Canadian Natural Resources Limited (NYSE:CNQ) Plans Dividend Increase – C$0.59 Per Share

Canadian Natural Resources Limited (NYSE:CNQ) (TSE:CNQ) announced a quarterly dividend on Wednesday, November 5th. Investors of record on Friday, December 12th will be given a dividend of 0.5875 per share by the oil and gas producer on Tuesday, January 6th. This represents a c) annualized dividend and a dividend yield of 7.5%. The ex-dividend date of this dividend is Friday, December 12th. This is a 37.6% increase from Canadian Natural Resources’s previous quarterly dividend of $0.43.

Canadian Natural Resources has raised its dividend payment by an average of 0.2%per year over the last three years and has increased its dividend every year for the last 24 years. Canadian Natural Resources has a dividend payout ratio of 71.0% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Canadian Natural Resources to earn $2.48 per share next year, which means the company should continue to be able to cover its $1.71 annual dividend with an expected future payout ratio of 69.0%.

Canadian Natural Resources Stock Down 1.3%

Shares of NYSE:CNQ opened at $31.47 on Friday. Canadian Natural Resources has a 12-month low of $24.65 and a 12-month high of $35.03. The stock has a market capitalization of $65.62 billion, a price-to-earnings ratio of 11.16 and a beta of 0.96. The stock has a fifty day simple moving average of $31.61 and a two-hundred day simple moving average of $31.22. The company has a current ratio of 0.85, a quick ratio of 0.54 and a debt-to-equity ratio of 0.38.

Canadian Natural Resources (NYSE:CNQ) (TSE:CNQ) last issued its quarterly earnings results on Thursday, November 6th. The oil and gas producer reported $0.62 earnings per share for the quarter, beating the consensus estimate of $0.54 by $0.08. The firm had revenue of $6.79 billion during the quarter, compared to the consensus estimate of $6.81 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 $0.97 earnings per share. On average, research analysts anticipate that Canadian Natural Resources will post 2.45 earnings per share for the current fiscal year.

Institutional Trading of Canadian Natural Resources

Hedge funds have recently bought and sold shares of the stock. Brandywine Global Investment Management LLC boosted its position in Canadian Natural Resources by 27.5% in the 1st quarter. Brandywine Global Investment Management LLC now owns 2,183,598 shares of the oil and gas producer’s stock valued at $67,201,000 after buying an additional 470,391 shares during the period. Sagespring Wealth Partners LLC purchased a new position in Canadian Natural Resources during the 2nd quarter worth $361,000. Sei Investments Co. increased its holdings in Canadian Natural Resources by 41.9% during the 1st quarter. Sei Investments Co. now owns 49,307 shares of the oil and gas producer’s stock worth $1,519,000 after purchasing an additional 14,561 shares during the period. TD Asset Management Inc raised its position in Canadian Natural Resources by 0.8% during the 2nd quarter. TD Asset Management Inc now owns 41,581,125 shares of the oil and gas producer’s stock valued at $1,304,267,000 after purchasing an additional 316,933 shares in the last quarter. Finally, Addenda Capital Inc. lifted its holdings in shares of Canadian Natural Resources by 11.0% in the 2nd quarter. Addenda Capital Inc. now owns 2,370,885 shares of the oil and gas producer’s stock worth $74,446,000 after buying an additional 235,198 shares during the period. Hedge funds and other institutional investors own 74.03% of the company’s stock.

Canadian Natural Resources Company Profile

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).