Canadian Natural Resources Limited (NYSE:CNQ) Short Interest Update

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 was the target of a significant increase in short interest in August. As of August 31st, there was short interest totaling 103,980,000 shares, an increase 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 presently 17.4 days. Currently, 5.1% of the company's stock are sold short. Currently, 5.1% of the company's stock are sold short. Based on an average trading volume of 5,960,000 shares, the days-to-cover ratio is presently 17.4 days.

Canadian Natural Resources Stock Performance

Shares of Canadian Natural Resources stock traded up $0.19 on Wednesday, reaching $33.12. 5,848,970 shares of the company were exchanged, compared to its average volume of 6,456,244. 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 company's 50-day moving average is $31.05 and its two-hundred day moving average is $30.48. The firm has a market cap of $69.11 billion, a price-to-earnings ratio of 11.77 and a beta of 1.03. Canadian Natural Resources has a 1-year low of $24.65 and a 1-year high of $37.91.

Canadian Natural Resources (NYSE:CNQ - Get Free Report) TSE: CNQ last announced its quarterly earnings results on Thursday, August 7th. The oil and gas producer reported $0.51 earnings per share for the quarter, topping analysts' consensus estimates of $0.44 by $0.07. The business had revenue of $6.39 billion for the quarter, compared to analysts' expectations 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 prior year, the firm earned $0.88 EPS. As a group, 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 disclosed a quarterly dividend, which will be paid on Friday, October 3rd. Investors of record on Friday, September 19th will be issued a $0.4269 dividend. This is a positive change from Canadian Natural Resources's previous quarterly dividend of $0.42. The ex-dividend date of this dividend is Friday, September 19th. This represents a $1.71 dividend on an annualized basis and a yield of 5.2%. Canadian Natural Resources's dividend payout ratio is currently 60.64%.

Hedge Funds Weigh In On Canadian Natural Resources

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its holdings in Canadian Natural Resources by 3.4% in the 2nd quarter. Vanguard Group Inc. now owns 90,742,099 shares of the oil and gas producer's stock worth $2,852,024,000 after buying an additional 3,003,542 shares in the last quarter. Fisher Asset Management LLC grew its holdings in Canadian Natural Resources by 4.5% in the 2nd quarter. Fisher Asset Management LLC now owns 47,939,585 shares of the oil and gas producer's stock worth $1,505,303,000 after buying an additional 2,051,714 shares in the last quarter. T. Rowe Price Investment Management Inc. boosted its stake in Canadian Natural Resources by 29.1% during the 1st quarter. T. Rowe Price Investment Management Inc. now owns 43,968,120 shares of the oil and gas producer's stock valued at $1,354,219,000 after purchasing an additional 9,915,345 shares in the last quarter. Canada Pension Plan Investment Board boosted its stake in Canadian Natural Resources by 13.0% during the 1st quarter. Canada Pension Plan Investment Board now owns 41,769,153 shares of the oil and gas producer's stock valued at $1,285,464,000 after purchasing an additional 4,805,451 shares in the last quarter. Finally, TD Asset Management Inc boosted its stake in Canadian Natural Resources by 0.8% during the 2nd quarter. TD Asset Management Inc now owns 41,581,125 shares of the oil and gas producer's stock valued at $1,304,267,000 after purchasing an additional 316,933 shares in the last quarter. 74.03% of the stock is owned by institutional investors.

Analysts Set New Price Targets

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

About Canadian Natural Resources

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).