Canadian Natural Resources Limited (NYSE:CNQ) Receives $63.00 Average Price Target from Brokerages

Shares of Canadian Natural Resources Limited (NYSE:CNQ) (TSE:CNQ) have been assigned an average rating of “Hold” from the six analysts that are currently covering the stock, MarketBeat Ratings reports. Four equities research analysts have rated the stock with a hold recommendation and two have given a buy recommendation to the company. The average 1 year price target among brokerages that have issued a report on the stock in the last year is $63.00.

A number of equities research analysts have recently commented on CNQ shares. Tudor Pickering cut Canadian Natural Resources from a “strong-buy” rating to a “hold” rating in a research note on Monday, February 10th. Evercore ISI raised shares of Canadian Natural Resources from an “in-line” rating to an “outperform” rating in a research report on Friday, March 7th. Royal Bank of Canada raised their price objective on shares of Canadian Natural Resources from $62.00 to $63.00 and gave the company an “outperform” rating in a research note on Friday, March 7th. Finally, Raymond James reiterated a “market perform” rating on shares of Canadian Natural Resources in a research note on Friday, March 7th.

Canadian Natural Resources Stock Performance

Shares of CNQ opened at $29.24 on Monday. The company has a quick ratio of 0.53, a current ratio of 0.84 and a debt-to-equity ratio of 0.21. The stock has a market cap of $61.41 billion, a P/E ratio of 11.35 and a beta of 1.48. The business’s 50 day moving average price is $30.34 and its 200-day moving average price is $32.54. Canadian Natural Resources has a 52 week low of $25.62 and a 52 week high of $41.29.

Canadian Natural Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 4th. Investors of record on Friday, March 21st will be given a dividend of $0.4117 per share. This is an increase from Canadian Natural Resources’s previous quarterly dividend of $0.39. The ex-dividend date is Friday, March 21st. This represents a $1.65 dividend on an annualized basis and a yield of 5.63%. Canadian Natural Resources’s dividend payout ratio is 77.88%.

Institutional Investors Weigh In On Canadian Natural Resources

Hedge funds have recently added to or reduced their stakes in the stock. Janney Montgomery Scott LLC grew its holdings in shares of Canadian Natural Resources by 21.2% in the third quarter. Janney Montgomery Scott LLC now owns 26,900 shares of the oil and gas producer’s stock worth $893,000 after acquiring an additional 4,702 shares during the period. Old West Investment Management LLC increased its position in shares of Canadian Natural Resources by 73.9% during the 3rd quarter. Old West Investment Management LLC now owns 355,983 shares of the oil and gas producer’s stock valued at $11,822,000 after purchasing an additional 151,237 shares during the last quarter. Lindbrook Capital LLC increased its position in shares of Canadian Natural Resources by 80.7% during the 3rd quarter. Lindbrook Capital LLC now owns 6,322 shares of the oil and gas producer’s stock valued at $210,000 after purchasing an additional 2,824 shares during the last quarter. Ted Buchan & Co increased its position in shares of Canadian Natural Resources by 2.7% during the 3rd quarter. Ted Buchan & Co now owns 20,483 shares of the oil and gas producer’s stock valued at $680,000 after purchasing an additional 540 shares during the last quarter. Finally, Meixler Investment Management Ltd. boosted its holdings in shares of Canadian Natural Resources by 10.0% in the third quarter. Meixler Investment Management Ltd. now owns 149,806 shares of the oil and gas producer’s stock worth $4,975,000 after buying an additional 13,594 shares during the last quarter. 74.03% of the stock is currently owned by hedge funds and other institutional investors.

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).