Canadian Natural Resources Limited (NYSE:CNQ) Increases Dividend to $0.67 Per Share

Canadian Natural Resources Limited (NYSE:CNQ) (TSE:CNQ) announced a quarterly dividend on Wednesday, August 2nd, Wall Street Journal reports. Shareholders of record on Friday, September 15th will be paid a dividend of 0.6744 per share by the oil and gas producer on Thursday, October 5th. This represents a $2.70 annualized dividend and a yield of 4.17%. The ex-dividend date is Thursday, September 14th. This is an increase from Canadian Natural Resources’s previous quarterly dividend of $0.66.

Canadian Natural Resources has increased its dividend by an average of 27.9% per year over the last three years and has raised its dividend annually for the last 1 consecutive years. Canadian Natural Resources has a dividend payout ratio of 43.2% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Canadian Natural Resources to earn $6.28 per share next year, which means the company should continue to be able to cover its $2.70 annual dividend with an expected future payout ratio of 43.0%.

Canadian Natural Resources Price Performance

Shares of NYSE CNQ opened at $64.71 on Wednesday. The firm has a 50-day simple moving average of $60.58 and a 200-day simple moving average of $57.89. The company has a quick ratio of 0.47, a current ratio of 0.70 and a debt-to-equity ratio of 0.25. The stock has a market capitalization of $70.60 billion, a price-to-earnings ratio of 12.71, a price-to-earnings-growth ratio of 11.89 and a beta of 1.58. Canadian Natural Resources has a 52 week low of $44.45 and a 52 week high of $66.18.

Canadian Natural Resources (NYSE:CNQ) (TSE:CNQ) last announced its quarterly earnings data on Thursday, August 3rd. The oil and gas producer reported $0.85 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.88 by ($0.03). Canadian Natural Resources had a net margin of 18.14% and a return on equity of 22.86%. The business had revenue of $5.87 billion for the quarter, compared to analysts’ expectations of $5.44 billion. On average, equities analysts predict that Canadian Natural Resources will post 5.13 earnings per share for the current fiscal year.

Institutional Trading of Canadian Natural Resources

Several institutional investors and hedge funds have recently bought and sold shares of CNQ. Money Concepts Capital Corp purchased a new stake in Canadian Natural Resources in the 4th quarter valued at about $25,000. Captrust Financial Advisors raised its position in Canadian Natural Resources by 57.6% in the second quarter. Captrust Financial Advisors now owns 594 shares of the oil and gas producer’s stock valued at $32,000 after purchasing an additional 217 shares during the period. Fortis Capital Advisors LLC purchased a new stake in Canadian Natural Resources in the first quarter valued at approximately $35,000. KB Financial Partners LLC purchased a new stake in Canadian Natural Resources in the first quarter valued at approximately $41,000. Finally, Natixis purchased a new stake in Canadian Natural Resources in the fourth quarter valued at approximately $42,000. 73.88% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the company. Jefferies Financial Group increased their price target on Canadian Natural Resources from $84.00 to $94.00 and gave the company a “hold” rating in a report on Monday, August 28th. UBS Group assumed coverage on Canadian Natural Resources in a report on Wednesday, July 12th. They set a “buy” rating on the stock. StockNews.com assumed coverage on Canadian Natural Resources in a report on Thursday, August 17th. They set a “hold” rating on the stock. National Bank Financial lowered Canadian Natural Resources from an “outperform” rating to a “sector perform” rating in a report on Friday, August 4th. Finally, CIBC lifted their price target on Canadian Natural Resources from $90.00 to $93.00 and gave the stock an “outperformer” rating in a report on Tuesday, August 29th. Four equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $89.50.

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).