Canadian Natural Resources (NYSE:CNQ) Sees Large Volume Increase – Here’s Why

Canadian Natural Resources Limited (NYSE:CNQ) (TSE:CNQ) shares saw unusually-strong trading volume on Wednesday . Approximately 12,565,276 shares changed hands during trading, an increase of 148% from the previous session’s volume of 5,062,611 shares.The stock last traded at $30.84 and had previously closed at $29.99.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on CNQ shares. Tudor Pickering downgraded shares of Canadian Natural Resources from a “strong-buy” rating to a “hold” rating in a research note on Monday, February 10th. Scotiabank upgraded shares of Canadian Natural Resources from a “sector perform” rating to a “sector outperform” rating in a research note on Wednesday. Evercore ISI upgraded shares of Canadian Natural Resources from an “in-line” rating to an “outperform” rating in a research note on Friday, March 7th. Raymond James reiterated a “market perform” rating on shares of Canadian Natural Resources in a research note on Friday, March 7th. Finally, Royal Bank of Canada raised their target price on shares of Canadian Natural Resources from $62.00 to $63.00 and gave the company an “outperform” rating in a research note on Friday, March 7th. Four research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $63.00.

Canadian Natural Resources Price Performance

The company has a quick ratio of 0.53, a current ratio of 0.84 and a debt-to-equity ratio of 0.21. The firm has a market cap of $64.77 billion, a P/E ratio of 12.00 and a beta of 1.48. The business’s 50 day moving average is $30.14 and its two-hundred day moving average is $32.30.

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 issued a dividend of $0.4117 per share. The ex-dividend date of this dividend is Friday, March 21st. This is a boost from Canadian Natural Resources’s previous quarterly dividend of $0.39. This represents a $1.65 annualized dividend and a yield of 5.34%. Canadian Natural Resources’s payout ratio is 77.88%.

Institutional Investors Weigh In On Canadian Natural Resources

Institutional investors have recently added to or reduced their stakes in the business. Duncker Streett & Co. Inc. bought a new stake in shares of Canadian Natural Resources during the fourth quarter valued at about $25,000. Lee Danner & Bass Inc. bought a new position in Canadian Natural Resources during the fourth quarter valued at approximately $25,000. Continuum Advisory LLC grew its position in Canadian Natural Resources by 144.1% during the third quarter. Continuum Advisory LLC now owns 830 shares of the oil and gas producer’s stock valued at $28,000 after acquiring an additional 490 shares during the last quarter. Hurley Capital LLC purchased a new stake in shares of Canadian Natural Resources during the fourth quarter valued at approximately $31,000. Finally, Sandy Spring Bank purchased a new stake in shares of Canadian Natural Resources during the fourth quarter valued at approximately $31,000. 74.03% of the stock is owned by hedge funds and other 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).