Canadian Natural Resources Limited (NYSE:CNQ) Sees Large Drop in Short Interest

Canadian Natural Resources Limited (NYSE:CNQ - Get Free Report) TSE: CNQ was the recipient of a significant decline in short interest in the month of April. As of April 15th, there was short interest totalling 62,100,000 shares, a decline of 27.5% from the March 31st total of 85,650,000 shares. Approximately 3.0% of the company's shares are sold short. Based on an average daily trading volume, of 7,390,000 shares, the short-interest ratio is currently 8.4 days.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in CNQ. Duncker Streett & Co. Inc. purchased a new position in Canadian Natural Resources during the 4th quarter valued at about $25,000. Lee Danner & Bass Inc. purchased a new position in shares of Canadian Natural Resources during the fourth quarter valued at approximately $25,000. Hurley Capital LLC bought a new stake in shares of Canadian Natural Resources in the 4th quarter worth approximately $31,000. Sandy Spring Bank bought a new position in Canadian Natural Resources during the 4th quarter valued at approximately $31,000. Finally, CoreFirst Bank & Trust purchased a new stake in shares of Canadian Natural Resources in the fourth quarter worth $31,000. Institutional investors own 74.03% of the company's stock.

Canadian Natural Resources Trading Up 1.9 %

Shares of CNQ traded up $0.54 during trading hours on Tuesday, reaching $28.55. 1,835,273 shares of the company traded hands, compared to its average volume of 5,364,793. Canadian Natural Resources has a 12 month low of $24.65 and a 12 month high of $39.20. The company has a quick ratio of 0.53, a current ratio of 0.84 and a debt-to-equity ratio of 0.21. The company's fifty day moving average price is $28.83 and its two-hundred day moving average price is $30.95. The company has a market capitalization of $59.89 billion, a price-to-earnings ratio of 11.10 and a beta of 1.04.

Canadian Natural Resources Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, April 4th. Shareholders of record on Friday, March 21st were issued a dividend of $0.4117 per share. This is an increase from Canadian Natural Resources's previous quarterly dividend of $0.39. The ex-dividend date of this dividend was Friday, March 21st. This represents a $1.65 dividend on an annualized basis and a dividend yield of 5.77%. Canadian Natural Resources's dividend payout ratio is 77.88%.

Wall Street Analyst Weigh In

Several research firms recently issued reports on CNQ. Evercore ISI upgraded Canadian Natural Resources from an "in-line" rating to an "outperform" rating in a research report on Friday, March 7th. Raymond James raised shares of Canadian Natural Resources from a "market perform" rating to an "outperform" rating in a research note on Wednesday, April 9th. Scotiabank raised shares of Canadian Natural Resources from a "sector perform" rating to a "sector outperform" rating in a research report on Wednesday, March 19th. Tudor Pickering cut shares of Canadian Natural Resources from a "strong-buy" rating to a "hold" rating in a research report on Monday, February 10th. Finally, Royal Bank of Canada reiterated an "outperform" rating and set a $63.00 target price on shares of Canadian Natural Resources in a report on Thursday, March 27th. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $63.00.

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).