Analysts Set Canadian Natural Resources Limited (NYSE:CNQ) Price Target at $57.00

Canadian Natural Resources Limited (NYSE:CNQ) (TSE:CNQ) has earned an average rating of “Moderate Buy” from the twelve analysts that are covering the company, MarketBeat.com reports. Six research analysts have rated the stock with a hold rating and six have given a buy rating to the company. The average 12 month price objective among analysts that have updated their coverage on the stock in the last year is $57.00.

Several research analysts have recently commented on the company. Raymond James Financial raised Canadian Natural Resources from a “market perform” rating to an “outperform” rating in a report on Thursday, May 7th. Scotiabank raised shares of Canadian Natural Resources to a “hold” rating in a research note on Friday, June 26th. Weiss Ratings lowered shares of Canadian Natural Resources from a “buy (b)” rating to a “buy (b-)” rating in a research report on Monday, May 11th. Royal Bank Of Canada boosted their price target on shares of Canadian Natural Resources from $61.00 to $65.00 and gave the stock an “outperform” rating in a research note on Friday, March 6th. Finally, The Goldman Sachs Group raised their price objective on shares of Canadian Natural Resources from $37.00 to $49.00 and gave the company a “buy” rating in a research report on Thursday, March 12th.

Canadian Natural Resources Stock Down 0.0%

Shares of NYSE:CNQ opened at $39.63 on Monday. The firm has a fifty day moving average price of $44.85 and a two-hundred day moving average price of $42.10. The company has a market cap of $82.27 billion, a price-to-earnings ratio of 11.83 and a beta of 0.47. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.98 and a quick ratio of 0.68. Canadian Natural Resources has a one year low of $29.30 and a one year high of $51.34.

Canadian Natural Resources (NYSE:CNQ) (TSE:CNQ) last released its quarterly earnings results on Thursday, May 7th. The oil and gas producer reported $0.85 earnings per share for the quarter, topping the consensus estimate of $0.74 by $0.11. The firm had revenue of $7.72 billion for the quarter, compared to analysts’ expectations of $7.57 billion. Canadian Natural Resources had a net margin of 22.04% and a return on equity of 17.49%. During the same quarter in the prior year, the firm posted $1.16 earnings per share. Analysts anticipate that Canadian Natural Resources will post 4.2 EPS for the current fiscal year.

Canadian Natural Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 7th. Stockholders of record on Tuesday, June 23rd will be issued a $0.625 dividend. This represents a $2.50 dividend on an annualized basis and a dividend yield of 6.3%. The ex-dividend date is Tuesday, June 23rd. Canadian Natural Resources’s dividend payout ratio is presently 54.03%.

Hedge Funds Weigh In On Canadian Natural Resources

A number of large investors have recently modified their holdings of the company. Capital Research Global Investors boosted its stake in Canadian Natural Resources by 31.5% in the fourth quarter. Capital Research Global Investors now owns 146,331,336 shares of the oil and gas producer’s stock worth $4,956,204,000 after buying an additional 35,067,143 shares in the last quarter. Arrowstreet Capital Limited Partnership bought a new stake in shares of Canadian Natural Resources in the 1st quarter worth approximately $1,411,619,000. Massachusetts Financial Services Co. MA boosted its stake in shares of Canadian Natural Resources by 179.2% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 11,616,347 shares of the oil and gas producer’s stock valued at $393,213,000 after purchasing an additional 7,455,286 shares in the last quarter. AQR Capital Management LLC grew its holdings in shares of Canadian Natural Resources by 11,020.4% during the 4th quarter. AQR Capital Management LLC now owns 3,680,735 shares of the oil and gas producer’s stock valued at $124,672,000 after purchasing an additional 3,647,636 shares during the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund grew its holdings in shares of Canadian Natural Resources by 10.0% during the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 37,457,500 shares of the oil and gas producer’s stock valued at $1,826,578,000 after purchasing an additional 3,397,500 shares during the last quarter. 74.03% of the stock is 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.