Short Interest in Canadian Natural Resources Limited (NYSE:CNQ) Grows By 467.9%

Key Points

• Canadian Natural Resources Limited experienced a dramatic increase in short interest, rising 467.9% in August, bringing the total to 103,980,000 shares.
• The company also declared a quarterly dividend of $0.4269 per share, up from the previous $0.42, with a yield of 5.5%.
• Canadian Natural Resources reported $0.51 EPS for the most recent quarter, exceeding estimates and indicating a solid performance despite lower revenue compared to expectations.

Canadian Natural Resources Limited (NYSE:CNQ - Get Free Report) TSE: CNQ saw a large growth in short interest in the month of August. As of August 31st, there was short interest totaling 103,980,000 shares, a growth of 467.9% from the August 15th total of 18,310,000 shares. Based on an average trading volume of 5,960,000 shares, the days-to-cover ratio is currently 17.4 days. Approximately 5.1% of the shares of the company are short sold. Approximately 5.1% of the shares of the company are short sold. Based on an average trading volume of 5,960,000 shares, the days-to-cover ratio is currently 17.4 days.

Canadian Natural Resources Stock Down 0.0%

NYSE:CNQ traded down $0.01 during trading hours on Friday, hitting $31.21. 4,754,214 shares of the company's stock traded hands, compared to its average volume of 6,211,665. The firm has a market cap of $65.14 billion, a P/E ratio of 11.07 and a beta of 1.03. Canadian Natural Resources has a twelve month low of $24.65 and a twelve month high of $37.91. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.54 and a current ratio of 0.85. The stock's fifty day moving average price is $31.03 and its two-hundred day moving average price is $30.44.

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

Canadian Natural Resources Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 3rd. Investors of record on Friday, September 19th will be given a dividend of $0.4269 per share. The ex-dividend date of this dividend is Friday, September 19th. This is a positive change from Canadian Natural Resources's previous quarterly dividend of $0.42. This represents a $1.71 annualized dividend and a yield of 5.5%. Canadian Natural Resources's payout ratio is presently 60.64%.

Analyst Ratings Changes

Several analysts have recently weighed in on CNQ shares. Raymond James Financial restated an "outperform" rating on shares of Canadian Natural Resources in a report on Friday, August 8th. Royal Bank Of Canada cut their price objective on Canadian Natural Resources from $64.00 to $62.00 and set an "outperform" rating for the company in a report on Friday, August 8th. Scotiabank reaffirmed an "outperform" rating on shares of Canadian Natural Resources in a research report on Friday, July 11th. National Bankshares reaffirmed a "sector perform" rating on shares of Canadian Natural Resources in a research report on Thursday, July 17th. Finally, Zacks Research raised Canadian Natural Resources from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, August 26th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $62.00.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of CNQ. Ameritas Advisory Services LLC acquired a new position in Canadian Natural Resources during the second quarter valued at $27,000. Addison Advisors LLC increased its position in Canadian Natural Resources by 309.1% in the 2nd quarter. Addison Advisors LLC now owns 896 shares of the oil and gas producer's stock worth $28,000 after purchasing an additional 677 shares during the last quarter. Investment Management Corp VA ADV increased its position in Canadian Natural Resources by 158.3% in the 1st quarter. Investment Management Corp VA ADV now owns 997 shares of the oil and gas producer's stock worth $31,000 after purchasing an additional 611 shares during the last quarter. Versant Capital Management Inc increased its position in Canadian Natural Resources by 253.2% in the 1st quarter. Versant Capital Management Inc now owns 1,307 shares of the oil and gas producer's stock worth $40,000 after purchasing an additional 937 shares during the last quarter. Finally, Sierra Ocean LLC increased its position in Canadian Natural Resources by 104.0% in the 1st quarter. Sierra Ocean LLC now owns 1,569 shares of the oil and gas producer's stock worth $48,000 after purchasing an additional 800 shares during the last quarter. 74.03% of the stock is owned by institutional investors and hedge funds.

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).