Canadian Natural Resources (CNQ) Upgraded to “Outperform” by Macquarie

Macquarie upgraded shares of Canadian Natural Resources (NYSE:CNQ) (TSE:CNQ) from a neutral rating to an outperform rating in a research note issued to investors on Tuesday morning, MarketBeat reports.

A number of other equities analysts have also weighed in on CNQ. Morgan Stanley reduced their target price on shares of Canadian Natural Resources from $60.00 to $50.00 and set an overweight rating for the company in a research note on Tuesday, November 20th. Zacks Investment Research lowered shares of Canadian Natural Resources from a hold rating to a sell rating in a research note on Wednesday, October 3rd. Royal Bank of Canada lowered shares of Canadian Natural Resources from a top pick rating to an outperform rating and set a $38.40 target price for the company. in a research note on Thursday, September 20th. They noted that the move was a valuation call. Raymond James restated a buy rating on shares of Canadian Natural Resources in a research note on Friday, November 2nd. Finally, Canaccord Genuity restated a buy rating and set a $50.00 price objective on shares of Canadian Natural Resources in a research note on Tuesday, November 20th. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and ten have assigned a buy rating to the company’s stock. The stock presently has an average rating of Buy and an average target price of $43.23.

Shares of NYSE CNQ opened at $26.93 on Tuesday. The firm has a market capitalization of $31.82 billion, a P/E ratio of 32.45, a P/E/G ratio of 1.68 and a beta of 1.34. The company has a debt-to-equity ratio of 0.58, a current ratio of 0.92 and a quick ratio of 0.69. Canadian Natural Resources has a 1-year low of $24.02 and a 1-year high of $38.20.

Canadian Natural Resources (NYSE:CNQ) (TSE:CNQ) last announced its earnings results on Thursday, November 1st. The oil and gas producer reported $1.11 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.66 by $0.45. The firm had revenue of $4.51 billion during the quarter, compared to analyst estimates of $4.71 billion. Canadian Natural Resources had a net margin of 15.94% and a return on equity of 12.33%. During the same period in the prior year, the business earned $0.19 EPS. Sell-side analysts expect that Canadian Natural Resources will post 2.63 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 1st. Stockholders of record on Monday, December 10th will be paid a dividend of $0.255 per share. The ex-dividend date of this dividend is Friday, December 7th. This represents a $1.02 dividend on an annualized basis and a dividend yield of 3.79%. Canadian Natural Resources’s dividend payout ratio is 124.10%.

Several institutional investors have recently bought and sold shares of CNQ. Capital World Investors boosted its stake in shares of Canadian Natural Resources by 152.8% during the 3rd quarter. Capital World Investors now owns 37,457,594 shares of the oil and gas producer’s stock worth $1,223,704,000 after buying an additional 22,638,074 shares during the last quarter. Capital International Investors boosted its stake in shares of Canadian Natural Resources by 201.3% during the 3rd quarter. Capital International Investors now owns 10,484,015 shares of the oil and gas producer’s stock worth $342,506,000 after buying an additional 7,003,917 shares during the last quarter. Mackenzie Financial Corp boosted its stake in shares of Canadian Natural Resources by 30.9% during the 3rd quarter. Mackenzie Financial Corp now owns 20,472,453 shares of the oil and gas producer’s stock worth $668,630,000 after buying an additional 4,838,504 shares during the last quarter. Toronto Dominion Bank boosted its stake in shares of Canadian Natural Resources by 199.9% during the 2nd quarter. Toronto Dominion Bank now owns 5,262,156 shares of the oil and gas producer’s stock worth $189,350,000 after buying an additional 3,507,751 shares during the last quarter. Finally, Franklin Resources Inc. boosted its stake in shares of Canadian Natural Resources by 78.4% during the 3rd quarter. Franklin Resources Inc. now owns 7,388,465 shares of the oil and gas producer’s stock worth $241,224,000 after buying an additional 3,246,524 shares during the last quarter. Institutional investors own 66.30% of the company’s stock.

About Canadian Natural Resources

Canadian Natural Resources Limited explores for, develops, produces, and markets 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, and synthetic crude oil (SCO). Its midstream assets include two crude oil pipeline systems; and a 50% working interest in an 84-megawatt cogeneration plant at Primrose.

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Analyst Recommendations for Canadian Natural Resources (NYSE:CNQ)

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