Canadian Natural Resources (NYSE:CNQ) Downgraded by National Bank Financial to Sector Perform

National Bank Financial downgraded shares of Canadian Natural Resources (NYSE:CNQ) (TSE:CNQ) from an outperform rating to a sector perform rating in a research report released on Wednesday morning, BenzingaRatingsTable reports.

A number of other brokerages also recently commented on CNQ. Canaccord Genuity restated a buy rating and issued a $53.00 target price on shares of Canadian Natural Resources in a research note on Tuesday, July 9th. ValuEngine upgraded Canadian Natural Resources from a hold rating to a buy rating in a research note on Monday, September 16th. Goldman Sachs Group set a $29.00 target price on Canadian Natural Resources and gave the stock a hold rating in a research note on Friday, September 27th. CIBC restated a buy rating and issued a $48.00 target price on shares of Canadian Natural Resources in a research note on Sunday, August 4th. Finally, Wells Fargo & Co downgraded Canadian Natural Resources from a market perform rating to an underperform rating in a research note on Friday, September 6th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and fourteen have issued a buy rating to the company’s stock. The stock has an average rating of Buy and a consensus price target of $40.71.

Shares of CNQ stock traded up $0.35 during mid-day trading on Wednesday, reaching $25.63. The stock had a trading volume of 3,933,400 shares, compared to its average volume of 2,828,009. The business’s fifty day moving average is $24.98 and its 200-day moving average is $26.70. The company has a current ratio of 0.59, a quick ratio of 0.44 and a debt-to-equity ratio of 0.57. The firm has a market cap of $29.93 billion, a price-to-earnings ratio of 11.92, a PEG ratio of 1.51 and a beta of 1.15. Canadian Natural Resources has a 1-year low of $21.85 and a 1-year high of $32.81.

Canadian Natural Resources (NYSE:CNQ) (TSE:CNQ) last announced its quarterly earnings data on Thursday, August 1st. The oil and gas producer reported $0.87 earnings per share for the quarter, beating analysts’ consensus estimates of $0.62 by $0.25. Canadian Natural Resources had a return on equity of 8.62% and a net margin of 22.22%. The business had revenue of $4.16 billion for the quarter, compared to analyst estimates of $4.36 billion. During the same period in the prior year, the company earned $1.04 earnings per share. On average, analysts forecast that Canadian Natural Resources will post 2.4 earnings per share for the current year.

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th were paid a $0.284 dividend. This is an increase from Canadian Natural Resources’s previous quarterly dividend of $0.28. The ex-dividend date was Thursday, September 12th. This represents a $1.14 dividend on an annualized basis and a dividend yield of 4.43%. Canadian Natural Resources’s dividend payout ratio is presently 52.56%.

Hedge funds have recently modified their holdings of the business. Zions Bancorporation N.A. purchased a new position in Canadian Natural Resources during the first quarter worth approximately $28,000. Huntington National Bank boosted its position in Canadian Natural Resources by 348.8% during the second quarter. Huntington National Bank now owns 1,333 shares of the oil and gas producer’s stock worth $36,000 after purchasing an additional 1,036 shares in the last quarter. Stonehage Fleming Financial Services Holdings Ltd purchased a new position in Canadian Natural Resources during the second quarter worth approximately $40,000. SG3 Management LLC purchased a new position in Canadian Natural Resources during the second quarter worth approximately $65,000. Finally, Meadow Creek Investment Management LLC boosted its position in Canadian Natural Resources by 20.3% during the second quarter. Meadow Creek Investment Management LLC now owns 6,544 shares of the oil and gas producer’s stock worth $170,000 after purchasing an additional 1,104 shares in the last quarter. Institutional investors own 65.10% 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 synthetic crude oil (SCO), light and medium crude oil, bitumen (thermal oil), primary heavy crude oil, and Pelican Lake heavy crude oil. 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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