Canadian Natural Resources Target of Unusually Large Options Trading (NYSE:CNQ)

Canadian Natural Resources Ltd (NYSE:CNQ) (TSE:CNQ) was the target of unusually large options trading on Wednesday. Stock traders acquired 1,515 put options on the stock. This is an increase of 1,022% compared to the average daily volume of 135 put options.

Shares of NYSE CNQ opened at $26.84 on Thursday. The firm has a market capitalization of $32.54 billion, a price-to-earnings ratio of 13.40, a P/E/G ratio of 1.96 and a beta of 1.22. The company has a quick ratio of 0.57, a current ratio of 0.76 and a debt-to-equity ratio of 0.60. Canadian Natural Resources has a fifty-two week low of $21.85 and a fifty-two week high of $37.41.

Canadian Natural Resources (NYSE:CNQ) (TSE:CNQ) last announced its quarterly earnings data on Thursday, May 9th. The oil and gas producer reported $0.70 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.39 by $0.31. The firm had revenue of $3.95 billion during the quarter, compared to analysts’ expectations of $3.73 billion. Canadian Natural Resources had a return on equity of 8.98% and a net margin of 13.50%. During the same period in the previous year, the firm earned $0.71 EPS. As a group, equities research analysts forecast that Canadian Natural Resources will post 2.31 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Friday, June 14th will be issued a $0.2794 dividend. The ex-dividend date is Thursday, June 13th. This represents a $1.12 annualized dividend and a yield of 4.16%. Canadian Natural Resources’s dividend payout ratio is presently 53.02%.

CNQ has been the subject of several research reports. Evercore ISI raised Canadian Natural Resources from an “in-line” rating to an “outperform” rating and set a $27.83 price target for the company in a report on Wednesday, April 3rd. Scotiabank reissued a “buy” rating on shares of Canadian Natural Resources in a report on Tuesday, April 2nd. Royal Bank of Canada reissued a “buy” rating on shares of Canadian Natural Resources in a report on Tuesday, March 5th. Mizuho initiated coverage on Canadian Natural Resources in a report on Monday, March 11th. They set a “buy” rating and a $45.00 price target for the company. Finally, Raymond James reissued a “buy” rating on shares of Canadian Natural Resources in a report on Friday, May 10th. Four investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average price target of $41.09.

A number of hedge funds and other institutional investors have recently made changes to their positions in CNQ. Vanguard Group Inc raised its holdings in shares of Canadian Natural Resources by 3.2% during the 3rd quarter. Vanguard Group Inc now owns 33,721,656 shares of the oil and gas producer’s stock worth $1,101,349,000 after buying an additional 1,031,712 shares in the last quarter. TD Asset Management Inc. raised its holdings in shares of Canadian Natural Resources by 5.4% during the 1st quarter. TD Asset Management Inc. now owns 26,930,747 shares of the oil and gas producer’s stock worth $739,615,000 after buying an additional 1,383,266 shares in the last quarter. Beutel Goodman & Co Ltd. raised its holdings in shares of Canadian Natural Resources by 0.8% during the 1st quarter. Beutel Goodman & Co Ltd. now owns 23,242,450 shares of the oil and gas producer’s stock worth $638,126,000 after buying an additional 179,004 shares in the last quarter. Mackenzie Financial Corp raised its holdings in shares of Canadian Natural Resources by 2.0% during the 4th quarter. Mackenzie Financial Corp now owns 20,882,645 shares of the oil and gas producer’s stock worth $503,898,000 after buying an additional 410,192 shares in the last quarter. Finally, 1832 Asset Management L.P. raised its holdings in shares of Canadian Natural Resources by 6.5% during the 4th quarter. 1832 Asset Management L.P. now owns 20,753,266 shares of the oil and gas producer’s stock worth $501,139,000 after buying an additional 1,268,244 shares in the last quarter. 64.88% of the stock is owned by hedge funds and other institutional investors.

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About Canadian Natural Resources

Canadian Natural Resources Limited explores for, develops, produces, and markets crude oil, natural gas, and natural gas liquids (NGLs). The company offers synthetic crude oil (SCO), light and medium crude oil, bitumen (thermal oil), primary heavy crude oil, and Pelican Lake heavy crude oil. Its midstream assets include two crude oil pipeline systems; and a 50% working interest in an 84-megawatt cogeneration plant at Primrose.

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