Canadian Natural Resources Limited (NYSE:CNQ) Receives $63.00 Average Price Target from Analysts

Canadian Natural Resources Limited (NYSE:CNQ) (TSE:CNQ) has received an average rating of “Moderate Buy” from the six research firms that are covering the stock, MarketBeat.com reports. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The average 1 year target price among brokerages that have issued a report on the stock in the last year is $63.00.

Several analysts have recently weighed in on the company. Royal Bank of Canada restated an “outperform” rating and set a $63.00 price target on shares of Canadian Natural Resources in a report on Thursday, March 27th. Tudor Pickering cut Canadian Natural Resources from a “strong-buy” rating to a “hold” rating in a report on Monday, February 10th. Raymond James upgraded Canadian Natural Resources from a “market perform” rating to an “outperform” rating in a report on Wednesday, April 9th. Evercore ISI upgraded Canadian Natural Resources from an “in-line” rating to an “outperform” rating in a report on Friday, March 7th. Finally, Scotiabank upgraded Canadian Natural Resources from a “sector perform” rating to a “sector outperform” rating in a report on Wednesday, March 19th.

Hedge Funds Weigh In On Canadian Natural Resources

Hedge funds have recently bought and sold shares of the company. Duncker Streett & Co. Inc. bought a new position in Canadian Natural Resources during the fourth quarter worth $25,000. Lee Danner & Bass Inc. bought a new position in Canadian Natural Resources during the fourth quarter worth $25,000. Hurley Capital LLC bought a new position in Canadian Natural Resources during the fourth quarter worth $31,000. Sandy Spring Bank bought a new stake in Canadian Natural Resources in the fourth quarter valued at $31,000. Finally, CoreFirst Bank & Trust bought a new stake in Canadian Natural Resources in the fourth quarter valued at $31,000. Institutional investors own 74.03% of the company’s stock.

Canadian Natural Resources Stock Performance

Canadian Natural Resources stock opened at $28.90 on Tuesday. The stock has a market cap of $60.61 billion, a PE ratio of 11.22 and a beta of 1.10. The company has a quick ratio of 0.53, a current ratio of 0.84 and a debt-to-equity ratio of 0.21. The business’s 50-day moving average price is $28.84 and its two-hundred day moving average price is $31.11. Canadian Natural Resources has a 12-month low of $24.65 and a 12-month high of $39.20.

Canadian Natural Resources Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, April 4th. Investors of record on Friday, March 21st were paid a dividend of $0.4117 per share. This represents a $1.65 dividend on an annualized basis and a yield of 5.70%. The ex-dividend date of this dividend was Friday, March 21st. This is an increase from Canadian Natural Resources’s previous quarterly dividend of $0.39. Canadian Natural Resources’s dividend payout ratio (DPR) is currently 77.88%.

About Canadian Natural Resources

Canadian Natural Resources Limited acquires, explores for, develops, produces, markets, and sells crude oil, natural gas, and natural gas liquids (NGLs). The company offers light and medium crude oil, primary heavy crude oil, Pelican Lake heavy crude oil, bitumen (thermal oil), and synthetic crude oil (SCO).