Canadian Natural Resources Limited (NYSE:CNQ) Receives $62.00 Consensus Target Price from Brokerages

Canadian Natural Resources Limited (NYSE:CNQ) (TSE:CNQ) has been given an average recommendation of “Moderate Buy” by the seven research firms that are presently covering the firm, Marketbeat.com reports. Two analysts have rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company. The average 12 month target price among analysts that have updated their coverage on the stock in the last year is $62.00.

Several equities analysts recently issued reports on the company. National Bankshares reiterated a “sector perform” rating on shares of Canadian Natural Resources in a report on Thursday, July 17th. Zacks Research raised shares of Canadian Natural Resources from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, August 26th. Scotiabank reiterated an “outperform” rating on shares of Canadian Natural Resources in a research report on Friday, July 11th. Raymond James Financial restated an “outperform” rating on shares of Canadian Natural Resources in a report on Friday, August 8th. Finally, Royal Bank Of Canada reduced their price objective on shares of Canadian Natural Resources from $64.00 to $62.00 and set an “outperform” rating on the stock in a research note on Friday, August 8th.

Hedge Funds Weigh In On Canadian Natural Resources

Several institutional investors have recently modified their holdings of CNQ. MAI Capital Management increased its position in shares of Canadian Natural Resources by 9.6% during the 1st quarter. MAI Capital Management now owns 4,365 shares of the oil and gas producer’s stock valued at $134,000 after purchasing an additional 382 shares during the last quarter. Haven Private LLC increased its holdings in Canadian Natural Resources by 3.4% during the second quarter. Haven Private LLC now owns 11,617 shares of the oil and gas producer’s stock worth $365,000 after buying an additional 383 shares during the last quarter. King Luther Capital Management Corp raised its position in Canadian Natural Resources by 1.2% in the second quarter. King Luther Capital Management Corp now owns 32,283 shares of the oil and gas producer’s stock worth $1,014,000 after acquiring an additional 387 shares during the period. Kingsview Wealth Management LLC boosted its stake in Canadian Natural Resources by 5.7% in the second quarter. Kingsview Wealth Management LLC now owns 8,109 shares of the oil and gas producer’s stock valued at $255,000 after acquiring an additional 434 shares during the last quarter. Finally, Thurston Springer Miller Herd & Titak Inc. boosted its stake in Canadian Natural Resources by 8.7% in the second quarter. Thurston Springer Miller Herd & Titak Inc. now owns 5,613 shares of the oil and gas producer’s stock valued at $176,000 after acquiring an additional 448 shares during the last quarter. 74.03% of the stock is currently owned by institutional investors and hedge funds.

Canadian Natural Resources Stock Performance

CNQ stock opened at $30.36 on Tuesday. The company has a 50 day moving average price of $31.13 and a 200 day moving average price of $30.37. Canadian Natural Resources has a fifty-two week low of $24.65 and a fifty-two week high of $37.91. The company has a debt-to-equity ratio of 0.38, a current ratio of 0.85 and a quick ratio of 0.54. The stock has a market capitalization of $63.41 billion, a PE ratio of 10.76 and a beta of 1.03.

Canadian Natural Resources (NYSE:CNQ) (TSE:CNQ) last announced its quarterly earnings data on Thursday, August 7th. The oil and gas producer reported $0.51 EPS for the quarter, beating analysts’ consensus estimates of $0.44 by $0.07. The firm had revenue of $6.39 billion for the quarter, compared to analyst estimates of $8.97 billion. Canadian Natural Resources had a return on equity of 19.67% and a net margin of 19.00%.During the same period last year, the company earned $0.88 EPS. Analysts forecast that Canadian Natural Resources will post 2.45 EPS for the current year.

Canadian Natural Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 3rd. Investors of record on Friday, September 19th will be paid a dividend of $0.4269 per share. This represents a $1.71 dividend on an annualized basis and a dividend yield of 5.6%. This is a boost from Canadian Natural Resources’s previous quarterly dividend of $0.42. The ex-dividend date of this dividend is Friday, September 19th. Canadian Natural Resources’s payout ratio is presently 60.64%.

About Canadian Natural Resources

Canadian Natural Resources Limited acquires, explores for, develops, produces, markets, and sells crude oil, natural gas, and natural gas liquids (NGLs). The company offers light and medium crude oil, primary heavy crude oil, Pelican Lake heavy crude oil, bitumen (thermal oil), and synthetic crude oil (SCO).