Canadian Natural Resources (NYSE:CNQ) Upgraded by StockNews.com to Buy

StockNews.com upgraded shares of Canadian Natural Resources (NYSE:CNQ) (TSE:CNQ) from a hold rating to a buy rating in a research report report published on Monday.

A number of other research firms have also recently commented on CNQ. Raymond James raised shares of Canadian Natural Resources to a hold rating in a research report on Tuesday, May 28th. Scotiabank reissued a sector perform rating on shares of Canadian Natural Resources in a research report on Tuesday, June 11th. Wolfe Research assumed coverage on shares of Canadian Natural Resources in a research report on Thursday, July 18th. They issued a peer perform rating for the company. Finally, Desjardins cut shares of Canadian Natural Resources from a buy rating to a hold rating in a research report on Tuesday, April 23rd. Six 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.com, Canadian Natural Resources presently has a consensus rating of Hold and an average price target of $48.13.

Canadian Natural Resources Stock Performance

CNQ stock traded up $0.33 during midday trading on Monday, reaching $33.25. 4,553,130 shares of the company were exchanged, compared to its average volume of 5,704,909. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.88 and a quick ratio of 0.61. The business has a 50-day moving average price of $35.49 and a two-hundred day moving average price of $35.78. Canadian Natural Resources has a one year low of $29.45 and a one year high of $41.29. The firm has a market capitalization of $70.75 billion, a price-to-earnings ratio of 13.13 and a beta of 1.52.

Canadian Natural Resources (NYSE:CNQ) (TSE:CNQ) last released its quarterly earnings data on Thursday, August 1st. The oil and gas producer reported $0.88 EPS for the quarter, topping analysts’ consensus estimates of $0.62 by $0.26. Canadian Natural Resources had a net margin of 18.05% and a return on equity of 21.98%. The firm had revenue of $7.76 billion during the quarter, compared to analysts’ expectations of $6.19 billion. During the same period in the previous year, the business posted $0.43 earnings per share. Equities research analysts forecast that Canadian Natural Resources will post 2.87 EPS for the current year.

Canadian Natural Resources Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 4th. Investors of record on Friday, September 13th will be paid a $0.384 dividend. This represents a $1.54 dividend on an annualized basis and a yield of 4.62%. The ex-dividend date is Friday, September 13th. Canadian Natural Resources’s dividend payout ratio (DPR) is presently 60.96%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Venture Visionary Partners LLC raised its stake in Canadian Natural Resources by 9.7% during the fourth quarter. Venture Visionary Partners LLC now owns 3,400 shares of the oil and gas producer’s stock worth $223,000 after acquiring an additional 300 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. acquired a new position in Canadian Natural Resources during the fourth quarter worth about $2,096,000. Sequoia Financial Advisors LLC raised its stake in Canadian Natural Resources by 4.3% during the fourth quarter. Sequoia Financial Advisors LLC now owns 9,842 shares of the oil and gas producer’s stock worth $645,000 after acquiring an additional 409 shares in the last quarter. Cerity Partners LLC raised its stake in Canadian Natural Resources by 556.7% during the fourth quarter. Cerity Partners LLC now owns 96,338 shares of the oil and gas producer’s stock worth $6,312,000 after acquiring an additional 81,669 shares in the last quarter. Finally, Janiczek Wealth Management LLC raised its stake in Canadian Natural Resources by 39.7% during the fourth quarter. Janiczek Wealth Management LLC now owns 609 shares of the oil and gas producer’s stock worth $40,000 after acquiring an additional 173 shares in the last quarter. 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).