Canadian Natural Resources (CNQ) Given New $55.00 Price Target at Morgan Stanley
Canadian Natural Resources (NYSE:CNQ) (TSE:CNQ) had its price objective reduced by Morgan Stanley from $58.00 to $55.00 in a report released on Monday. They currently have an overweight rating on the oil and gas producer’s stock.
A number of other research firms have also recently issued reports on CNQ. AltaCorp Capital reissued a buy rating and issued a $52.00 target price on shares of Canadian Natural Resources in a research note on Monday, January 15th. Zacks Investment Research raised Canadian Natural Resources from a hold rating to a strong-buy rating and set a $42.00 target price for the company in a research note on Tuesday, January 9th. Wells Fargo cut Canadian Natural Resources from an outperform rating to a market perform rating in a research note on Tuesday, February 6th. Finally, UBS began coverage on Canadian Natural Resources in a research note on Wednesday, March 7th. They issued a buy rating for the company. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and six have given a buy rating to the company’s stock. Canadian Natural Resources has a consensus rating of Hold and an average price target of $44.17.
Shares of Canadian Natural Resources stock opened at $34.63 on Monday. The company has a quick ratio of 0.64, a current ratio of 0.78 and a debt-to-equity ratio of 0.65. Canadian Natural Resources has a 12 month low of $27.52 and a 12 month high of $37.63. The firm has a market cap of $43,065.94, a P/E ratio of 41.72, a P/E/G ratio of 3.21 and a beta of 1.32.
The company also recently disclosed a quarterly dividend, which was paid on Sunday, April 1st. Stockholders of record on Friday, March 16th were given a dividend of $0.261 per share. This is a boost from Canadian Natural Resources’s previous quarterly dividend of $0.21. This represents a $1.04 annualized dividend and a dividend yield of 3.01%. The ex-dividend date was Thursday, March 15th. Canadian Natural Resources’s dividend payout ratio is currently 125.30%.
Canadian Natural Resources declared that its board has authorized a stock repurchase program on Wednesday, March 14th that permits the company to buyback 61,300,000 shares. This buyback authorization permits the oil and gas producer to repurchase shares of its stock through open market purchases. Shares buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.
Several hedge funds have recently bought and sold shares of CNQ. Icon Wealth Partners LLC acquired a new position in shares of Canadian Natural Resources during the fourth quarter worth about $127,000. Premia Global Advisors LLC acquired a new position in shares of Canadian Natural Resources during the fourth quarter worth about $145,000. Calton & Associates Inc. acquired a new position in shares of Canadian Natural Resources during the fourth quarter worth about $178,000. Eqis Capital Management Inc. acquired a new position in shares of Canadian Natural Resources during the fourth quarter worth about $205,000. Finally, Cubist Systematic Strategies LLC boosted its position in shares of Canadian Natural Resources by 1,129.0% during the third quarter. Cubist Systematic Strategies LLC now owns 6,145 shares of the oil and gas producer’s stock worth $206,000 after buying an additional 5,645 shares during the period. 60.30% of the stock is owned by institutional investors.
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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