Canadian Natural Resources (NYSE:CNQ) Announces Earnings Results, Beats Estimates By $0.08 EPS

Canadian Natural Resources (NYSE:CNQ) (TSE:CNQ) released its earnings results on Thursday. The oil and gas producer reported $0.62 earnings per share for the quarter, topping the consensus estimate of $0.54 by $0.08, Zacks reports. The business had revenue of $6.79 billion during the quarter, compared to the consensus estimate of $6.81 billion. Canadian Natural Resources had a return on equity of 19.67% and a net margin of 19.00%.During the same period last year, the company earned $0.97 earnings per share.

Canadian Natural Resources Trading Up 0.4%

Shares of NYSE:CNQ opened at $31.61 on Friday. The company has a market capitalization of $65.92 billion, a PE ratio of 11.21 and a beta of 0.96. The company has a current ratio of 0.85, a quick ratio of 0.54 and a debt-to-equity ratio of 0.38. Canadian Natural Resources has a 12-month low of $24.65 and a 12-month high of $34.97. The business’s fifty day simple moving average is $31.61 and its 200-day simple moving average is $31.24.

Canadian Natural Resources Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, January 6th. Stockholders of record on Friday, December 12th will be issued a $0.5875 dividend. The ex-dividend date is Friday, December 12th. This represents a $2.35 dividend on an annualized basis and a dividend yield of 7.4%. This is a boost from Canadian Natural Resources’s previous quarterly dividend of $0.43. Canadian Natural Resources’s dividend payout ratio (DPR) is 75.66%.

Hedge Funds Weigh In On Canadian Natural Resources

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. AQR Capital Management LLC boosted its holdings in shares of Canadian Natural Resources by 85.5% in the 1st quarter. AQR Capital Management LLC now owns 18,090 shares of the oil and gas producer’s stock valued at $557,000 after buying an additional 8,336 shares in the last quarter. Jones Financial Companies Lllp raised its stake in shares of Canadian Natural Resources by 92.7% during the 1st quarter. Jones Financial Companies Lllp now owns 29,096 shares of the oil and gas producer’s stock worth $896,000 after acquiring an additional 13,996 shares in the last quarter. Empowered Funds LLC lifted its position in Canadian Natural Resources by 4.3% during the first quarter. Empowered Funds LLC now owns 79,374 shares of the oil and gas producer’s stock valued at $2,445,000 after acquiring an additional 3,266 shares during the last quarter. Geneos Wealth Management Inc. boosted its stake in Canadian Natural Resources by 47.3% in the first quarter. Geneos Wealth Management Inc. now owns 1,644 shares of the oil and gas producer’s stock valued at $51,000 after acquiring an additional 528 shares in the last quarter. Finally, EverSource Wealth Advisors LLC grew its holdings in Canadian Natural Resources by 65.5% in the second quarter. EverSource Wealth Advisors LLC now owns 4,513 shares of the oil and gas producer’s stock worth $142,000 after purchasing an additional 1,786 shares during the last quarter. Hedge funds and other institutional investors own 74.03% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on CNQ shares. Scotiabank reissued an “outperform” rating on shares of Canadian Natural Resources in a research report on Thursday, October 9th. TD Securities reiterated a “buy” rating on shares of Canadian Natural Resources in a report on Tuesday, September 30th. National Bankshares reissued a “sector perform” rating on shares of Canadian Natural Resources in a research note on Thursday, July 17th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Canadian Natural Resources in a research report on Wednesday, October 8th. Finally, Raymond James Financial reiterated an “outperform” rating on shares of Canadian Natural Resources in a report on Friday, August 8th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $62.00.

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).