Canadian Natural Resources Limited (NYSE:CNQ) Sees Significant Growth in Short Interest

Canadian Natural Resources Limited (NYSE:CNQ - Get Free Report) TSE: CNQ was the target of a large growth in short interest in March. As of March 15th, there was short interest totalling 128,590,000 shares, a growth of 213.4% from the February 28th total of 41,030,000 shares. Approximately 6.3% of the company's stock are sold short. Based on an average daily volume of 6,860,000 shares, the days-to-cover ratio is currently 18.7 days.

Wall Street Analysts Forecast Growth

CNQ has been the topic of several recent analyst reports. Tudor Pickering lowered Canadian Natural Resources from a "strong-buy" rating to a "hold" rating in a report on Monday, February 10th. Royal Bank of Canada reaffirmed an "outperform" rating and issued a $63.00 target price on shares of Canadian Natural Resources in a report on Thursday. Raymond James restated a "market perform" rating on shares of Canadian Natural Resources in a research report on Friday, March 7th. Evercore ISI upgraded shares of Canadian Natural Resources from an "in-line" rating to an "outperform" rating in a research report on Friday, March 7th. Finally, Scotiabank raised shares of Canadian Natural Resources from a "sector perform" rating to a "sector outperform" rating in a report on Wednesday, March 19th. Four research analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $63.00.

Hedge Funds Weigh In On Canadian Natural Resources

Several hedge funds have recently bought and sold shares of the stock. Kingsview Wealth Management LLC boosted its stake in shares of Canadian Natural Resources by 4.9% during the third quarter. Kingsview Wealth Management LLC now owns 9,018 shares of the oil and gas producer's stock valued at $300,000 after acquiring an additional 419 shares during the last quarter. Fifth Third Bancorp boosted its stake in shares of Canadian Natural Resources by 51.0% during the 4th quarter. Fifth Third Bancorp now owns 1,271 shares of the oil and gas producer's stock worth $39,000 after purchasing an additional 429 shares during the last quarter. Assetmark Inc. grew its holdings in shares of Canadian Natural Resources by 57.3% during the fourth quarter. Assetmark Inc. now owns 1,205 shares of the oil and gas producer's stock worth $37,000 after buying an additional 439 shares in the last quarter. Continuum Advisory LLC raised its position in shares of Canadian Natural Resources by 144.1% in the third quarter. Continuum Advisory LLC now owns 830 shares of the oil and gas producer's stock valued at $28,000 after buying an additional 490 shares during the last quarter. Finally, Orion Portfolio Solutions LLC lifted its stake in shares of Canadian Natural Resources by 0.6% during the fourth quarter. Orion Portfolio Solutions LLC now owns 81,954 shares of the oil and gas producer's stock valued at $2,530,000 after buying an additional 497 shares during the period. Hedge funds and other institutional investors own 74.03% of the company's stock.

Canadian Natural Resources Price Performance

Shares of NYSE CNQ traded up $0.23 on Monday, hitting $30.79. The company's stock had a trading volume of 4,378,993 shares, compared to its average volume of 5,513,202. The stock has a 50 day moving average of $29.98 and a 200-day moving average of $32.14. The company has a market capitalization of $64.68 billion, a price-to-earnings ratio of 11.96 and a beta of 1.48. Canadian Natural Resources has a 12-month low of $25.62 and a 12-month high of $41.29. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.84 and a quick ratio of 0.53.

Canadian Natural Resources Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, April 4th. Shareholders of record on Friday, March 21st will be issued a dividend of $0.4117 per share. This represents a $1.65 dividend on an annualized basis and a yield of 5.35%. The ex-dividend date is Friday, March 21st. This is a boost from Canadian Natural Resources's previous quarterly dividend of $0.39. Canadian Natural Resources's dividend payout ratio is 77.88%.

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).