RBC Capital Markets Reiterates Top Pick Rating for Canadian Natural Resources Ltd. (CNQ)
Canadian Natural Resources Ltd. (NYSE:CNQ)‘s stock had its “top pick” rating reissued by equities research analysts at RBC Capital Markets in a research report issued to clients and investors on Monday. They presently have a $51.00 target price on the stock. RBC Capital Markets’ target price would suggest a potential upside of 57.65% from the company’s previous close.
Other analysts have also issued research reports about the stock. Scotiabank reiterated an “outperform” rating and set a $44.00 price objective on shares of Canadian Natural Resources in a research note on Wednesday, August 10th. Nomura reissued a “buy” rating on shares of Canadian Natural Resources in a research report on Monday, June 20th. TD Securities reissued a “hold” rating and set a $40.00 price target on shares of Canadian Natural Resources in a research report on Wednesday, August 10th. Macquarie raised shares of Canadian Natural Resources from a “neutral” rating to an “outperform” rating in a research report on Friday, August 5th. Finally, JPMorgan Chase & Co. raised their price target on shares of Canadian Natural Resources from $46.00 to $47.00 and gave the stock an “overweight” rating in a research report on Friday, August 5th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, thirteen have assigned a buy rating and two have issued a strong buy rating to the company. The company has an average rating of “Buy” and a consensus price target of $39.07.
Canadian Natural Resources (NYSE:CNQ) opened at 32.35 on Monday. Canadian Natural Resources has a 12 month low of $14.60 and a 12 month high of $32.94. The stock’s market cap is $35.63 billion. The firm’s 50-day moving average is $31.17 and its 200-day moving average is $30.30.
Canadian Natural Resources (NYSE:CNQ) last posted its quarterly earnings data on Thursday, August 4th. The company reported ($0.19) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.20) by $0.01. The company had revenue of $2.55 billion for the quarter, compared to analyst estimates of $1.80 billion. Canadian Natural Resources had a negative net margin of 3.88% and a negative return on equity of 2.36%. On average, equities analysts forecast that Canadian Natural Resources will post ($0.60) earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Saturday, October 1st. Investors of record on Friday, September 16th were given a $0.1764 dividend. The ex-dividend date was Wednesday, September 14th. This represents a $0.71 dividend on an annualized basis and a dividend yield of 2.18%. Canadian Natural Resources’s dividend payout ratio (DPR) is presently -233.33%.
Several large investors have recently modified their holdings of CNQ. Societe Generale acquired a new stake in shares of Canadian Natural Resources during the second quarter worth about $114,000. SG Americas Securities LLC acquired a new stake in shares of Canadian Natural Resources during the second quarter worth about $114,000. Glenmede Trust Co. NA increased its stake in shares of Canadian Natural Resources by 11.4% in the second quarter. Glenmede Trust Co. NA now owns 4,577 shares of the company’s stock worth $140,000 after buying an additional 467 shares during the period. Financial Architects Inc acquired a new stake in shares of Canadian Natural Resources during the second quarter worth about $155,000. Finally, Raymond James Trust N.A. acquired a new stake in shares of Canadian Natural Resources during the second quarter worth about $208,000. Institutional investors own 69.19% of the company’s stock.
About Canadian Natural Resources
Canadian Natural Resources Limited is an independent crude oil and natural gas exploration, development and production company. The Company is engaged in the acquisition, exploration, development, production, marketing and sale of crude oil, natural gas and natural gas liquids (NGLs). Its exploration and production operations are focused in North America, largely in Western Canada; the United Kingdom (UK) portion of the North Sea and Cote d’Ivoire, Gabon, and South Africa in Offshore Africa.
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