Canadian Natural Resources Ltd (NYSE:CNQ) (TSE:CNQ) announced a quarterly dividend on Thursday, November 1st, Zacks reports. Shareholders of record on Monday, December 10th will be paid a dividend of 0.255 per share by the oil and gas producer on Tuesday, January 1st. This represents a $1.02 annualized dividend and a yield of 3.77%. The ex-dividend date of this dividend is Friday, December 7th.
Canadian Natural Resources has raised its dividend payment by an average of 0.8% annually over the last three years and has raised its dividend every year for the last 6 years. Canadian Natural Resources has a payout ratio of 51.9% indicating that its dividend is sufficiently covered by earnings. Analysts expect Canadian Natural Resources to earn $2.21 per share next year, which means the company should continue to be able to cover its $1.34 annual dividend with an expected future payout ratio of 60.6%.
Shares of Canadian Natural Resources stock opened at $27.03 on Thursday. Canadian Natural Resources has a 1 year low of $24.02 and a 1 year high of $38.20. The firm has a market cap of $32.79 billion, a price-to-earnings ratio of 32.57, a price-to-earnings-growth ratio of 1.69 and a beta of 1.34. The company has a debt-to-equity ratio of 0.58, a current ratio of 0.92 and a quick ratio of 0.69.
Several brokerages have issued reports on CNQ. Morgan Stanley cut their price target on Canadian Natural Resources from $60.00 to $50.00 and set an “overweight” rating for the company in a report on Tuesday, November 20th. Zacks Investment Research downgraded Canadian Natural Resources from a “hold” rating to a “sell” rating in a report on Wednesday, October 3rd. Royal Bank of Canada downgraded Canadian Natural Resources from a “top pick” rating to an “outperform” rating and set a $38.40 price target for the company. in a report on Thursday, September 20th. They noted that the move was a valuation call. Canaccord Genuity reaffirmed a “buy” rating and set a $50.00 price target on shares of Canadian Natural Resources in a report on Tuesday, November 20th. Finally, Raymond James reaffirmed a “buy” rating on shares of Canadian Natural Resources in a report on Friday, November 2nd. Two investment analysts have rated the stock with a sell rating, one has given a hold rating and eight have assigned a buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $46.08.
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Canadian Natural Resources 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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