Canadian Natural Resources (NYSE:CNQ) Price Target Raised to $63.00 at Royal Bank of Canada

Canadian Natural Resources (NYSE:CNQ - Free Report) TSE: CNQ had its price target hoisted by Royal Bank of Canada from $62.00 to $63.00 in a report issued on Friday,Benzinga reports. They currently have an outperform rating on the oil and gas producer's stock.

A number of other equities research analysts have also recently commented on the stock. Tudor Pickering cut shares of Canadian Natural Resources from a "strong-buy" rating to a "hold" rating in a report on Monday, February 10th. Evercore ISI raised shares of Canadian Natural Resources from an "in-line" rating to an "outperform" rating in a report on Friday. Five investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $63.00.

Canadian Natural Resources Stock Performance

Shares of NYSE:CNQ traded up $0.37 during mid-day trading on Friday, reaching $28.33. The company had a trading volume of 11,417,979 shares, compared to its average volume of 7,054,186. The company has a current ratio of 0.84, a quick ratio of 0.53 and a debt-to-equity ratio of 0.21. The firm has a market cap of $59.56 billion, a price-to-earnings ratio of 11.00 and a beta of 1.48. The company's 50-day moving average price is $30.46 and its 200-day moving average price is $32.69. Canadian Natural Resources has a one year low of $25.62 and a one year high of $41.29.

Remove Ads

Canadian Natural Resources Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 4th. Stockholders of record on Friday, March 21st will be paid a dividend of $0.4117 per share. This represents a $1.65 annualized dividend and a dividend yield of 5.81%. This is an increase from Canadian Natural Resources's previous quarterly dividend of $0.39. The ex-dividend date of this dividend is Friday, March 21st. Canadian Natural Resources's dividend payout ratio is 61.87%.

Hedge Funds Weigh In On Canadian Natural Resources

Several hedge funds and other institutional investors have recently modified their holdings of CNQ. Janney Montgomery Scott LLC raised its stake in shares of Canadian Natural Resources by 21.2% during the third quarter. Janney Montgomery Scott LLC now owns 26,900 shares of the oil and gas producer's stock valued at $893,000 after acquiring an additional 4,702 shares during the last quarter. Moloney Securities Asset Management LLC raised its stake in Canadian Natural Resources by 5.4% in the third quarter. Moloney Securities Asset Management LLC now owns 7,302 shares of the oil and gas producer's stock worth $242,000 after buying an additional 376 shares in the last quarter. Old West Investment Management LLC raised its stake in Canadian Natural Resources by 73.9% in the third quarter. Old West Investment Management LLC now owns 355,983 shares of the oil and gas producer's stock worth $11,822,000 after buying an additional 151,237 shares in the last quarter. Malaga Cove Capital LLC bought a new position in Canadian Natural Resources in the third quarter worth about $268,000. Finally, Trinity Legacy Partners LLC raised its stake in Canadian Natural Resources by 3.7% in the third quarter. Trinity Legacy Partners LLC now owns 90,980 shares of the oil and gas producer's stock worth $3,021,000 after buying an additional 3,221 shares in the last quarter. 74.03% of the stock is owned by 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).