Canadian Natural Resources (NYSE:CNQ) Sees Strong Trading Volume - Here's What Happened

Shares of Canadian Natural Resources Limited (NYSE:CNQ - Get Free Report) TSE: CNQ saw unusually-strong trading volume on Wednesday . Approximately 12,565,276 shares changed hands during trading, an increase of 148% from the previous session's volume of 5,062,611 shares.The stock last traded at $30.84 and had previously closed at $29.99.

Analyst Ratings Changes

A number of research firms have recently issued reports on CNQ. Royal Bank of Canada lifted their price objective on shares of Canadian Natural Resources from $62.00 to $63.00 and gave the company an "outperform" rating in a report on Friday, March 7th. Tudor Pickering cut shares of Canadian Natural Resources from a "strong-buy" rating to a "hold" rating in a research report on Monday, February 10th. Scotiabank upgraded Canadian Natural Resources from a "sector perform" rating to a "sector outperform" rating in a report on Wednesday. Raymond James reiterated a "market perform" rating on shares of Canadian Natural Resources in a report on Friday, March 7th. Finally, Evercore ISI upgraded Canadian Natural Resources from an "in-line" rating to an "outperform" rating in a research note on Friday, March 7th. Four analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, Canadian Natural Resources has a consensus rating of "Hold" and an average target price of $63.00.

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Canadian Natural Resources Price Performance

The business has a fifty day moving average of $30.02 and a 200 day moving average of $32.22. The firm has a market cap of $63.70 billion, a P/E ratio of 11.78 and a beta of 1.48. The company has a quick ratio of 0.53, a current ratio of 0.84 and a debt-to-equity ratio of 0.21.

Canadian Natural Resources Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, April 4th. Investors of record on Friday, March 21st will be issued a dividend of $0.4117 per share. The ex-dividend date is Friday, March 21st. This is a positive change from Canadian Natural Resources's previous quarterly dividend of $0.39. This represents a $1.65 dividend on an annualized basis and a dividend yield of 5.43%. Canadian Natural Resources's payout ratio is presently 77.88%.

Institutional Investors Weigh In On Canadian Natural Resources

Several hedge funds have recently added to or reduced their stakes in CNQ. Duncker Streett & Co. Inc. bought a new position in shares of Canadian Natural Resources in the fourth quarter valued at about $25,000. Lee Danner & Bass Inc. bought a new position in Canadian Natural Resources in the 4th quarter valued at about $25,000. Continuum Advisory LLC raised its holdings in Canadian Natural Resources by 144.1% in the 3rd quarter. Continuum Advisory LLC now owns 830 shares of the oil and gas producer's stock valued at $28,000 after acquiring an additional 490 shares during the period. Sandy Spring Bank acquired a new stake in Canadian Natural Resources during the fourth quarter worth approximately $31,000. Finally, CoreFirst Bank & Trust bought a new stake in shares of Canadian Natural Resources during the fourth quarter worth approximately $31,000. Institutional investors and hedge funds own 74.03% of the company's stock.

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).