Trade Report: The Canadian Natural Resources Ltd. (NYSE:CNQ) Receives $40.40 Average Target Price from Analysts

The Canadian Natural Resources Ltd. (NYSE:CNQ) Receives $40.40 Average Target Price from Analysts

Canadian Natural Resources Ltd. (NYSE:CNQ) has earned an average recommendation of “Buy” from the twenty-one brokerages that are currently covering the stock. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, thirteen have assigned a buy rating and two have given a strong buy rating to the company. The average 1-year target price among brokers that have updated their coverage on the stock in the last year is $40.40.

CNQ has been the topic of several analyst reports. Bank of America Corp. initiated coverage on shares of Canadian Natural Resources in a report on Friday, August 19th. They issued a “buy” rating and a $38.00 target price on the stock. RBC Capital Markets reaffirmed a “top pick” rating and issued a $51.00 target price on shares of Canadian Natural Resources in a report on Monday, August 29th. JPMorgan Chase & Co. lifted their target price on shares of Canadian Natural Resources from $46.00 to $47.00 and gave the company an “overweight” rating in a report on Friday, August 5th. TD Securities reaffirmed a “hold” rating and issued a $40.00 target price on shares of Canadian Natural Resources in a report on Wednesday, August 10th. Finally, Macquarie raised shares of Canadian Natural Resources from a “neutral” rating to an “outperform” rating in a report on Friday, August 5th.

Shares of Canadian Natural Resources (NYSE:CNQ) opened at 31.91 on Wednesday. The firm’s market cap is $35.15 billion. Canadian Natural Resources has a 12-month low of $14.60 and a 12-month high of $32.94. The firm has a 50-day moving average of $31.12 and a 200-day moving average of $29.99.

Canadian Natural Resources (NYSE:CNQ) last issued its 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. The business had revenue of $2.55 billion for the quarter, compared to the consensus estimate of $1.80 billion. Canadian Natural Resources had a negative net margin of 3.88% and a negative return on equity of 2.36%. On average, equities analysts forecast that Canadian Natural Resources will post ($0.60) earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Saturday, October 1st. Stockholders of record on Friday, September 16th were paid a $0.1764 dividend. The ex-dividend date of this dividend was Wednesday, September 14th. This represents a $0.71 annualized dividend and a dividend yield of 2.21%. Canadian Natural Resources’s dividend payout ratio (DPR) is presently -233.33%.

Several hedge funds and other institutional investors have recently made changes to their positions in CNQ. Legal & General Group Plc increased its position 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 valued at $127,301,000 after buying an additional 231,377 shares during the period. Renaissance Technologies LLC increased its position 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 valued at $2,136,000 after buying an additional 56,400 shares during the period. HBK Investments L P purchased a new position in shares of Canadian Natural Resources during the first quarter valued at $964,000. Quadrature Capital Ltd purchased a new position in shares of Canadian Natural Resources during the first quarter valued at $1,371,000. Finally, UBS Asset Management Americas Inc. increased its position 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 valued at $65,898,000 after buying an additional 23,121 shares during the period. Institutional investors and hedge funds own 69.22% of the company’s stock.

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