Canadian Natural Resources Limited (CNQ) Lowered to “Sell” at Zacks Investment Research

Zacks Investment Research downgraded shares of Canadian Natural Resources Limited (NYSE:CNQ) (TSE:CNQ) from a hold rating to a sell rating in a research note published on Wednesday.

According to Zacks, “Canadian Natural Resources Limited is a senior independent oil and natural gas exploration, development and production company based in Calgary, Alberta. The Company’s operations are focused in Western Canada, the North Sea and Offshore West Africa. “

Several other equities analysts also recently weighed in on CNQ. Canaccord Genuity reiterated a buy rating and issued a $53.00 price target on shares of Canadian Natural Resources Limited in a report on Wednesday, November 8th. Morgan Stanley increased their price target on shares of Canadian Natural Resources Limited from $46.00 to $52.00 and gave the stock an overweight rating in a report on Friday, October 13th. Finally, Citigroup Inc. downgraded shares of Canadian Natural Resources Limited from a buy rating to a neutral rating and cut their price target for the stock from $40.00 to $33.00 in a report on Friday, July 21st. They noted that the move was a valuation call. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company’s stock. The company currently has an average rating of Buy and an average target price of $45.90.

Shares of Canadian Natural Resources Limited (CNQ) traded up $0.39 during trading on Wednesday, hitting $34.81. 2,228,000 shares of the company traded hands, compared to its average volume of 2,486,124. The stock has a market cap of $42,550.00, a price-to-earnings ratio of 37.82, a P/E/G ratio of 8.27 and a beta of 1.50. The company has a quick ratio of 0.56, a current ratio of 0.71 and a debt-to-equity ratio of 0.67. Canadian Natural Resources Limited has a 52-week low of $27.52 and a 52-week high of $36.79.

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The company also recently disclosed a quarterly dividend, which will be paid on Monday, January 1st. Stockholders of record on Tuesday, December 12th will be paid a dividend of $0.214 per share. The ex-dividend date is Monday, December 11th. This represents a $0.86 dividend on an annualized basis and a dividend yield of 2.46%. Canadian Natural Resources Limited’s payout ratio is 50.57%.

Several hedge funds and other institutional investors have recently modified their holdings of the company. Guardian Capital Advisors LP grew its stake in shares of Canadian Natural Resources Limited by 0.9% during the 3rd quarter. Guardian Capital Advisors LP now owns 312,233 shares of the oil and gas producer’s stock worth $13,020,000 after purchasing an additional 2,795 shares during the period. Ladenburg Thalmann Financial Services Inc. grew its stake in shares of Canadian Natural Resources Limited by 65.7% during the 3rd quarter. Ladenburg Thalmann Financial Services Inc. now owns 6,835 shares of the oil and gas producer’s stock worth $228,000 after purchasing an additional 2,710 shares during the period. Cubist Systematic Strategies LLC grew its stake in shares of Canadian Natural Resources Limited by 1,129.0% during the 3rd quarter. Cubist Systematic Strategies LLC now owns 6,145 shares of the oil and gas producer’s stock worth $206,000 after purchasing an additional 5,645 shares during the period. 3G Capital Partners LP grew its stake in shares of Canadian Natural Resources Limited by 50.0% during the 3rd quarter. 3G Capital Partners LP now owns 1,500,000 shares of the oil and gas producer’s stock worth $50,235,000 after purchasing an additional 500,000 shares during the period. Finally, Bank of Nova Scotia Trust Co. grew its stake in shares of Canadian Natural Resources Limited by 2.2% during the 3rd quarter. Bank of Nova Scotia Trust Co. now owns 451,218 shares of the oil and gas producer’s stock worth $15,111,000 after purchasing an additional 9,620 shares during the period. 58.64% of the stock is currently owned by institutional investors and hedge funds.

About Canadian Natural Resources Limited

Canadian Natural Resources Limited is an independent crude oil and natural gas exploration, development and production company. The Company’s segments include Exploration and Production, Oil Sands Mining and Upgrading, and Midstream. The Exploration and Production segment includes exploration, development, production and marketing of crude oil, natural gas liquids (NGLs) and natural gas.

Analyst Recommendations for Canadian Natural Resources Limited (NYSE:CNQ)

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