Canadian Natural Resources (NYSE:CNQ) Upgraded to Outperform at Evercore ISI

Evercore ISI upgraded shares of Canadian Natural Resources (NYSE:CNQ) (TSE:CNQ) from an in-line rating to an outperform rating in a research note issued to investors on Friday, MarketBeat reports.

Other equities analysts have also issued reports about the company. Royal Bank of Canada reissued an “outperform” rating and set a $62.00 price target on shares of Canadian Natural Resources in a research note on Tuesday, February 18th. Tudor Pickering lowered Canadian Natural Resources from a “strong-buy” rating to a “hold” rating in a research note on Monday, February 10th. Five equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, Canadian Natural Resources has an average rating of “Hold” and a consensus target price of $63.00.

Canadian Natural Resources Stock Performance

NYSE:CNQ opened at $28.33 on Friday. The company has a current ratio of 0.84, a quick ratio of 0.53 and a debt-to-equity ratio of 0.21. Canadian Natural Resources has a 12-month low of $25.62 and a 12-month high of $41.29. The stock has a 50-day moving average price of $30.46 and a 200 day moving average price of $32.71. The stock has a market capitalization of $59.56 billion, a P/E ratio of 11.00 and a beta of 1.48.

Canadian Natural Resources Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, April 4th. Investors of record on Friday, March 21st will be paid a dividend of $0.4117 per share. The ex-dividend date of this dividend is Friday, March 21st. This is a positive change from Canadian Natural Resources’s previous quarterly dividend of $0.39. This represents a $1.65 dividend on an annualized basis and a yield of 5.81%. Canadian Natural Resources’s dividend payout ratio is presently 61.87%.

Hedge Funds Weigh In On Canadian Natural Resources

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CNQ. Duncker Streett & Co. Inc. bought a new stake in shares of Canadian Natural Resources in the 4th quarter valued at approximately $25,000. Lee Danner & Bass Inc. bought a new stake in shares of Canadian Natural Resources in the 4th quarter valued at approximately $25,000. Continuum Advisory LLC lifted its stake in shares of Canadian Natural Resources by 144.1% in the 3rd quarter. Continuum Advisory LLC now owns 830 shares of the oil and gas producer’s stock valued at $28,000 after purchasing an additional 490 shares during the last quarter. Sandy Spring Bank bought a new stake in shares of Canadian Natural Resources in the 4th quarter valued at approximately $31,000. Finally, CoreFirst Bank & Trust bought a new stake in shares of Canadian Natural Resources in the 4th quarter valued at approximately $31,000. 74.03% of the stock is owned by institutional investors.

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).