Canadian Natural Resources (NYSE:CNQ) Sees Strong Trading Volume – Time to Buy?

Shares of Canadian Natural Resources Limited (NYSE:CNQ) (TSE:CNQ) saw strong trading volume on Thursday . 17,097,867 shares traded hands during mid-day trading, an increase of 158% from the previous session’s volume of 6,635,513 shares.The stock last traded at $33.3550 and had previously closed at $33.72.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. Wells Fargo & Company raised Canadian Natural Resources to a “hold” rating in a research report on Thursday, October 16th. Scotiabank reaffirmed an “outperform” rating on shares of Canadian Natural Resources in a research note on Thursday, October 9th. Desjardins cut shares of Canadian Natural Resources from a “buy” rating to a “hold” rating in a research report on Monday, November 24th. Zacks Research upgraded shares of Canadian Natural Resources from a “hold” rating to a “strong-buy” rating in a report on Tuesday, August 26th. Finally, Royal Bank Of Canada reissued an “outperform” rating and issued a $62.00 price objective on shares of Canadian Natural Resources in a research note on Wednesday, September 24th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $62.00.

Canadian Natural Resources Stock Down 0.4%

The business’s fifty day moving average is $32.45 and its two-hundred day moving average is $31.85. The company has a market cap of $68.75 billion, a P/E ratio of 14.60 and a beta of 0.70. The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.53 and a current ratio of 0.86.

Canadian Natural Resources (NYSE:CNQ) (TSE:CNQ) last issued its earnings results on Thursday, November 6th. The oil and gas producer reported $0.62 EPS for the quarter, topping analysts’ consensus estimates of $0.54 by $0.08. Canadian Natural Resources had a net margin of 14.90% and a return on equity of 18.93%. The business had revenue of $6.79 billion for the quarter, compared to the consensus estimate of $6.81 billion. During the same period in the prior year, the firm earned $0.97 EPS. Equities analysts predict that Canadian Natural Resources Limited will post 2.45 EPS for the current year.

Canadian Natural Resources Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, January 6th. Shareholders of record on Friday, December 12th will be given a dividend of $0.5875 per share. This is a boost from Canadian Natural Resources’s previous quarterly dividend of $0.43. The ex-dividend date of this dividend is Friday, December 12th. This represents a $2.35 dividend on an annualized basis and a yield of 7.1%. Canadian Natural Resources’s dividend payout ratio is presently 75.66%.

Hedge Funds Weigh In On Canadian Natural Resources

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Ameritas Advisory Services LLC purchased a new position in Canadian Natural Resources during the second quarter valued at approximately $27,000. Addison Advisors LLC boosted its position in Canadian Natural Resources by 309.1% during the 2nd quarter. Addison Advisors LLC now owns 896 shares of the oil and gas producer’s stock valued at $28,000 after acquiring an additional 677 shares in the last quarter. St. Johns Investment Management Company LLC bought a new stake in Canadian Natural Resources during the 3rd quarter valued at $32,000. Nisa Investment Advisors LLC increased its holdings in shares of Canadian Natural Resources by 100.0% in the 3rd quarter. Nisa Investment Advisors LLC now owns 1,000 shares of the oil and gas producer’s stock valued at $32,000 after acquiring an additional 500 shares during the period. Finally, Quarry LP bought a new position in shares of Canadian Natural Resources in the 3rd quarter worth $32,000. Institutional investors own 74.03% of the company’s stock.

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).