On September 9, 2023, Canadian Natural Resources Limited (NYSE:CNQ) (TSE:CNQ) experienced some unexpected options trading activity. Investors purchased a significant number of call options on the stock, representing a 441% increase compared to the average volume of call options traded.
Several research firms have recently provided their evaluations of CNQ. Jefferies Financial Group raised their price target on Canadian Natural Resources shares from $84.00 to $94.00 and assigned a “hold” rating in a research report on August 28th. StockNews.com initiated coverage on CNQ with a “hold” rating on August 17th. National Bank Financial downgraded Canadian Natural Resources from an “outperform” rating to a “sector perform” rating on August 4th. CIBC increased their target price on CNQ from $90.00 to $93.00 and gave the stock an “outperformer” rating on August 29th. Lastly, UBS Group initiated coverage on Canadian Natural Resources with a “buy” rating on July 12th. Currently, according to Bloomberg data, four investment analysts have rated the stock as hold, while five have assigned it a buy rating. The consensus rating is identified as “Moderate Buy,” with an average price target of $89.50.
Large investors have recently made adjustments to their positions in Canadian Natural Resources’ stock. American Century Companies Inc., for example, increased its stake by 27.8% during the fourth quarter, now owning 215,756 shares valued at $11,981,000 after acquiring an additional 46,920 shares in the last quarter alone. Pacific Heights Asset Management LLC raised its stake by 16% during the first quarter and currently holds 145,000 shares valued at $8,026,000 after purchasing an additional 20,000 shares during that period.
Other notable investors include Sequoia Financial Advisors LLC, which grew its stake by 20.5% in the first quarter, now owning 8,326 shares valued at $461,000 after purchasing an additional 1,416 shares during that time. Mitsubishi UFJ Trust & Banking Corp also increased its stake by 4.2% in the fourth quarter, now holding 70,247 shares valued at $3,897,000 after acquiring an additional 2,800 shares. Additionally, Yacktman Asset Management LP raised its stake by 0.3% during the first quarter and currently holds a whopping 15,213,829 shares valued at $842,085,000 after acquiring an additional 41,686 shares.
Moreover, Canadian Natural Resources recently announced a quarterly dividend for its stockholders. The dividend is set to be paid on October 5th to shareholders of record as of September 15th and amounts to $0.6744 per share. This represents an annualized dividend of $2.70 and a dividend yield of 4.08%. The ex-dividend date for this payout is September 14th and it marks an increase from Canadian Natural Resources’ previous quarterly dividend of $0.66. Currently, the company’s dividend payout ratio stands at approximately 52.06%.
To stay updated on the latest analysis and news regarding Canadian Natural Resources Limited (CNQ), interested individuals can access further information through reliable investment sources or financial platforms that provide comprehensive insights into the stock market scenario
Updated on: 04/12/2023
Debt to equity ratio: Buy
Price to earnings ratio: Buy
Price to book ratio: Strong Buy
DCF: Strong Buy
8:00 AM (UTC)
Date:04 December, 2023
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Canadian Natural Resources (CNQ) Increases Dividend and Maintains Strong Market Position
Canadian Natural Resources (CNQ), a prominent oil and gas producer, recently announced its declaration of a quarterly dividend. Shareholders who are recorded on Friday, September 15th will receive a dividend of $0.6744 per share, which will be paid out on Thursday, October 5th. This marks an increase from the previous quarterly dividend of $0.66. With an annualized basis of $2.70 and a dividend yield of 4.08%, CNQ continues to provide substantial returns to its investors.
The ex-dividend date for this particular dividend is set for Thursday, September 14th. This means that any investor who purchases CNQ stock prior to this date will be eligible to receive the upcoming dividend payment.
On Friday, CNQ stock experienced an uptick in value, trading up $0.76 to reach $66.07 per share. The trading volume for the company’s stock stood at 843,795 shares on that day, in comparison to the average volume of 2,020,845 shares.
CNQ has also demonstrated favorable performance in terms of its stock price movement over longer periods. The firm’s 50-day moving average was calculated at $60.10 while its two-hundred-day moving average settled at $57.67.
Highlighting CNQ’s market performance over the past year, it can be observed that the stock reached a low point of $44.45 and achieved a high point of $66.18.
In terms of market capitalization, CNQ currently stands at an impressive figure of $72.08 billion, positioning it as one of the significant players in the industry. The company maintains a price-to-earnings ratio (P/E) of 12.96 along with a price-to-earnings-growth ratio (PEG) of 11.90 and a beta value measuring volatility at 1.58.
Furthermore, CNQ exhibits strong financial health with a current ratio of 0.70 and a quick ratio of 0.47, indicating its ability to meet short-term obligations. Additionally, the company boasts an attractive debt-to-equity ratio of 0.25, highlighting its prudent capital management.
On August 3rd, Canadian Natural Resources released its quarterly earnings report for the period ended June 30th. The company reported earnings per share (EPS) of $0.85 for the quarter, falling short of the consensus estimate by $0.03. Despite this slight miss in expectations, CNQ still maintained a healthy net margin of 18.14% and a return on equity of 22.86%.
During the quarter, Canadian Natural Resources generated revenues amounting to $5.87 billion, surpassing analysts’ estimates of $5.44 billion in revenue.
Looking ahead, equities analysts predict that Canadian Natural Resources will achieve an EPS of 5.13 for the ongoing fiscal year.
In conclusion, Canadian Natural Resources has demonstrated its commitment to rewarding shareholders through its recently increased dividend payout. With resilient stock performance and favorable financial metrics, CNQ continues to solidify its position as a major player in the oil and gas industry.