Canadian Natural Resources (NYSE:CNQ) Rating Increased to Sector Outperform 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 note issued to investors on Wednesday, Marketbeat Ratings reports.

CNQ has been the subject of several other research reports. Royal Bank of Canada raised their price target on shares of Canadian Natural Resources from $62.00 to $63.00 and gave the stock an “outperform” rating in a report on Friday, March 7th. Raymond James restated a “market perform” rating on shares of Canadian Natural Resources in a report on Friday, March 7th. Tudor Pickering lowered shares of Canadian Natural Resources from a “strong-buy” rating to a “hold” rating in a report on Monday, February 10th. Finally, Evercore ISI upgraded shares of Canadian Natural Resources from an “in-line” rating to an “outperform” rating in a report on Friday, March 7th. Four research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $63.00.

Canadian Natural Resources Stock Up 2.2 %

NYSE:CNQ opened at $30.66 on Wednesday. The firm’s 50 day simple moving average is $30.10 and its 200 day simple moving average is $32.29. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.84 and a quick ratio of 0.53. Canadian Natural Resources has a one year low of $25.62 and a one year high of $41.29. The company has a market cap of $64.40 billion, a PE ratio of 11.91 and a beta of 1.48.

Canadian Natural Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 4th. Stockholders of record on Friday, March 21st will be paid a $0.4117 dividend. The ex-dividend date of this dividend is Friday, March 21st. This represents a $1.65 annualized dividend and a dividend yield of 5.37%. This is a positive change from Canadian Natural Resources’s previous quarterly dividend of $0.39. Canadian Natural Resources’s payout ratio is currently 77.88%.

Institutional Trading of Canadian Natural Resources

Hedge funds have recently modified their holdings of the stock. Duncker Streett & Co. Inc. bought a new stake in shares of Canadian Natural Resources in the 4th quarter valued at $25,000. Lee Danner & Bass Inc. bought a new stake in shares of Canadian Natural Resources in the 4th quarter valued at $25,000. Continuum Advisory LLC increased 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 acquiring an additional 490 shares in the last quarter. Sandy Spring Bank bought a new stake in Canadian Natural Resources during the 4th quarter valued at $31,000. Finally, CoreFirst Bank & Trust bought a new stake in Canadian Natural Resources during the 4th quarter valued at $31,000. Institutional investors own 74.03% of the company’s stock.

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).