Royal Bank of Canada Raises Canadian Natural Resources (NYSE:CNQ) Price Target to C$66.00

Canadian Natural Resources (NYSE:CNQ) (TSE:CNQ) had its target price hoisted by Royal Bank of Canada from C$60.00 to C$66.00 in a report published on Wednesday morning, The Fly reports. The brokerage currently has an outperform rating on the oil and gas producer’s stock.

Several other equities research analysts have also commented on the company. JPMorgan Chase & Co. lowered Canadian Natural Resources from an overweight rating to a neutral rating and upped their price objective for the stock from $62.00 to $66.00 in a research note on Thursday, December 9th. They noted that the move was a valuation call. Credit Suisse Group upped their price objective on Canadian Natural Resources from C$53.00 to C$59.00 and gave the stock a neutral rating in a research note on Monday, October 18th. CIBC upped their price objective on Canadian Natural Resources from C$58.00 to C$62.00 and gave the stock an outperform rating in a research note on Friday, October 15th. National Bank Financial upped their price objective on Canadian Natural Resources from C$61.00 to C$70.00 and gave the stock an outperform rating in a research note on Wednesday, September 29th. Finally, Bank of America assumed coverage on Canadian Natural Resources in a research note on Monday, January 10th. They issued a buy rating and a $54.00 price objective for the company. Five research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of Buy and an average target price of $57.59.

NYSE CNQ opened at $51.94 on Wednesday. The business’s fifty day moving average price is $42.46 and its 200-day moving average price is $38.15. The stock has a market capitalization of $61.03 billion, a price-to-earnings ratio of 13.18, a PEG ratio of 0.67 and a beta of 1.81. The company has a debt-to-equity ratio of 0.44, a current ratio of 0.91 and a quick ratio of 0.72. Canadian Natural Resources has a 1-year low of $22.40 and a 1-year high of $52.17.

Canadian Natural Resources (NYSE:CNQ) (TSE:CNQ) last posted its quarterly earnings data on Thursday, November 4th. The oil and gas producer reported $1.41 EPS for the quarter, topping the consensus estimate of $1.20 by $0.21. The firm had revenue of $6.12 billion during the quarter, compared to analyst estimates of $6.30 billion. Canadian Natural Resources had a return on equity of 14.56% and a net margin of 21.13%. Equities research analysts anticipate that Canadian Natural Resources will post 4.69 EPS for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, January 5th. Stockholders of record on Friday, December 10th were given a dividend of $0.4731 per share. This is a positive change from Canadian Natural Resources’s previous quarterly dividend of $0.37. The ex-dividend date of this dividend was Thursday, December 9th. This represents a $1.89 dividend on an annualized basis and a dividend yield of 3.64%. Canadian Natural Resources’s dividend payout ratio (DPR) is presently 46.70%.

Several institutional investors have recently modified their holdings of the company. Capital World Investors grew its position in shares of Canadian Natural Resources by 10.0% during the third quarter. Capital World Investors now owns 89,966,731 shares of the oil and gas producer’s stock valued at $3,289,389,000 after purchasing an additional 8,157,761 shares in the last quarter. FMR LLC grew its position in shares of Canadian Natural Resources by 81.5% during the second quarter. FMR LLC now owns 55,586,086 shares of the oil and gas producer’s stock valued at $2,017,847,000 after purchasing an additional 24,956,911 shares in the last quarter. Vanguard Group Inc. lifted its holdings in shares of Canadian Natural Resources by 1.6% in the 2nd quarter. Vanguard Group Inc. now owns 35,765,208 shares of the oil and gas producer’s stock valued at $1,297,561,000 after acquiring an additional 559,574 shares during the last quarter. FIL Ltd lifted its holdings in shares of Canadian Natural Resources by 3.0% in the 3rd quarter. FIL Ltd now owns 22,787,306 shares of the oil and gas producer’s stock valued at $833,159,000 after acquiring an additional 654,751 shares during the last quarter. Finally, Mackenzie Financial Corp lifted its holdings in shares of Canadian Natural Resources by 15.6% in the 2nd quarter. Mackenzie Financial Corp now owns 18,827,078 shares of the oil and gas producer’s stock valued at $682,800,000 after acquiring an additional 2,543,428 shares during the last quarter. Hedge funds and other institutional investors own 68.35% of the company’s stock.

Canadian Natural Resources Company Profile

Canadian Natural Resources Ltd. is an oil and natural gas production company, which engages in the exploration, development, marketing, and production of crude oil and natural gas. It operates through the following segments: Oil Sands Mining & Upgrading; Midstream & Refining; and Exploration & Production.

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