Short Interest in Canadian Natural Resources Limited (NYSE:CNQ) Rises By 174.0%

Canadian Natural Resources Limited (NYSE:CNQ) (TSE:CNQ) was the target of a large increase in short interest in the month of August. As of August 31st, there was short interest totalling 111,500,000 shares, an increase of 174.0% from the August 15th total of 40,700,000 shares. Based on an average daily volume of 4,900,000 shares, the days-to-cover ratio is presently 22.8 days. Currently, 5.5% of the shares of the stock are sold short.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on CNQ. Wolfe Research began coverage on shares of Canadian Natural Resources in a report on Thursday, July 18th. They issued a “peer perform” rating on the stock. StockNews.com cut Canadian Natural Resources from a “buy” rating to a “hold” rating in a report on Friday, August 23rd. Scotiabank reissued a “sector perform” rating on shares of Canadian Natural Resources in a report on Tuesday, June 11th. Finally, Raymond James upgraded shares of Canadian Natural Resources to a “hold” rating in a research report on Tuesday, May 28th. Six equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $49.50.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. TD Asset Management Inc grew its holdings in shares of Canadian Natural Resources by 96.2% during the 2nd quarter. TD Asset Management Inc now owns 42,518,833 shares of the oil and gas producer’s stock worth $1,514,190,000 after acquiring an additional 20,843,193 shares during the period. Canada Pension Plan Investment Board grew its stake in Canadian Natural Resources by 93.0% in the second quarter. Canada Pension Plan Investment Board now owns 41,464,502 shares of the oil and gas producer’s stock worth $1,476,644,000 after purchasing an additional 19,980,902 shares during the period. 1832 Asset Management L.P. grew its stake in Canadian Natural Resources by 105.3% in the second quarter. 1832 Asset Management L.P. now owns 31,668,045 shares of the oil and gas producer’s stock worth $1,127,382,000 after purchasing an additional 16,245,046 shares during the period. Yacktman Asset Management LP raised its holdings in Canadian Natural Resources by 95.9% in the second quarter. Yacktman Asset Management LP now owns 29,456,746 shares of the oil and gas producer’s stock worth $1,048,660,000 after purchasing an additional 14,418,835 shares in the last quarter. Finally, Mackenzie Financial Corp lifted its position in Canadian Natural Resources by 90.3% during the second quarter. Mackenzie Financial Corp now owns 30,017,414 shares of the oil and gas producer’s stock valued at $1,069,338,000 after buying an additional 14,246,978 shares during the period. 74.03% of the stock is owned by hedge funds and other institutional investors.

Canadian Natural Resources Trading Down 0.9 %

CNQ stock traded down $0.28 during midday trading on Friday, hitting $31.97. The company had a trading volume of 6,995,053 shares, compared to its average volume of 5,560,250. The stock has a market cap of $67.86 billion, a price-to-earnings ratio of 12.74 and a beta of 1.51. Canadian Natural Resources has a 52 week low of $29.45 and a 52 week high of $41.29. The company has a current ratio of 0.88, a quick ratio of 0.59 and a debt-to-equity ratio of 0.24. The stock’s 50 day moving average price is $35.15 and its 200 day moving average price is $36.46.

Canadian Natural Resources (NYSE:CNQ) (TSE:CNQ) last issued its quarterly earnings data on Thursday, August 1st. The oil and gas producer reported $0.88 EPS for the quarter, beating the consensus estimate of $0.62 by $0.26. The firm had revenue of $7.76 billion during the quarter, compared to the consensus estimate of $6.19 billion. Canadian Natural Resources had a net margin of 18.05% and a return on equity of 22.09%. During the same period in the prior year, the firm posted $0.43 earnings per share. As a group, equities research analysts expect that Canadian Natural Resources will post 2.49 earnings per share for the current fiscal year.

Canadian Natural Resources Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 4th. Investors of record on Friday, September 13th will be paid a $0.384 dividend. This represents a $1.54 dividend on an annualized basis and a yield of 4.80%. The ex-dividend date of this dividend is Friday, September 13th. Canadian Natural Resources’s payout ratio is 61.35%.

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).