Canadian Natural Resources (NYSE:CNQ) Sees Large Volume Increase – Here’s Why

Canadian Natural Resources Limited (NYSE:CNQ) (TSE:CNQ) saw unusually-strong trading volume on Wednesday . Approximately 12,565,276 shares changed hands during trading, an increase of 148% from the previous session’s volume of 5,062,611 shares.The stock last traded at $30.84 and had previously closed at $29.99.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on CNQ. Royal Bank of Canada raised their price target on Canadian Natural Resources from $62.00 to $63.00 and gave the stock an “outperform” rating in a research note on Friday, March 7th. Scotiabank upgraded Canadian Natural Resources from a “sector perform” rating to a “sector outperform” rating in a report on Wednesday. Evercore ISI upgraded Canadian Natural Resources from an “in-line” rating to an “outperform” rating in a report on Friday, March 7th. Raymond James reiterated a “market perform” rating on shares of Canadian Natural Resources in a report on Friday, March 7th. Finally, Tudor Pickering cut Canadian Natural Resources from a “strong-buy” rating to a “hold” rating in a research report on Monday, February 10th. Four analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $63.00.

Canadian Natural Resources Trading Up 2.8 %

The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.53 and a current ratio of 0.84. The stock has a market capitalization of $64.77 billion, a PE ratio of 12.00 and a beta of 1.48. The stock has a 50-day moving average price of $30.14 and a two-hundred day moving average price of $32.30.

Canadian Natural Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 4th. Stockholders of record on Friday, March 21st will be given a dividend of $0.4117 per share. This is a boost from Canadian Natural Resources’s previous quarterly dividend of $0.39. This represents a $1.65 dividend on an annualized basis and a dividend yield of 5.34%. The ex-dividend date is Friday, March 21st. Canadian Natural Resources’s payout ratio is presently 77.88%.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. Duncker Streett & Co. Inc. purchased a new position in Canadian Natural Resources in the 4th quarter worth approximately $25,000. Lee Danner & Bass Inc. purchased a new position in Canadian Natural Resources in the 4th quarter worth approximately $25,000. Continuum Advisory LLC lifted its holdings in Canadian Natural Resources by 144.1% in the 3rd quarter. Continuum Advisory LLC now owns 830 shares of the oil and gas producer’s stock worth $28,000 after purchasing an additional 490 shares in the last quarter. Sandy Spring Bank purchased a new position in Canadian Natural Resources in the 4th quarter worth approximately $31,000. Finally, CoreFirst Bank & Trust bought a new stake in Canadian Natural Resources in the 4th quarter worth approximately $31,000. 74.03% of the stock is owned by hedge funds and other institutional investors.

Canadian Natural Resources Company Profile

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).