Canadian Natural Resources (NYSE:CNQ) Stock Rating Upgraded by Scotiabank

Scotiabank upgraded shares of Canadian Natural Resources (NYSE:CNQ) (TSE:CNQ) from a sector perform rating to a sector outperform rating in a research report released on Wednesday, Marketbeat Ratings reports.

CNQ has been the subject of several other research reports. Tudor Pickering cut shares of Canadian Natural Resources from a “strong-buy” rating to a “hold” rating in a research report on Monday, February 10th. Raymond James reiterated a “market perform” rating on shares of Canadian Natural Resources in a report on Friday, March 7th. Evercore ISI upgraded Canadian Natural Resources from an “in-line” rating to an “outperform” rating in a research note on Friday, March 7th. Finally, Royal Bank of Canada boosted their target price on shares of Canadian Natural Resources from $62.00 to $63.00 and gave the stock an “outperform” rating in a report on Friday, March 7th. Four equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, Canadian Natural Resources currently has an average rating of “Hold” and a consensus target price of $63.00.

Canadian Natural Resources Price Performance

CNQ opened at $30.33 on Wednesday. The company has a current ratio of 0.84, a quick ratio of 0.53 and a debt-to-equity ratio of 0.21. The business’s fifty day simple moving average is $30.02 and its 200-day simple moving average is $32.24. The company has a market capitalization of $63.70 billion, a price-to-earnings ratio of 11.78 and a beta of 1.48. Canadian Natural Resources has a 12-month low of $25.62 and a 12-month high of $41.29.

Canadian Natural Resources Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, April 4th. Shareholders of record on Friday, March 21st will be given a dividend of $0.4117 per share. This represents a $1.65 annualized dividend and a yield of 5.43%. The ex-dividend date is Friday, March 21st. This is an increase from Canadian Natural Resources’s previous quarterly dividend of $0.39. Canadian Natural Resources’s payout ratio is currently 77.88%.

Hedge Funds Weigh In On Canadian Natural Resources

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CNQ. Holocene Advisors LP acquired a new position in shares of Canadian Natural Resources in the 3rd quarter valued at about $13,700,000. Principal Securities Inc. lifted its holdings in Canadian Natural Resources by 595.2% in the fourth quarter. Principal Securities Inc. now owns 6,987 shares of the oil and gas producer’s stock valued at $216,000 after acquiring an additional 5,982 shares during the period. SG Americas Securities LLC boosted its position in Canadian Natural Resources by 6.3% in the 4th quarter. SG Americas Securities LLC now owns 296,424 shares of the oil and gas producer’s stock worth $9,151,000 after purchasing an additional 17,694 shares in the last quarter. CIBC Asset Management Inc grew its stake in shares of Canadian Natural Resources by 5.6% during the 4th quarter. CIBC Asset Management Inc now owns 24,109,432 shares of the oil and gas producer’s stock worth $746,025,000 after purchasing an additional 1,270,945 shares during the period. Finally, Bank of New York Mellon Corp increased its holdings in shares of Canadian Natural Resources by 87.0% during the 4th quarter. Bank of New York Mellon Corp now owns 4,437,771 shares of the oil and gas producer’s stock valued at $136,994,000 after purchasing an additional 2,064,492 shares in the last quarter. Hedge funds and other institutional investors own 74.03% of the company’s stock.

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).