Canadian Natural Resources (NYSE:CNQ) Sees Strong Trading Volume - Should You Buy?

Key Points

• Canadian Natural Resources Limited experienced a significant trading volume increase of 61%, with approximately 10.4 million shares traded, as it closed at $32.52.
• The company reported a quarterly EPS of $0.51, surpassing analyst expectations, though revenue fell short of predictions at $6.39 billion.
• Canadian Natural Resources announced an increase in its dividend to $0.4269 per share, representing a 5.3% yield and a payout ratio of 60.64%.

Canadian Natural Resources Limited (NYSE:CNQ - Get Free Report) TSE: CNQ shares saw strong trading volume on Thursday . 10,417,297 shares were traded during trading, an increase of 61% from the previous session's volume of 6,486,360 shares.The stock last traded at $32.52 and had previously closed at $32.76.

Analysts Set New Price Targets

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

Canadian Natural Resources Price Performance

The company has a market cap of $66.97 billion, a price-to-earnings ratio of 11.38 and a beta of 1.03. The company's 50 day moving average price is $31.07 and its 200 day moving average price is $30.61. The company has a current ratio of 0.85, a quick ratio of 0.54 and a debt-to-equity ratio of 0.38.

Canadian Natural Resources (NYSE:CNQ - Get Free Report) TSE: CNQ last announced its quarterly earnings data on Thursday, August 7th. The oil and gas producer reported $0.51 EPS for the quarter, beating analysts' consensus estimates of $0.44 by $0.07. Canadian Natural Resources had a net margin of 19.00% and a return on equity of 19.67%. The firm had revenue of $6.39 billion during the quarter, compared to the consensus estimate of $8.97 billion. During the same quarter last year, the firm earned $0.88 earnings per share. Equities research analysts forecast that Canadian Natural Resources Limited will post 2.45 earnings per share for the current 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 dividend of $0.4269 per share. This is a boost 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 5.3%. The ex-dividend date of this dividend is Friday, September 19th. Canadian Natural Resources's dividend payout ratio is currently 60.28%.

Institutional Investors Weigh In On Canadian Natural Resources

Several institutional investors have recently made changes to their positions in CNQ. MAI Capital Management increased its holdings in shares of Canadian Natural Resources by 9.6% in the 1st quarter. MAI Capital Management now owns 4,365 shares of the oil and gas producer's stock valued at $134,000 after purchasing an additional 382 shares in the last quarter. Haven Private LLC grew its position in Canadian Natural Resources by 3.4% during the second quarter. Haven Private LLC now owns 11,617 shares of the oil and gas producer's stock worth $365,000 after buying an additional 383 shares during the period. King Luther Capital Management Corp increased its holdings in Canadian Natural Resources by 1.2% in the second quarter. King Luther Capital Management Corp now owns 32,283 shares of the oil and gas producer's stock valued at $1,014,000 after buying an additional 387 shares in the last quarter. Kingsview Wealth Management LLC boosted its position in Canadian Natural Resources by 5.7% during the second quarter. Kingsview Wealth Management LLC now owns 8,109 shares of the oil and gas producer's stock worth $255,000 after purchasing an additional 434 shares in the last quarter. Finally, Thurston Springer Miller Herd & Titak Inc. grew its stake in Canadian Natural Resources by 8.7% in the 2nd quarter. Thurston Springer Miller Herd & Titak Inc. now owns 5,613 shares of the oil and gas producer's stock valued at $176,000 after acquiring an additional 448 shares during the last quarter. 74.03% of the stock is currently owned by hedge funds and other institutional investors.

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).