Canadian Natural Resources (NYSE:CNQ) Shares Gap Up - Here's Why

Canadian Natural Resources Limited (NYSE:CNQ - Get Free Report) TSE: CNQ gapped up prior to trading on Friday . The stock had previously closed at $32.70, but opened at $34.00. Canadian Natural Resources shares last traded at $33.50, with a volume of 2,508,327 shares traded.

Analysts Set New Price Targets

A number of research analysts recently commented on CNQ shares. Evercore ISI raised Canadian Natural Resources from an "in-line" rating to an "outperform" rating in a report on Friday, March 7th. Royal Bank of Canada reiterated an "outperform" rating and set a $63.00 price objective on shares of Canadian Natural Resources in a research report on Thursday, March 27th. Raymond James upgraded Canadian Natural Resources from a "market perform" rating to an "outperform" rating in a report on Wednesday, April 9th. Finally, Scotiabank upgraded shares of Canadian Natural Resources from a "sector perform" rating to a "sector outperform" rating in a research note on Wednesday, March 19th. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, Canadian Natural Resources currently has an average rating of "Moderate Buy" and an average target price of $63.00.

Canadian Natural Resources Stock Down 1.4%

The company has a current ratio of 0.84, a quick ratio of 0.53 and a debt-to-equity ratio of 0.21. The business has a fifty day moving average of $29.91 and a two-hundred day moving average of $30.30. The company has a market cap of $69.66 billion, a price-to-earnings ratio of 12.93 and a beta of 1.03.

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

Canadian Natural Resources Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, July 3rd. Investors of record on Friday, June 13th will be given a $0.4227 dividend. 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 yield of 5.08%. Canadian Natural Resources's dividend payout ratio is 67.06%.

Institutional Trading of Canadian Natural Resources

Several hedge funds and other institutional investors have recently made changes to their positions in the company. MAI Capital Management boosted its position in Canadian Natural Resources by 9.6% during the first 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 during the last quarter. Assetmark Inc. grew its holdings in Canadian Natural Resources by 57.3% in the 4th quarter. Assetmark Inc. now owns 1,205 shares of the oil and gas producer's stock valued at $37,000 after buying an additional 439 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. raised its holdings in Canadian Natural Resources by 10.2% in the 1st quarter. Thurston Springer Miller Herd & Titak Inc. now owns 5,165 shares of the oil and gas producer's stock valued at $159,000 after acquiring an additional 480 shares in the last quarter. Orion Portfolio Solutions LLC lifted its position in Canadian Natural Resources by 0.6% in the fourth quarter. Orion Portfolio Solutions LLC now owns 81,954 shares of the oil and gas producer's stock worth $2,530,000 after purchasing an additional 497 shares during the period. Finally, Global Retirement Partners LLC increased its stake in Canadian Natural Resources by 4.5% in the fourth quarter. Global Retirement Partners LLC now owns 11,993 shares of the oil and gas producer's stock valued at $370,000 after acquiring an additional 514 shares during the period. Hedge funds and other 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).