Canadian Natural Resources (NYSE:CNQ) Price Target Raised to $63.00

Canadian Natural Resources (NYSE:CNQ) (TSE:CNQ) had its price target hoisted by Royal Bank of Canada from $62.00 to $63.00 in a research note issued to investors on Friday,Benzinga reports. Royal Bank of Canada currently has an outperform rating on the oil and gas producer’s stock.

Other equities research analysts have also recently issued reports about the stock. Evercore ISI raised shares of Canadian Natural Resources from an “in-line” rating to an “outperform” rating in a research report on Friday. Tudor Pickering cut shares of Canadian Natural Resources from a “strong-buy” rating to a “hold” rating in a research report on Monday, February 10th. Five analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $63.00.

Canadian Natural Resources Price Performance

Shares of Canadian Natural Resources stock opened at $28.33 on Friday. The firm has a market cap of $59.56 billion, a PE ratio of 11.00 and a beta of 1.48. Canadian Natural Resources has a 12-month low of $25.62 and a 12-month high of $41.29. 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 company’s fifty day simple moving average is $30.46 and its two-hundred day simple moving average is $32.67.

Canadian Natural Resources Increases Dividend

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

Institutional Trading of Canadian Natural Resources

Large investors have recently modified their holdings of the company. Mackenzie Financial Corp lifted its holdings in Canadian Natural Resources by 4.9% during the fourth quarter. Mackenzie Financial Corp now owns 31,580,717 shares of the oil and gas producer’s stock worth $973,976,000 after buying an additional 1,464,807 shares during the period. Burgundy Asset Management Ltd. lifted its holdings in Canadian Natural Resources by 78.3% during the fourth quarter. Burgundy Asset Management Ltd. now owns 72,704 shares of the oil and gas producer’s stock worth $2,242,000 after buying an additional 31,933 shares during the period. Vise Technologies Inc. lifted its holdings in Canadian Natural Resources by 92.0% during the fourth quarter. Vise Technologies Inc. now owns 36,615 shares of the oil and gas producer’s stock worth $1,130,000 after buying an additional 17,542 shares during the period. USS Investment Management Ltd purchased a new stake in Canadian Natural Resources during the fourth quarter worth $6,609,000. Finally, Vident Advisory LLC lifted its holdings in Canadian Natural Resources by 17.6% during the fourth quarter. Vident Advisory LLC now owns 22,078 shares of the oil and gas producer’s stock worth $681,000 after buying an additional 3,303 shares during the period. Hedge funds and other institutional investors own 74.03% of the company’s stock.

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).