Canadian Natural Resources (NYSE:CNQ) Posts Quarterly Earnings Results, Beats Expectations By $0.07 EPS

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 announced its quarterly earnings data on Thursday, August 7th. The oil and gas producer reported $0.51 earnings per share for the quarter, topping the consensus estimate of $0.44 by $0.07, Zacks reports. The firm had revenue of $6.39 billion during 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 previous year, the business posted $0.88 EPS.

Canadian Natural Resources Stock Down 0.6%

NYSE CNQ traded down $0.17 during trading hours on Thursday, reaching $29.77. 4,791,940 shares of the company's stock were exchanged, compared to its average volume of 4,579,226. The company's 50-day moving average is $31.71 and its two-hundred day moving average is $30.34. Canadian Natural Resources has a one year low of $24.65 and a one year 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 company has a market capitalization of $62.19 billion, a price-to-earnings ratio of 10.56 and a beta of 1.05.

Canadian Natural Resources Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 3rd. Investors of record on Friday, September 19th will be paid a dividend of $0.4269 per share. This represents a $1.71 dividend on an annualized basis and a yield of 5.7%. 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. Canadian Natural Resources's dividend payout ratio (DPR) is currently 60.64%.

Institutional Trading of Canadian Natural Resources

Large investors have recently bought and sold shares of the business. Quantinno Capital Management LP boosted its position in Canadian Natural Resources by 9.7% during the 2nd quarter. Quantinno Capital Management LP now owns 275,588 shares of the oil and gas producer's stock worth $8,653,000 after acquiring an additional 24,286 shares during the last quarter. AXA S.A. boosted its position in Canadian Natural Resources by 20.3% during the 2nd quarter. AXA S.A. now owns 85,713 shares of the oil and gas producer's stock worth $2,691,000 after acquiring an additional 14,492 shares during the last quarter. Empowered Funds LLC boosted its position in Canadian Natural Resources by 4.3% during the 1st quarter. Empowered Funds LLC now owns 79,374 shares of the oil and gas producer's stock worth $2,445,000 after acquiring an additional 3,266 shares during the last quarter. PDT Partners LLC boosted its position in Canadian Natural Resources by 301.4% during the 2nd quarter. PDT Partners LLC now owns 71,448 shares of the oil and gas producer's stock worth $2,243,000 after acquiring an additional 53,648 shares during the last quarter. Finally, Sei Investments Co. boosted its holdings in shares of Canadian Natural Resources by 32.3% in the 2nd quarter. Sei Investments Co. now owns 65,217 shares of the oil and gas producer's stock valued at $2,048,000 after buying an additional 15,910 shares during the last quarter. 74.03% of the stock is owned by institutional investors.

Analyst Ratings Changes

CNQ has been the subject of a number of recent analyst reports. Raymond James Financial reaffirmed an "outperform" rating on shares of Canadian Natural Resources in a research note on Friday, August 8th. Royal Bank Of Canada lowered their price target on Canadian Natural Resources from $64.00 to $62.00 and set an "outperform" rating for the company in a research note on Friday, August 8th. 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 investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average 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).