Shares of Canadian Natural Resource Ltd (NYSE:CNQ) (TSE:CNQ) have earned an average rating of “Hold” from the twelve brokerages that are covering the firm, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, four have given a hold recommendation and six have assigned a buy recommendation to the company. The average 12 month price target among analysts that have covered the stock in the last year is $46.40.
A number of equities research analysts recently commented on the company. Wells Fargo downgraded Canadian Natural Resource from an “outperform” rating to a “market perform” rating in a report on Tuesday, February 6th. Morgan Stanley upped their price objective on Canadian Natural Resource from $52.00 to $58.00 and gave the company an “overweight” rating in a report on Wednesday, January 24th. Zacks Investment Research downgraded Canadian Natural Resource from a “strong-buy” rating to a “hold” rating in a report on Wednesday, February 14th. UBS started coverage on Canadian Natural Resource in a report on Wednesday, March 7th. They issued a “buy” rating for the company. Finally, AltaCorp Capital reissued a “buy” rating and issued a $52.00 target price on shares of Canadian Natural Resource in a research note on Monday, January 15th.
NYSE CNQ traded down $0.78 on Friday, reaching $33.02. The company had a trading volume of 2,812,532 shares, compared to its average volume of 2,508,838. The company has a market capitalization of $40,479.29, a PE ratio of 39.78, a P/E/G ratio of 3.30 and a beta of 1.33. The company has a current ratio of 0.78, a quick ratio of 0.64 and a debt-to-equity ratio of 0.65. Canadian Natural Resource has a 52 week low of $27.52 and a 52 week high of $37.63.
Canadian Natural Resource declared that its board has initiated a share repurchase plan on Wednesday, March 14th that allows the company to repurchase 61,300,000 shares. This repurchase authorization allows the oil and gas producer to purchase shares of its stock through open market purchases. Shares repurchase plans are usually an indication that the company’s management believes its shares are undervalued.
The firm also recently announced a quarterly dividend, which was paid on Sunday, April 1st. Shareholders of record on Friday, March 16th were paid a $0.261 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 3.16%. This is a boost from Canadian Natural Resource’s previous quarterly dividend of $0.21. The ex-dividend date was Thursday, March 15th. Canadian Natural Resource’s payout ratio is presently 125.30%.
A number of large investors have recently bought and sold shares of CNQ. Mackenzie Financial Corp grew its stake in Canadian Natural Resource by 64.3% in the fourth quarter. Mackenzie Financial Corp now owns 10,423,026 shares of the oil and gas producer’s stock valued at $372,310,000 after acquiring an additional 4,080,120 shares during the period. The Manufacturers Life Insurance Company grew its stake in Canadian Natural Resource by 39.4% in the fourth quarter. The Manufacturers Life Insurance Company now owns 10,882,795 shares of the oil and gas producer’s stock valued at $388,734,000 after acquiring an additional 3,074,138 shares during the period. Picton Mahoney Asset Management acquired a new position in Canadian Natural Resource in the fourth quarter valued at about $112,571,000. Mawer Investment Management Ltd. grew its stake in Canadian Natural Resource by 17.8% in the fourth quarter. Mawer Investment Management Ltd. now owns 6,597,725 shares of the oil and gas producer’s stock valued at $235,623,000 after acquiring an additional 995,416 shares during the period. Finally, Alliancebernstein L.P. grew its stake in Canadian Natural Resource by 18.8% in the fourth quarter. Alliancebernstein L.P. now owns 5,674,058 shares of the oil and gas producer’s stock valued at $202,677,000 after acquiring an additional 899,067 shares during the period. 60.30% of the stock is owned by hedge funds and other institutional investors.
About Canadian Natural Resource
Canadian Natural Resources Limited is an independent crude oil and natural gas exploration, development and production company. The Company’s segments include Exploration and Production, Oil Sands Mining and Upgrading, and Midstream. The Exploration and Production segment includes exploration, development, production and marketing of crude oil, natural gas liquids (NGLs) and natural gas.
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