Canadian Natural Resources (NYSE:CNQ) Rating Increased to Buy at Wall Street Zen

Wall Street Zen upgraded shares of Canadian Natural Resources (NYSE:CNQ) (TSE:CNQ) from a hold rating to a buy rating in a research note issued to investors on Saturday.

A number of other equities analysts have also weighed in on CNQ. Scotiabank reiterated a “sector perform” rating on shares of Canadian Natural Resources in a report on Friday, August 7th. TD Securities restated a “buy” rating on shares of Canadian Natural Resources in a report on Friday, August 7th. Zacks Research raised Canadian Natural Resources from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 21st. Weiss Ratings reiterated a “buy (b-)” rating on shares of Canadian Natural Resources in a report on Friday, August 7th. Finally, Raymond James Financial raised Canadian Natural Resources from a “market perform” rating to an “outperform” rating in a research report on Thursday, May 7th. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $57.00.

Canadian Natural Resources Stock Up 0.6%

CNQ opened at $47.90 on Friday. Canadian Natural Resources has a 12 month low of $29.30 and a 12 month high of $51.34. The business has a 50-day moving average of $43.68 and a two-hundred day moving average of $44.56. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.00 and a quick ratio of 0.75. The stock has a market capitalization of $98.79 billion, a price-to-earnings ratio of 11.83 and a beta of 0.46.

Canadian Natural Resources (NYSE:CNQ) (TSE:CNQ) last announced its quarterly earnings data on Thursday, August 6th. The oil and gas producer reported $1.58 earnings per share for the quarter, topping the consensus estimate of $1.43 by $0.15. Canadian Natural Resources had a net margin of 22.78% and a return on equity of 23.91%. The business had revenue of $14.74 billion for the quarter, compared to analyst estimates of $9.40 billion. On average, research analysts expect that Canadian Natural Resources will post 4.05 earnings per share for the current year.

Canadian Natural Resources Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 2nd. Investors of record on Friday, September 11th will be given a dividend of $0.625 per share. This represents a $2.50 dividend on an annualized basis and a yield of 5.2%. The ex-dividend date of this dividend is Friday, September 11th. Canadian Natural Resources’s dividend payout ratio is 44.69%.

Institutional Investors Weigh In On Canadian Natural Resources

Several hedge funds have recently modified their holdings of CNQ. Axiom Investment Management LLC acquired a new position in shares of Canadian Natural Resources in the first quarter worth about $29,000. Trust Co. of Vermont acquired a new stake in Canadian Natural Resources during the 2nd quarter valued at approximately $26,000. CX Institutional acquired a new stake in Canadian Natural Resources during the 2nd quarter valued at approximately $28,000. Sunbelt Securities Inc. purchased a new stake in Canadian Natural Resources during the 4th quarter worth approximately $25,000. Finally, Manchester Capital Management LLC acquired a new position in shares of Canadian Natural Resources in the 4th quarter valued at approximately $28,000. 74.03% of the stock is currently owned by hedge funds and other institutional investors.

Canadian Natural Resources Company Profile

Canadian Natural Resources Limited (NYSE: CNQ) is a Calgary-based independent oil and natural gas exploration and production company. Established in the early 1970s and publicly listed in Canada and the United States, the company is principally engaged in the exploration, development, production, and marketing of crude oil, natural gas and natural gas liquids. Its asset base spans conventional and unconventional reservoirs and includes oil sands mining and in-situ thermal projects, midstream processing and upgrading capacity, and related field operations.

The company’s operations are concentrated in Western Canada, where it develops heavy crude, bitumen from oil sands and conventional light crude and natural gas resources.