Royal Bank of Canada Increases Canadian Natural Resources (NYSE:CNQ) Price Target to $90.00

Canadian Natural Resources (NYSE:CNQ) (TSE:CNQ) had its price objective raised by Royal Bank of Canada from $82.00 to $90.00 in a research report released on Monday morning, Benzinga reports. The firm currently has an outperform rating on the oil and gas producer’s stock.

Other research analysts have also issued reports about the company. National Bank Financial lowered Canadian Natural Resources from an outperform rating to a sector perform rating in a research report on Friday, August 4th. Jefferies Financial Group upped their price target on Canadian Natural Resources from $84.00 to $94.00 and gave the company a hold rating in a research report on Monday, August 28th. CIBC upped their price target on Canadian Natural Resources from $90.00 to $93.00 and gave the company an outperformer rating in a research report on Tuesday, August 29th. StockNews.com started coverage on Canadian Natural Resources in a research report on Thursday, August 17th. They set a hold rating on the stock. Finally, Wells Fargo & Company boosted their target price on Canadian Natural Resources from $80.00 to $85.00 and gave the company an equal weight rating in a research note on Friday, August 4th. Four investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Canadian Natural Resources presently has a consensus rating of Moderate Buy and a consensus target price of $89.56.

Canadian Natural Resources Price Performance

Shares of Canadian Natural Resources stock traded down $0.73 during trading on Monday, hitting $63.89. The stock had a trading volume of 1,133,056 shares, compared to its average volume of 2,070,024. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.70 and a quick ratio of 0.47. The firm has a market cap of $69.66 billion, a P/E ratio of 12.55, a PEG ratio of 11.83 and a beta of 1.58. The business has a fifty day moving average of $61.14 and a two-hundred day moving average of $58.04. Canadian Natural Resources has a fifty-two week low of $44.45 and a fifty-two week high of $66.18.

Canadian Natural Resources (NYSE:CNQ) (TSE:CNQ) last announced its earnings results on Thursday, August 3rd. The oil and gas producer reported $0.85 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.88 by ($0.03). The company had revenue of $5.87 billion for the quarter, compared to analyst estimates of $5.44 billion. Canadian Natural Resources had a return on equity of 22.86% and a net margin of 18.14%. On average, sell-side analysts expect that Canadian Natural Resources will post 5.08 earnings per share for the current fiscal year.

Canadian Natural Resources Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 5th. Investors of record on Friday, September 15th will be issued a dividend of $0.6744 per share. This represents a $2.70 dividend on an annualized basis and a yield of 4.22%. This is a boost from Canadian Natural Resources’s previous quarterly dividend of $0.66. The ex-dividend date is Thursday, September 14th. Canadian Natural Resources’s dividend payout ratio (DPR) is currently 52.46%.

Institutional Investors Weigh In On Canadian Natural Resources

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Raymond James Trust N.A. lifted its stake in Canadian Natural Resources by 2.3% in the first quarter. Raymond James Trust N.A. now owns 8,432 shares of the oil and gas producer’s stock valued at $523,000 after buying an additional 191 shares in the last quarter. Freedom Day Solutions LLC boosted its stake in Canadian Natural Resources by 4.9% in the 1st quarter. Freedom Day Solutions LLC now owns 4,174 shares of the oil and gas producer’s stock worth $231,000 after purchasing an additional 194 shares during the period. Eudaimonia Partners LLC increased its holdings in Canadian Natural Resources by 4.4% during the 1st quarter. Eudaimonia Partners LLC now owns 4,655 shares of the oil and gas producer’s stock worth $258,000 after purchasing an additional 196 shares in the last quarter. Tocqueville Asset Management L.P. raised its stake in shares of Canadian Natural Resources by 0.7% in the 1st quarter. Tocqueville Asset Management L.P. now owns 26,954 shares of the oil and gas producer’s stock valued at $1,492,000 after purchasing an additional 197 shares during the period. Finally, US Bancorp DE lifted its holdings in shares of Canadian Natural Resources by 0.4% in the first quarter. US Bancorp DE now owns 48,222 shares of the oil and gas producer’s stock valued at $2,669,000 after purchasing an additional 199 shares in the last quarter. 73.88% of the stock is owned by institutional investors and hedge funds.

About Canadian Natural Resources

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).