Brokerages Set Canadian Natural Resources Limited (NYSE:CNQ) Target Price at $63.00

Canadian Natural Resources Limited (NYSE:CNQ) (TSE:CNQ) has earned an average rating of “Hold” from the six analysts that are currently covering the stock, Marketbeat Ratings reports. Four research analysts have rated the stock with a hold recommendation and two have issued a buy recommendation on the company. The average 12 month target price among brokerages that have covered the stock in the last year is $63.00.

A number of equities research analysts have recently weighed in on the company. Raymond James reaffirmed a “market perform” rating on shares of Canadian Natural Resources in a report on Friday, March 7th. Royal Bank of Canada boosted their target price on Canadian Natural Resources from $62.00 to $63.00 and gave the stock an “outperform” rating in a report on Friday, March 7th. Tudor Pickering cut Canadian Natural Resources from a “strong-buy” rating to a “hold” rating in a report on Monday, February 10th. Finally, Evercore ISI raised Canadian Natural Resources from an “in-line” rating to an “outperform” rating in a report on Friday, March 7th.

Canadian Natural Resources Stock Performance

CNQ opened at $29.40 on Monday. The business’s 50 day moving average is $30.25 and its 200-day moving average is $32.40. The stock has a market cap of $61.76 billion, a PE ratio of 11.42 and a beta of 1.48. The company has a current ratio of 0.84, a quick ratio of 0.53 and a debt-to-equity ratio of 0.21. Canadian Natural Resources has a twelve month low of $25.62 and a twelve month high of $41.29.

Canadian Natural Resources Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, April 4th. Investors of record on Friday, March 21st will be issued a dividend of $0.4117 per share. This is a boost from Canadian Natural Resources’s previous quarterly dividend of $0.39. The ex-dividend date of this dividend is Friday, March 21st. This represents a $1.65 annualized dividend and a yield of 5.60%. Canadian Natural Resources’s payout ratio is presently 77.88%.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Holocene Advisors LP bought a new position in shares of Canadian Natural Resources in the third quarter valued at $13,700,000. Principal Securities Inc. increased its holdings in shares of 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 buying an additional 5,982 shares in the last quarter. SG Americas Securities LLC increased its holdings in shares of Canadian Natural Resources by 6.3% in the fourth quarter. SG Americas Securities LLC now owns 296,424 shares of the oil and gas producer’s stock valued at $9,151,000 after buying an additional 17,694 shares in the last quarter. CIBC Asset Management Inc increased its holdings in shares of Canadian Natural Resources by 5.6% in the fourth quarter. CIBC Asset Management Inc now owns 24,109,432 shares of the oil and gas producer’s stock valued at $746,025,000 after buying an additional 1,270,945 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its holdings in shares of Canadian Natural Resources by 87.0% in the fourth 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 buying an additional 2,064,492 shares in the last quarter. 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).