Canadian Natural Resources Ltd. (NYSE:CNQ) Receives $40.40 Average Target Price from Analysts
Shares of Canadian Natural Resources Ltd. (NYSE:CNQ) have been assigned an average rating of “Buy” from the twenty-one brokerages that are currently covering the firm. One investment analyst has rated the stock with a sell recommendation, five have issued a hold recommendation, thirteen have assigned a buy recommendation and two have issued a strong buy recommendation on the company. The average 1 year price objective among brokerages that have updated their coverage on the stock in the last year is $40.40.
Several analysts have recently weighed in on the stock. RBC Capital Markets reaffirmed a “top pick” rating and set a $51.00 price target on shares of Canadian Natural Resources in a research note on Monday, August 29th. Bank of America Corp. assumed coverage on shares of Canadian Natural Resources in a research note on Friday, August 19th. They set a “buy” rating and a $38.00 price target for the company. TD Securities reaffirmed a “hold” rating and set a $40.00 price target on shares of Canadian Natural Resources in a research note on Wednesday, August 10th. Scotiabank reaffirmed an “outperform” rating and set a $44.00 price target on shares of Canadian Natural Resources in a research note on Wednesday, August 10th. Finally, JPMorgan Chase & Co. lifted their price target on shares of Canadian Natural Resources from $46.00 to $47.00 and gave the company an “overweight” rating in a research note on Friday, August 5th.
Canadian Natural Resources (NYSE:CNQ) opened at 31.91 on Wednesday. Canadian Natural Resources has a 12 month low of $14.60 and a 12 month high of $32.94. The stock’s market cap is $35.15 billion. The company’s 50 day moving average price is $31.12 and its 200 day moving average price is $29.99.
Canadian Natural Resources (NYSE:CNQ) last posted its quarterly earnings results on Thursday, August 4th. The company reported ($0.19) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.20) by $0.01. Canadian Natural Resources had a negative net margin of 3.88% and a negative return on equity of 2.36%. The firm earned $2.55 billion during the quarter, compared to the consensus estimate of $1.80 billion. Equities analysts forecast that Canadian Natural Resources will post ($0.60) EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Saturday, October 1st. Stockholders of record on Friday, September 16th were issued a dividend of $0.1764 per share. This represents a $0.71 dividend on an annualized basis and a dividend yield of 2.21%. The ex-dividend date of this dividend was Wednesday, September 14th. Canadian Natural Resources’s dividend payout ratio (DPR) is presently -233.33%.
Several large investors have recently made changes to their positions in the stock. Legal & General Group Plc raised its stake in shares of Canadian Natural Resources by 5.2% in the first quarter. Legal & General Group Plc now owns 4,687,833 shares of the company’s stock worth $127,301,000 after buying an additional 231,377 shares during the period. Renaissance Technologies LLC raised its stake in shares of Canadian Natural Resources by 250.7% in the first quarter. Renaissance Technologies LLC now owns 78,900 shares of the company’s stock worth $2,136,000 after buying an additional 56,400 shares during the period. HBK Investments L P bought a new stake in shares of Canadian Natural Resources during the first quarter worth $964,000. Quadrature Capital Ltd bought a new stake in shares of Canadian Natural Resources during the first quarter worth $1,371,000. Finally, UBS Asset Management Americas Inc. raised its stake in shares of Canadian Natural Resources by 1.0% in the first quarter. UBS Asset Management Americas Inc. now owns 2,426,309 shares of the company’s stock worth $65,898,000 after buying an additional 23,121 shares during the period. 69.22% of the stock is currently owned by hedge funds and other institutional investors.
Canadian Natural Resources Company Profile
Canadian Natural Resources Limited is an independent crude oil and natural gas exploration, development and production company. The Company is engaged in the acquisition, exploration, development, production, marketing and sale of crude oil, natural gas and natural gas liquids (NGLs). Its exploration and production operations are focused in North America, largely in Western Canada; the United Kingdom (UK) portion of the North Sea and Cote d’Ivoire, Gabon, and South Africa in Offshore Africa.
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