Analysts Set Canadian Natural Resources Limited (NYSE:CNQ) Price Target at $63.00

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

CNQ has been the subject of a number of analyst reports. Evercore ISI raised shares of Canadian Natural Resources from an “in-line” rating to an “outperform” rating in a research note on Friday, March 7th. Royal Bank of Canada reissued an “outperform” rating and issued a $63.00 price objective on shares of Canadian Natural Resources in a research note on Thursday, March 27th. Tudor Pickering cut Canadian Natural Resources from a “strong-buy” rating to a “hold” rating in a research note on Monday, February 10th. Raymond James raised Canadian Natural Resources from a “market perform” rating to an “outperform” rating in a research note on Wednesday, April 9th. Finally, Scotiabank upgraded Canadian Natural Resources from a “sector perform” rating to a “sector outperform” rating in a report on Wednesday, March 19th.

Canadian Natural Resources Stock Performance

NYSE:CNQ opened at $28.00 on Tuesday. The company has a market capitalization of $58.73 billion, a PE ratio of 10.87 and a beta of 1.04. Canadian Natural Resources has a fifty-two week low of $24.65 and a fifty-two week high of $39.20. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.53 and a current ratio of 0.84. The company has a 50 day simple moving average of $28.83 and a two-hundred day simple moving average of $30.95.

Canadian Natural Resources Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, April 4th. Stockholders of record on Friday, March 21st were given a dividend of $0.4117 per share. This represents a $1.65 dividend on an annualized basis and a dividend yield of 5.88%. This is a positive change from Canadian Natural Resources’s previous quarterly dividend of $0.39. The ex-dividend date of this dividend was Friday, March 21st. Canadian Natural Resources’s dividend payout ratio is presently 77.88%.

Institutional Trading of Canadian Natural Resources

Hedge funds have recently bought and sold shares of the business. FMR LLC lifted its stake in shares of Canadian Natural Resources by 8.7% in the fourth quarter. FMR LLC now owns 92,550,104 shares of the oil and gas producer’s stock valued at $2,857,337,000 after buying an additional 7,372,718 shares in the last quarter. Canoe Financial LP raised its holdings in shares of Canadian Natural Resources by 403.7% in the 1st quarter. Canoe Financial LP now owns 4,738,577 shares of the oil and gas producer’s stock worth $145,828,000 after acquiring an additional 3,797,846 shares during the last quarter. Assenagon Asset Management S.A. lifted its position in Canadian Natural Resources by 6,902.0% in the 4th quarter. Assenagon Asset Management S.A. now owns 3,652,855 shares of the oil and gas producer’s stock valued at $112,763,000 after acquiring an additional 3,600,686 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. boosted its stake in Canadian Natural Resources by 31.6% during the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 13,433,797 shares of the oil and gas producer’s stock valued at $414,223,000 after purchasing an additional 3,224,548 shares during the last quarter. Finally, Geode Capital Management LLC increased its holdings in Canadian Natural Resources by 30.1% during the 4th quarter. Geode Capital Management LLC now owns 12,708,163 shares of the oil and gas producer’s stock worth $400,222,000 after purchasing an additional 2,939,866 shares in the last quarter. Institutional investors and hedge funds 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).