Canadian Natural Resources Limited (NYSE:CNQ) Receives $63.00 Average Target Price from Analysts

Shares of Canadian Natural Resources Limited (NYSE:CNQ) (TSE:CNQ) have received a consensus rating of “Moderate Buy” from the six research firms that are currently covering the company, Marketbeat Ratings reports. Three analysts have rated the stock with a hold recommendation and three have given a buy recommendation to the company. The average 12-month price objective among brokerages that have issued a report on the stock in the last year is $63.00.

Several analysts recently weighed in on the stock. Raymond James reaffirmed a “market perform” rating on shares of Canadian Natural Resources in a report on Friday, March 7th. Tudor Pickering lowered shares of Canadian Natural Resources from a “strong-buy” rating to a “hold” rating in a research note on Monday, February 10th. Royal Bank of Canada reissued an “outperform” rating and issued a $63.00 target price on shares of Canadian Natural Resources in a report on Thursday, March 27th. Scotiabank raised Canadian Natural Resources from a “sector perform” rating to a “sector outperform” rating in a report on Wednesday, March 19th. Finally, Evercore ISI raised Canadian Natural Resources from an “in-line” rating to an “outperform” rating in a report on Friday, March 7th.

Institutional Investors Weigh In On Canadian Natural Resources

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Moody National Bank Trust Division lifted its stake in shares of Canadian Natural Resources by 60.5% in the 1st quarter. Moody National Bank Trust Division now owns 10,589 shares of the oil and gas producer’s stock valued at $326,000 after purchasing an additional 3,993 shares in the last quarter. Versant Capital Management Inc raised its stake in shares of Canadian Natural Resources by 253.2% during the first quarter. Versant Capital Management Inc now owns 1,307 shares of the oil and gas producer’s stock valued at $40,000 after purchasing an additional 937 shares during the period. Wealth Enhancement Advisory Services LLC raised its stake in shares of Canadian Natural Resources by 198.4% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 34,047 shares of the oil and gas producer’s stock valued at $1,051,000 after purchasing an additional 22,637 shares during the period. Hara Capital LLC lifted its position in shares of Canadian Natural Resources by 49.6% during the fourth quarter. Hara Capital LLC now owns 22,934 shares of the oil and gas producer’s stock worth $708,000 after purchasing an additional 7,604 shares in the last quarter. Finally, PKO Investment Management Joint Stock Co purchased a new position in Canadian Natural Resources in the 4th quarter valued at about $2,452,000. Hedge funds and other institutional investors own 74.03% of the company’s stock.

Canadian Natural Resources Trading Down 7.5 %

CNQ opened at $27.61 on Friday. The firm has a market cap of $58.00 billion, a P/E ratio of 10.72 and a beta of 1.10. The company has a quick ratio of 0.53, a current ratio of 0.84 and a debt-to-equity ratio of 0.21. The business has a fifty day simple moving average of $29.86 and a 200-day simple moving average of $32.05. Canadian Natural Resources has a 52 week low of $25.62 and a 52 week high of $41.29.

Canadian Natural Resources Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, April 4th. Investors of record on Friday, March 21st were given a dividend of $0.4117 per share. The ex-dividend date of this dividend was Friday, March 21st. This represents a $1.65 dividend on an annualized basis and a yield of 5.96%. This is a positive change from Canadian Natural Resources’s previous quarterly dividend of $0.39. Canadian Natural Resources’s dividend payout ratio (DPR) is 77.88%.

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).