Morgan Stanley Cuts Canadian Natural Resource (CNQ) Price Target to $50.00

Canadian Natural Resource (NYSE:CNQ) (TSE:CNQ) had its price objective cut by Morgan Stanley from $60.00 to $50.00 in a report issued on Tuesday morning. They currently have an overweight rating on the oil and gas producer’s stock.

CNQ has been the topic of several other research reports. Zacks Investment Research cut shares of Canadian Natural Resource from a hold rating to a sell rating in a research note on Wednesday, October 3rd. Royal Bank of Canada cut shares of Canadian Natural Resource from a top pick rating to an outperform rating and set a $38.40 price target on the stock. in a research note on Thursday, September 20th. They noted that the move was a valuation call. Macquarie downgraded shares of Canadian Natural Resource from an outperform rating to a neutral rating in a report on Tuesday, October 9th. Raymond James restated a buy rating on shares of Canadian Natural Resource in a report on Friday, November 2nd. Finally, ValuEngine downgraded shares of Canadian Natural Resource from a sell rating to a strong sell rating in a report on Tuesday, October 2nd. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and seven have assigned a buy rating to the company. The stock has a consensus rating of Hold and an average target price of $46.08.

Shares of CNQ stock opened at $25.22 on Tuesday. The firm has a market capitalization of $32.64 billion, a price-to-earnings ratio of 30.39, a P/E/G ratio of 1.64 and a beta of 1.37. Canadian Natural Resource has a 52 week low of $25.19 and a 52 week high of $38.20. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.69 and a current ratio of 0.92.

Canadian Natural Resource (NYSE:CNQ) (TSE:CNQ) last announced its quarterly earnings results on Thursday, November 1st. The oil and gas producer reported $1.11 EPS for the quarter, topping the consensus estimate of $0.66 by $0.45. The business had revenue of $4.51 billion for the quarter, compared to analysts’ expectations of $4.71 billion. Canadian Natural Resource had a net margin of 15.94% and a return on equity of 12.33%. During the same quarter in the previous year, the company earned $0.19 EPS. As a group, equities analysts expect that Canadian Natural Resource will post 2.75 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, January 1st. Stockholders of record on Monday, December 10th will be issued a $0.255 dividend. The ex-dividend date of this dividend is Friday, December 7th. This represents a $1.02 dividend on an annualized basis and a dividend yield of 4.04%. Canadian Natural Resource’s dividend payout ratio (DPR) is presently 124.10%.

Institutional investors have recently bought and sold shares of the company. Worth Venture Partners LLC bought a new stake in shares of Canadian Natural Resource in the 3rd quarter worth about $131,000. Legacy Financial Advisors Inc. bought a new stake in shares of Canadian Natural Resource in the 3rd quarter worth about $148,000. Livingston Group Asset Management CO operating as Southport Capital Management bought a new stake in shares of Canadian Natural Resource in the 3rd quarter worth about $153,000. Cubist Systematic Strategies LLC increased its holdings in shares of Canadian Natural Resource by 50.0% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 5,400 shares of the oil and gas producer’s stock worth $195,000 after buying an additional 1,800 shares during the last quarter. Finally, Tower Research Capital LLC TRC increased its holdings in shares of Canadian Natural Resource by 19,853.3% in the 3rd quarter. Tower Research Capital LLC TRC now owns 5,986 shares of the oil and gas producer’s stock worth $197,000 after buying an additional 5,956 shares during the last quarter. Hedge funds and other institutional investors own 66.40% of the company’s stock.

Canadian Natural Resource Company Profile

Canadian Natural Resources Limited explores for, develops, produces, and markets 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, and synthetic crude oil (SCO). Its midstream assets include two crude oil pipeline systems; and a 50% working interest in an 84-megawatt cogeneration plant at Primrose.

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