Brokerages Set Canadian Natural Resources Limited (NYSE:CNQ) Target Price at $49.50

Shares of Canadian Natural Resources Limited (NYSE:CNQ) (TSE:CNQ) have been assigned an average rating of “Hold” from the six analysts that are currently covering the firm, MarketBeat Ratings reports. Five investment analysts have rated the stock with a hold recommendation and one has given a buy recommendation to the company. The average 12-month price target among brokers that have issued a report on the stock in the last year is $49.50.

Several equities research analysts have recently issued reports on the stock. StockNews.com downgraded shares of Canadian Natural Resources from a “buy” rating to a “hold” rating in a research report on Friday, August 23rd. Wolfe Research started coverage on Canadian Natural Resources in a report on Thursday, July 18th. They set a “peer perform” rating for the company. Finally, Scotiabank restated a “sector perform” rating on shares of Canadian Natural Resources in a report on Tuesday, June 11th.

Institutional Investors Weigh In On Canadian Natural Resources

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Bruce G. Allen Investments LLC increased its position in shares of Canadian Natural Resources by 117.8% in the first quarter. Bruce G. Allen Investments LLC now owns 453 shares of the oil and gas producer’s stock valued at $35,000 after acquiring an additional 245 shares during the last quarter. YHB Investment Advisors Inc. bought a new position in Canadian Natural Resources in the first quarter valued at approximately $37,000. Principal Securities Inc. acquired a new position in shares of Canadian Natural Resources during the 4th quarter worth approximately $35,000. LifeSteps Financial Inc. bought a new stake in shares of Canadian Natural Resources during the 1st quarter worth approximately $46,000. Finally, RFP Financial Group LLC boosted its holdings in shares of Canadian Natural Resources by 98.3% in the 2nd quarter. RFP Financial Group LLC now owns 710 shares of the oil and gas producer’s stock valued at $25,000 after buying an additional 352 shares during the last quarter. 74.03% of the stock is owned by institutional investors.

Canadian Natural Resources Price Performance

CNQ opened at $32.64 on Friday. The company has a fifty day simple moving average of $34.65 and a 200 day simple moving average of $36.37. The company has a quick ratio of 0.59, a current ratio of 0.88 and a debt-to-equity ratio of 0.24. The stock has a market cap of $69.45 billion, a P/E ratio of 13.00 and a beta of 1.51. Canadian Natural Resources has a 12 month low of $29.45 and a 12 month high of $41.29.

Canadian Natural Resources (NYSE:CNQ) (TSE:CNQ) last released its quarterly earnings results on Thursday, August 1st. The oil and gas producer reported $0.88 EPS for the quarter, topping analysts’ consensus estimates of $0.62 by $0.26. Canadian Natural Resources had a return on equity of 22.09% and a net margin of 18.05%. The company had revenue of $7.76 billion for the quarter, compared to analyst estimates of $6.19 billion. During the same quarter last year, the firm posted $0.43 earnings per share. On average, research analysts expect that Canadian Natural Resources will post 2.47 EPS for the current year.

Canadian Natural Resources Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 4th. Investors of record on Friday, September 13th will be given a $0.384 dividend. This represents a $1.54 dividend on an annualized basis and a yield of 4.71%. The ex-dividend date is Friday, September 13th. Canadian Natural Resources’s dividend payout ratio (DPR) is currently 61.75%.

About Canadian Natural Resources

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).