Canadian Natural Resources (NYSE:CNQ) Sees Large Volume Increase - Still a Buy?

Canadian Natural Resources Limited (NYSE:CNQ - Get Free Report) TSE: CNQ shares saw unusually-high trading volume on Thursday . Approximately 13,102,498 shares changed hands during mid-day trading, an increase of 133% from the previous session's volume of 5,614,567 shares.The stock last traded at $32.95 and had previously closed at $32.73.

Wall Street Analysts Forecast Growth

CNQ has been the topic of several analyst reports. Evercore ISI upgraded shares of Canadian Natural Resources from an "in-line" rating to an "outperform" rating in a report on Friday, March 7th. Scotiabank raised shares of Canadian Natural Resources from a "sector perform" rating to a "sector outperform" rating in a research note on Wednesday, March 19th. Raymond James raised shares of Canadian Natural Resources from a "market perform" rating to an "outperform" rating in a research note on Wednesday, April 9th. Finally, Royal Bank of Canada reaffirmed an "outperform" rating and issued a $63.00 target price on shares of Canadian Natural Resources in a research note on Thursday, March 27th. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $63.00.

Canadian Natural Resources Price Performance

The company has a debt-to-equity ratio of 0.21, a current ratio of 0.84 and a quick ratio of 0.53. The stock has a market cap of $70.67 billion, a P/E ratio of 13.12 and a beta of 1.03. The company's 50 day simple moving average is $29.91 and its 200 day simple moving average is $30.33.

Canadian Natural Resources (NYSE:CNQ - Get Free Report) TSE: CNQ last issued its quarterly earnings data on Thursday, May 8th. The oil and gas producer reported $0.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.73 by $0.08. Canadian Natural Resources had a net margin of 18.45% and a return on equity of 20.07%. The company had revenue of $6.96 billion during the quarter, compared to the consensus estimate of $10.14 billion. During the same quarter in the prior year, the firm earned $1.37 earnings per share. As a group, equities analysts forecast that Canadian Natural Resources Limited will post 2.45 earnings per share for the current year.

Canadian Natural Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, July 3rd. Stockholders of record on Friday, June 13th will be given a dividend of $0.4227 per share. This is an increase from Canadian Natural Resources's previous quarterly dividend of $0.41. The ex-dividend date of this dividend is Friday, June 13th. This represents a $1.69 annualized dividend and a dividend yield of 5.00%. Canadian Natural Resources's dividend payout ratio is currently 67.06%.

Institutional Investors Weigh In On Canadian Natural Resources

Several large investors have recently made changes to their positions in the stock. Intrua Financial LLC bought a new stake in shares of Canadian Natural Resources during the first quarter worth $230,000. Turn8 Private Wealth Inc. grew its position in Canadian Natural Resources by 9.7% in the first quarter. Turn8 Private Wealth Inc. now owns 91,412 shares of the oil and gas producer's stock valued at $2,814,000 after purchasing an additional 8,074 shares in the last quarter. Acadian Asset Management LLC grew its position in Canadian Natural Resources by 294.3% in the first quarter. Acadian Asset Management LLC now owns 411,166 shares of the oil and gas producer's stock valued at $12,647,000 after purchasing an additional 306,900 shares in the last quarter. Geneos Wealth Management Inc. grew its position in Canadian Natural Resources by 47.3% in 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 purchasing an additional 528 shares in the last quarter. Finally, Intech Investment Management LLC grew its position in Canadian Natural Resources by 43.7% in the first quarter. Intech Investment Management LLC now owns 445,503 shares of the oil and gas producer's stock valued at $13,706,000 after purchasing an additional 135,516 shares in the last quarter. Institutional investors own 74.03% of the company's stock.

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).