Canadian Natural Resources (CNQ) Price Target Cut to $29.00 by Analysts at Citigroup

Canadian Natural Resources (NYSE:CNQ) (TSE:CNQ) had its target price decreased by Citigroup from $38.00 to $29.00 in a report released on Friday morning. Citigroup currently has a neutral rating on the oil and gas producer’s stock.

CNQ has been the topic of a number of other reports. ValuEngine downgraded shares of Canadian Natural Resources from a sell rating to a strong sell rating in a report on Tuesday, October 2nd. CIBC began coverage on shares of Canadian Natural Resources in a report on Friday, October 5th. They issued a sector outperform rating on the stock. Zacks Investment Research downgraded shares of Canadian Natural Resources from a buy rating to a hold rating in a report on Tuesday, August 28th. Morgan Stanley reduced their price target on shares of Canadian Natural Resources from $64.00 to $60.00 and set an overweight rating on the stock in a report on Friday, October 12th. Finally, Macquarie downgraded shares of Canadian Natural Resources from an outperform rating to a neutral rating in a report on Tuesday, October 9th. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and ten have given a buy rating to the stock. The stock currently has a consensus rating of Buy and an average target price of $43.23.

Shares of CNQ stock traded up $0.79 on Friday, hitting $26.93. 5,783,352 shares of the stock traded hands, compared to its average volume of 3,760,202. The company has a market capitalization of $31.82 billion, a price-to-earnings ratio of 32.45, a PEG ratio of 1.68 and a beta of 1.34. Canadian Natural Resources has a 52 week low of $24.02 and a 52 week high of $38.20. The company has a debt-to-equity ratio of 0.58, a current ratio of 0.92 and a quick ratio of 0.69.

Canadian Natural Resources (NYSE:CNQ) (TSE:CNQ) last announced its quarterly earnings data on Thursday, November 1st. The oil and gas producer reported $1.11 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.66 by $0.45. The firm had revenue of $4.51 billion for the quarter, compared to the consensus estimate of $4.71 billion. Canadian Natural Resources had a net margin of 15.94% and a return on equity of 12.33%. During the same period last year, the firm earned $0.19 EPS. Equities research analysts expect that Canadian Natural Resources will post 2.63 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Tuesday, January 1st. Shareholders of record on Monday, December 10th will be issued a $0.255 dividend. The ex-dividend date of this dividend is Friday, December 7th. This represents a $1.02 dividend on an annualized basis and a yield of 3.79%. Canadian Natural Resources’s dividend payout ratio is currently 124.10%.

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. PNC Financial Services Group Inc. grew its stake in shares of Canadian Natural Resources by 1.7% in the 2nd quarter. PNC Financial Services Group Inc. now owns 89,181 shares of the oil and gas producer’s stock worth $3,217,000 after buying an additional 1,506 shares in the last quarter. Cubist Systematic Strategies LLC grew its stake in shares of Canadian Natural Resources by 50.0% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 5,400 shares of the oil and gas producer’s stock worth $195,000 after buying an additional 1,800 shares in the last quarter. Morningstar Investment Services LLC grew its stake in shares of Canadian Natural Resources by 18.3% in the 2nd quarter. Morningstar Investment Services LLC now owns 11,821 shares of the oil and gas producer’s stock worth $426,000 after buying an additional 1,828 shares in the last quarter. Bristol Gate Capital Partners Inc. grew its stake in shares of Canadian Natural Resources by 33.1% in the 3rd quarter. Bristol Gate Capital Partners Inc. now owns 7,425 shares of the oil and gas producer’s stock worth $242,000 after buying an additional 1,847 shares in the last quarter. Finally, Dividend Assets Capital LLC grew its stake in shares of Canadian Natural Resources by 3.0% in the 3rd quarter. Dividend Assets Capital LLC now owns 63,241 shares of the oil and gas producer’s stock worth $2,065,000 after buying an additional 1,856 shares in the last quarter. Institutional investors own 66.30% of the company’s stock.

About Canadian Natural Resources

Canadian Natural Resources Limited explores for, develops, produces, and markets 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, and synthetic crude oil (SCO). Its midstream assets include two crude oil pipeline systems; and a 50% working interest in an 84-megawatt cogeneration plant at Primrose.

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