upgraded shares of Canadian Natural Resources to a “hold” rating in a research report on Thursday, July 16th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $57.00.
Read Our Latest Stock Report on Canadian Natural Resources
Canadian Natural Resources Stock Up 2.7%
Canadian Natural Resources (NYSE:CNQ – Get Free Report) (TSE:CNQ) last released its quarterly earnings results on Thursday, August 6th. The oil and gas producer reported $1.58 EPS for the quarter, topping the consensus estimate of $1.43 by $0.15. Canadian Natural Resources had a return on equity of 23.91% and a net margin of 22.78%.The company had revenue of $14.74 billion during the quarter, compared to analyst estimates of $9.40 billion. On average, equities research analysts anticipate that Canadian Natural Resources will post 4.05 EPS for the current fiscal year.
Canadian Natural Resources Dividend Announcement
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 2nd. Shareholders of record on Friday, September 11th will be given a $0.625 dividend. This represents a $2.50 annualized dividend and a yield of 5.1%. The ex-dividend date of this dividend is Friday, September 11th. Canadian Natural Resources’s dividend payout ratio is 44.69%.
Institutional Inflows and Outflows
Several institutional investors have recently added to or reduced their stakes in CNQ. Capital Research Global Investors increased its position in shares of Canadian Natural Resources by 31.5% during the fourth quarter. Capital Research Global Investors now owns 146,331,336 shares of the oil and gas producer’s stock worth $4,956,204,000 after acquiring an additional 35,067,143 shares during the period. Vanguard Group Inc. raised its stake in shares of Canadian Natural Resources by 0.9% during the fourth quarter. Vanguard Group Inc. now owns 93,305,198 shares of the oil and gas producer’s stock valued at $3,160,340,000 after acquiring an additional 818,809 shares in the last quarter. Fisher Asset Management LLC boosted its holdings in shares of Canadian Natural Resources by 3.2% in the fourth quarter. Fisher Asset Management LLC now owns 42,745,981 shares of the oil and gas producer’s stock valued at $1,446,951,000 after purchasing an additional 1,342,954 shares during the period. Healthcare of Ontario Pension Plan Trust Fund boosted its holdings in shares of Canadian Natural Resources by 10.0% in the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 37,457,500 shares of the oil and gas producer’s stock valued at $1,826,578,000 after purchasing an additional 3,397,500 shares during the period. Finally, Arrowstreet Capital Limited Partnership bought a new position in Canadian Natural Resources in the first quarter worth approximately $1,411,619,000. Hedge funds and other institutional investors own 74.03% of the company’s stock.
About Canadian Natural Resources
Canadian Natural Resources Limited (NYSE: CNQ) is a Calgary-based independent oil and natural gas exploration and production company. Established in the early 1970s and publicly listed in Canada and the United States, the company is principally engaged in the exploration, development, production, and marketing of crude oil, natural gas and natural gas liquids. Its asset base spans conventional and unconventional reservoirs and includes oil sands mining and in-situ thermal projects, midstream processing and upgrading capacity, and related field operations.
The company’s operations are concentrated in Western Canada, where it develops heavy crude, bitumen from oil sands and conventional light crude and natural gas resources.
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