Canadian Natural Resources Limited (NYSE:CNQ) Sees Significant Growth in Short Interest

Key Points

• Short interest in Canadian Natural Resources Limited increased significantly by 74.8% in September, totaling 181.74 million shares, which equates to approximately 8.9% of the company's total shares.
• The company recently increased its quarterly dividend to $0.4269, reflecting a 5.3% dividend yield and a payout ratio of 60.64%.
• CNQ reported earnings of $0.51 per share, exceeding analysts' expectations, while revenue for the quarter was $6.39 billion, falling short of projections of $8.97 billion.

Canadian Natural Resources Limited (NYSE:CNQ - Get Free Report) TSE: CNQ was the recipient of a large increase in short interest in September. As of September 15th, there was short interest totaling 181,740,000 shares, an increase of 74.8% from the August 31st total of 103,980,000 shares. Approximately 8.9% of the shares of the company are short sold. Based on an average trading volume of 5,760,000 shares, the short-interest ratio is currently 31.6 days. Based on an average trading volume of 5,760,000 shares, the short-interest ratio is currently 31.6 days. Approximately 8.9% of the shares of the company are short sold.

Canadian Natural Resources Price Performance

NYSE:CNQ traded up $0.62 on Monday, reaching $32.45. The stock had a trading volume of 4,766,976 shares, compared to its average volume of 7,845,419. The company has a quick ratio of 0.54, a current ratio of 0.85 and a debt-to-equity ratio of 0.38. The company has a market capitalization of $67.72 billion, a P/E ratio of 11.51 and a beta of 0.97. Canadian Natural Resources has a 1-year low of $24.65 and a 1-year high of $37.91. The stock has a fifty day moving average price of $31.28 and a 200-day moving average price of $30.82.

Canadian Natural Resources (NYSE:CNQ - Get Free Report) TSE: CNQ last posted its earnings results on Thursday, August 7th. The oil and gas producer reported $0.51 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.44 by $0.07. The company had revenue of $6.39 billion during the quarter, compared to analysts' expectations of $8.97 billion. Canadian Natural Resources had a net margin of 19.00% and a return on equity of 19.67%. During the same quarter in the previous year, the company posted $0.88 earnings per share. Research analysts forecast that Canadian Natural Resources will post 2.45 EPS for the current year.

Canadian Natural Resources Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, October 3rd. Investors of record on Friday, September 19th were issued a $0.4269 dividend. This is a positive change from Canadian Natural Resources's previous quarterly dividend of $0.42. This represents a $1.71 dividend on an annualized basis and a dividend yield of 5.3%. The ex-dividend date of this dividend was Friday, September 19th. Canadian Natural Resources's dividend payout ratio (DPR) is presently 60.64%.

Hedge Funds Weigh In On Canadian Natural Resources

A number of large investors have recently modified their holdings of CNQ. Ameritas Advisory Services LLC bought a new position in Canadian Natural Resources in the 2nd quarter worth approximately $27,000. Addison Advisors LLC raised its position in shares of Canadian Natural Resources by 309.1% during the second quarter. Addison Advisors LLC now owns 896 shares of the oil and gas producer's stock worth $28,000 after acquiring an additional 677 shares during the last quarter. Investment Management Corp VA ADV lifted its stake in shares of Canadian Natural Resources by 158.3% during the first quarter. Investment Management Corp VA ADV now owns 997 shares of the oil and gas producer's stock valued at $31,000 after acquiring an additional 611 shares during the period. Sierra Ocean LLC boosted its holdings in Canadian Natural Resources by 104.0% in the first quarter. Sierra Ocean LLC now owns 1,569 shares of the oil and gas producer's stock valued at $48,000 after acquiring an additional 800 shares during the last quarter. Finally, Geneos Wealth Management Inc. increased its position in Canadian Natural Resources by 47.3% in the first quarter. Geneos Wealth Management Inc. now owns 1,644 shares of the oil and gas producer's stock worth $51,000 after purchasing an additional 528 shares during the period. 74.03% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

CNQ has been the subject of several research reports. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Canadian Natural Resources in a research report on Saturday, September 27th. Royal Bank Of Canada reiterated an "outperform" rating and set a $62.00 target price on shares of Canadian Natural Resources in a research report on Wednesday, September 24th. Zacks Research raised shares of Canadian Natural Resources from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, August 26th. Raymond James Financial restated an "outperform" rating on shares of Canadian Natural Resources in a research note on Friday, August 8th. Finally, TD Securities reiterated a "buy" rating on shares of Canadian Natural Resources in a research note on Tuesday, September 30th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, Canadian Natural Resources presently has an average rating of "Moderate Buy" and a consensus price target of $62.00.

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).

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