Canadian Natural Resources (NYSE:CNQ) Releases Earnings Results, Beats Expectations By $0.08 EPS

Canadian Natural Resources (NYSE:CNQ) (TSE:CNQ) posted its quarterly earnings data on Thursday. The oil and gas producer reported $0.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.54 by $0.08, Zacks reports. The firm had revenue of $6.79 billion for the quarter, compared to the consensus estimate of $6.81 billion. Canadian Natural Resources had a net margin of 19.00% and a return on equity of 19.67%. During the same quarter in the prior year, the company posted $0.97 earnings per share.

Canadian Natural Resources Stock Performance

CNQ traded up $0.12 during trading on Friday, hitting $31.61. 8,389,425 shares of the stock were exchanged, compared to its average volume of 6,550,933. The stock has a fifty day moving average price of $31.61 and a two-hundred day moving average price of $31.22. The firm has a market capitalization of $65.92 billion, a P/E ratio of 11.21 and a beta of 0.96. Canadian Natural Resources has a 1-year low of $24.65 and a 1-year high of $34.97. The company has a quick ratio of 0.54, a current ratio of 0.85 and a debt-to-equity ratio of 0.38.

Canadian Natural Resources Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, January 6th. Stockholders of record on Friday, December 12th will be given a dividend of $0.5875 per share. This represents a $2.35 dividend on an annualized basis and a dividend yield of 7.4%. This is an increase from Canadian Natural Resources’s previous quarterly dividend of $0.43. The ex-dividend date is Friday, December 12th. Canadian Natural Resources’s payout ratio is presently 60.64%.

Hedge Funds Weigh In On Canadian Natural Resources

Several institutional investors have recently added to or reduced their stakes in CNQ. Geneos Wealth Management Inc. grew its stake in shares of Canadian Natural Resources by 47.3% in the 1st quarter. Geneos Wealth Management Inc. now owns 1,644 shares of the oil and gas producer’s stock valued at $51,000 after purchasing an additional 528 shares during the last quarter. NewEdge Advisors LLC increased its stake in Canadian Natural Resources by 1.2% in the 2nd quarter. NewEdge Advisors LLC now owns 61,892 shares of the oil and gas producer’s stock valued at $1,943,000 after buying an additional 734 shares during the period. Merit Financial Group LLC increased its stake in Canadian Natural Resources by 5.8% in the 3rd quarter. Merit Financial Group LLC now owns 17,085 shares of the oil and gas producer’s stock valued at $546,000 after buying an additional 935 shares during the period. Ewing Morris & Co. Investment Partners Ltd. raised its position in Canadian Natural Resources by 2.6% during the 2nd quarter. Ewing Morris & Co. Investment Partners Ltd. now owns 39,122 shares of the oil and gas producer’s stock worth $1,244,000 after buying an additional 994 shares during the last quarter. Finally, Snowden Capital Advisors LLC lifted its stake in shares of Canadian Natural Resources by 2.8% in the 2nd quarter. Snowden Capital Advisors LLC now owns 60,559 shares of the oil and gas producer’s stock worth $1,927,000 after acquiring an additional 1,621 shares during the period. Institutional investors and hedge funds own 74.03% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the stock. Raymond James Financial restated an “outperform” rating on shares of Canadian Natural Resources in a research report on Friday, August 8th. National Bankshares reissued a “sector perform” rating on shares of Canadian Natural Resources in a research note on Thursday, July 17th. Wells Fargo & Company upgraded Canadian Natural Resources to a “hold” rating in a report on Thursday, October 16th. Zacks Research raised shares of Canadian Natural Resources from a “hold” rating to a “strong-buy” rating in a report on Tuesday, August 26th. Finally, TD Securities restated a “buy” rating on shares of Canadian Natural Resources in a research report on Tuesday, September 30th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Canadian Natural Resources presently has a consensus rating of “Moderate Buy” and a consensus price target of $62.00.

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).