Canadian Natural Resources (NYSE:CNQ) Sets New 52-Week High – What’s Next?

Canadian Natural Resources Limited (NYSE:CNQ) (TSE:CNQ) shares hit a new 52-week high on Wednesday . The company traded as high as $35.85 and last traded at $35.8630, with a volume of 1901441 shares. The stock had previously closed at $34.43.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. Evercore ISI cut shares of Canadian Natural Resources from an “outperform” rating to an “in-line” rating in a report on Tuesday, January 6th. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $62.00 price objective on shares of Canadian Natural Resources in a research note on Wednesday, September 24th. Wells Fargo & Company upgraded shares of Canadian Natural Resources to a “hold” rating in a research report on Thursday, October 16th. The Goldman Sachs Group set a $35.00 target price on shares of Canadian Natural Resources and gave the company a “buy” rating in a research note on Friday, January 2nd. Finally, Zacks Research cut Canadian Natural Resources from a “strong-buy” rating to a “hold” rating in a research report on Friday, December 19th. Five investment analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company’s stock. According to data from MarketBeat, Canadian Natural Resources currently has a consensus rating of “Hold” and a consensus target price of $48.50.

Canadian Natural Resources Trading Up 3.9%

The firm has a market capitalization of $74.46 billion, a PE ratio of 15.85 and a beta of 0.69. The company has a debt-to-equity ratio of 0.41, a current ratio of 0.86 and a quick ratio of 0.53. The company has a fifty day moving average of $33.19 and a 200-day moving average of $32.00.

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

Canadian Natural Resources Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, January 6th. Stockholders of record on Friday, December 12th were issued a dividend of $0.5875 per share. The ex-dividend date was Friday, December 12th. This represents a $2.35 dividend on an annualized basis and a dividend yield of 6.6%. This is an increase from Canadian Natural Resources’s previous quarterly dividend of $0.43. Canadian Natural Resources’s payout ratio is 74.34%.

Hedge Funds Weigh In On Canadian Natural Resources

Hedge funds have recently bought and sold shares of the business. Ameritas Advisory Services LLC acquired a new stake in shares of Canadian Natural Resources in the second quarter worth about $27,000. Addison Advisors LLC lifted its holdings in Canadian Natural Resources by 309.1% in the 2nd quarter. Addison Advisors LLC now owns 896 shares of the oil and gas producer’s stock worth $28,000 after purchasing an additional 677 shares during the last quarter. GoalVest Advisory LLC bought a new stake in Canadian Natural Resources during the fourth quarter worth approximately $32,000. St. Johns Investment Management Company LLC acquired a new position in Canadian Natural Resources during the third quarter valued at approximately $32,000. Finally, Nisa Investment Advisors LLC lifted its stake in shares of Canadian Natural Resources by 100.0% in the third quarter. Nisa Investment Advisors LLC now owns 1,000 shares of the oil and gas producer’s stock worth $32,000 after buying an additional 500 shares during the last quarter. 74.03% of the stock is owned by institutional investors and hedge funds.

About Canadian Natural Resources

Canadian Natural Resources Limited (NYSE: CNQ) is a Calgary-based independent oil and natural gas exploration and production company. Established in the early 1970s and publicly listed in Canada and the United States, the company is principally engaged in the exploration, development, production, and marketing of crude oil, natural gas and natural gas liquids. Its asset base spans conventional and unconventional reservoirs and includes oil sands mining and in-situ thermal projects, midstream processing and upgrading capacity, and related field operations.

The company’s operations are concentrated in Western Canada, where it develops heavy crude, bitumen from oil sands and conventional light crude and natural gas resources.