Canadian Natural Resources (NYSE:CNQ) Announces Quarterly Earnings Results

Key Points

• Canadian Natural Resources reported a quarterly earnings per share (EPS) of $0.51, exceeding analysts' expectations of $0.44, despite revenue falling short at $6.39 billion versus the expected $8.97 billion.
• The company announced a quarterly dividend increase to $0.4269 per share, reflecting an annualized yield of 5.6% and a payout ratio of 67.06%.
• Several institutional investors significantly increased their positions, with ownership of Canadian Natural Resources stock now at 74.03% among such entities.

Canadian Natural Resources (NYSE:CNQ - Get Free Report) TSE: CNQ issued its quarterly earnings results on Thursday. The oil and gas producer reported $0.51 EPS for the quarter, topping analysts' consensus estimates of $0.44 by $0.07, Zacks reports. The firm had revenue of $6.39 billion for the quarter, compared to analyst estimates of $8.97 billion. Canadian Natural Resources had a net margin of 19.00% and a return on equity of 19.87%. During the same quarter in the prior year, the firm earned $0.88 EPS.

Canadian Natural Resources Trading Down 0.4%

NYSE:CNQ opened at $30.32 on Friday. Canadian Natural Resources has a 52 week low of $24.65 and a 52 week high of $37.91. The firm has a 50 day moving average of $31.80 and a 200 day moving average of $30.38. The company has a quick ratio of 0.53, a current ratio of 0.84 and a debt-to-equity ratio of 0.40. The stock has a market capitalization of $63.39 billion, a price-to-earnings ratio of 10.75 and a beta of 1.05.

Canadian Natural Resources Increases Dividend

The company also recently announced 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 dividend on an annualized basis and a yield of 5.6%. Canadian Natural Resources's dividend payout ratio is currently 67.06%.

Institutional Trading of Canadian Natural Resources

A number of hedge funds and other institutional investors have recently made changes to their positions in CNQ. Geneos Wealth Management Inc. grew its position in Canadian Natural Resources by 47.3% during the first quarter. Geneos Wealth Management Inc. now owns 1,644 shares of the oil and gas producer's stock valued at $51,000 after buying an additional 528 shares during the period. AQR Capital Management LLC grew its position in Canadian Natural Resources by 85.5% during the first quarter. AQR Capital Management LLC now owns 18,090 shares of the oil and gas producer's stock valued at $557,000 after buying an additional 8,336 shares during the period. Jones Financial Companies Lllp grew its position in Canadian Natural Resources by 92.7% during the first quarter. Jones Financial Companies Lllp now owns 29,096 shares of the oil and gas producer's stock valued at $896,000 after buying an additional 13,996 shares during the period. Finally, Empowered Funds LLC grew its position in Canadian Natural Resources by 4.3% during the first quarter. Empowered Funds LLC now owns 79,374 shares of the oil and gas producer's stock valued at $2,445,000 after buying an additional 3,266 shares during the period. Institutional investors and hedge funds own 74.03% of the company's stock.

Analyst Ratings Changes

A number of brokerages have issued reports on CNQ. Royal Bank Of Canada cut their price target on shares of Canadian Natural Resources from $64.00 to $62.00 and set an "outperform" rating on the stock in a report on Friday. Raymond James Financial reaffirmed an "outperform" rating on shares of Canadian Natural Resources in a research report on Friday. Scotiabank reaffirmed an "outperform" rating on shares of Canadian Natural Resources in a research note on Friday, July 11th. Finally, National Bankshares reaffirmed a "sector perform" rating on shares of Canadian Natural Resources in a research note on Thursday, July 17th. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price 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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