Canadian Natural Resources (NYSE:CNQ) Upgraded at Scotiabank

Scotiabank upgraded shares of Canadian Natural Resources (NYSE:CNQ) (TSE:CNQ) from a sector perform rating to a sector outperform rating in a research report report published on Wednesday morning, MarketBeat Ratings reports.

Other analysts have also recently issued research reports about the company. Evercore ISI upgraded Canadian Natural Resources from an “in-line” rating to an “outperform” rating in a research report on Friday, March 7th. Royal Bank of Canada increased their price objective on shares of Canadian Natural Resources from $62.00 to $63.00 and gave the stock an “outperform” rating in a research note on Friday, March 7th. Tudor Pickering lowered shares of Canadian Natural Resources from a “strong-buy” rating to a “hold” rating in a research report on Monday, February 10th. Finally, Raymond James reiterated a “market perform” rating on shares of Canadian Natural Resources in a research report on Friday, March 7th. Four equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $63.00.

Canadian Natural Resources Stock Down 1.6 %

Shares of NYSE:CNQ opened at $30.33 on Wednesday. The company has a current ratio of 0.84, a quick ratio of 0.53 and a debt-to-equity ratio of 0.21. The stock has a fifty day simple moving average of $30.02 and a two-hundred day simple moving average of $32.24. Canadian Natural Resources has a 12-month low of $25.62 and a 12-month high of $41.29. The stock has a market capitalization of $63.70 billion, a price-to-earnings ratio of 11.78 and a beta of 1.48.

Canadian Natural Resources Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, April 4th. Investors of record on Friday, March 21st will be issued a $0.4117 dividend. The ex-dividend date is Friday, March 21st. This represents a $1.65 annualized dividend and a yield of 5.43%. This is an increase from Canadian Natural Resources’s previous quarterly dividend of $0.39. Canadian Natural Resources’s dividend payout ratio is currently 77.88%.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Kingsview Wealth Management LLC grew its holdings in Canadian Natural Resources by 4.9% during the 3rd quarter. Kingsview Wealth Management LLC now owns 9,018 shares of the oil and gas producer’s stock valued at $300,000 after purchasing an additional 419 shares during the last quarter. Fifth Third Bancorp boosted its holdings in Canadian Natural Resources by 51.0% during the 4th quarter. Fifth Third Bancorp now owns 1,271 shares of the oil and gas producer’s stock valued at $39,000 after acquiring an additional 429 shares during the period. Assetmark Inc. grew its position in Canadian Natural Resources by 57.3% in the 4th quarter. Assetmark Inc. now owns 1,205 shares of the oil and gas producer’s stock valued at $37,000 after acquiring an additional 439 shares during the last quarter. Pitcairn Co. increased its stake in Canadian Natural Resources by 1.3% in the third quarter. Pitcairn Co. now owns 36,390 shares of the oil and gas producer’s stock worth $1,209,000 after purchasing an additional 475 shares during the period. Finally, Continuum Advisory LLC boosted its stake in shares of 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 purchasing an additional 490 shares during the period. 74.03% of the stock is owned by hedge funds and other institutional investors.

Canadian Natural Resources Company Profile

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).