CIBC Cuts Canadian Natural Resources (TSE:CNQ) Price Target to C$48.00

Canadian Natural Resources (TSE:CNQ) (NYSE:CNQ) had its target price reduced by CIBC from C$49.00 to C$48.00 in a research report released on Thursday morning, BayStreet.CA reports.

A number of other research firms also recently weighed in on CNQ. Royal Bank of Canada reissued a buy rating and set a $2.50 target price on shares of in a report on Thursday. Evercore ISI downgraded Suncor Energy from an outperform rating to an in-line rating and dropped their target price for the stock from C$58.00 to C$54.00 in a report on Wednesday, April 3rd. Tudor Pickering & Holt reissued a hold rating on shares of MEG Energy in a report on Friday, June 7th. GMP Securities reissued a buy rating and set a $22.25 target price on shares of SPDR Wells Fargo Preferred Stock ETF in a report on Friday, June 28th. Finally, BMO Capital Markets set a $275.00 target price on Costco Wholesale and gave the stock a buy rating in a report on Friday, May 31st. Eleven equities research analysts have rated the stock with a buy rating, The company presently has an average rating of Buy and an average target price of C$48.12.

CNQ opened at C$34.05 on Thursday. Canadian Natural Resources has a fifty-two week low of C$30.11 and a fifty-two week high of C$47.93. The company has a quick ratio of 0.52, a current ratio of 0.76 and a debt-to-equity ratio of 69.97. The firm has a market capitalization of $40.54 billion and a P/E ratio of 13.91. The stock’s fifty day moving average price is C$35.64.

Canadian Natural Resources (TSE:CNQ) (NYSE:CNQ) last posted its earnings results on Thursday, May 9th. The company reported C$0.65 earnings per share for the quarter, topping the Zacks’ consensus estimate of C$0.45 by C$0.20. The firm had revenue of C$5.25 billion for the quarter, compared to analyst estimates of C$4.99 billion. As a group, sell-side analysts expect that Canadian Natural Resources will post 2.7499998 EPS for the current year.

The business also recently declared a quarterly dividend, which was paid on Monday, July 1st. Investors of record on Friday, June 14th were paid a $0.375 dividend. This represents a $1.50 dividend on an annualized basis and a yield of 4.41%. The ex-dividend date of this dividend was Thursday, June 13th. This is an increase from Canadian Natural Resources’s previous quarterly dividend of $0.34. Canadian Natural Resources’s payout ratio is 56.37%.

Canadian Natural Resources Company Profile

Canadian Natural Resources Limited explores for, develops, produces, and markets 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, and synthetic crude oil (SCO). Its midstream assets include two crude oil pipeline systems; and a 50% working interest in an 84-megawatt cogeneration plant at Primrose.

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Analyst Recommendations for Canadian Natural Resources (TSE:CNQ)

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