Canadian Natural Resources (NYSE:CNQ) Stock Price Down 7.6% - Here's What Happened

Key Points

• Shares fell 7.6% to about $42.79 on Friday, with roughly 2.05 million shares traded — an 81% decline vs. the stock's average daily volume of ~10.9 million.
• The company beat quarterly estimates (EPS $0.59 vs. $0.53; revenue $6.89B vs. $6.64B) and raised its quarterly dividend to $0.625 (annualized $2.50), implying a ~5.9% yield.
• Analyst sentiment is mixed: MarketBeat shows a consensus of "Moderate Buy" with a $57 price target (six Buy, six Hold), alongside recent individual upgrades and downgrades reflecting varied views.

Canadian Natural Resources Limited (NYSE:CNQ - Get Free Report) TSE: CNQ's share price dropped 7.6% during trading on Friday . The stock traded as low as $42.68 and last traded at $42.7940. Approximately 2,054,676 shares changed hands during trading, a decline of 81% from the average daily volume of 10,913,828 shares. The stock had previously closed at $46.31.

Analyst Upgrades and Downgrades

CNQ has been the topic of several analyst reports. Weiss Ratings raised shares of Canadian Natural Resources from a "hold (c+)" rating to a "buy (b)" rating in a report on Friday, March 27th. Wall Street Zen raised shares of Canadian Natural Resources from a "sell" rating to a "hold" rating in a report on Saturday, January 31st. ATB Cormark Capital Markets downgraded shares of Canadian Natural Resources from a "strong-buy" rating to a "moderate buy" rating in a report on Thursday, March 5th. Evercore downgraded shares of Canadian Natural Resources from an "outperform" rating to an "in-line" rating in a report on Tuesday, January 6th. Finally, Royal Bank Of Canada increased their target price on Canadian Natural Resources from $61.00 to $65.00 and gave the stock an "outperform" rating in a research note on Friday, March 6th. Six analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $57.00.

Canadian Natural Resources Stock Performance

The company has a quick ratio of 0.63, a current ratio of 0.95 and a debt-to-equity ratio of 0.36. The company has a market capitalization of $89.11 billion, a PE ratio of 11.57 and a beta of 0.53. The stock's fifty day simple moving average is $45.47 and its 200-day simple moving average is $37.40.

Canadian Natural Resources (NYSE:CNQ - Get Free Report) TSE: CNQ last issued its earnings results on Thursday, March 5th. The oil and gas producer reported $0.59 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.53 by $0.06. The company had revenue of $6.89 billion during the quarter, compared to analysts' expectations of $6.64 billion. Canadian Natural Resources had a net margin of 24.48% and a return on equity of 17.84%. During the same period last year, the company posted $0.93 earnings per share. On average, research analysts predict that Canadian Natural Resources Limited will post 2.45 earnings per share for the current fiscal year.

Canadian Natural Resources Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, April 7th. Shareholders of record on Friday, March 20th were given a dividend of $0.625 per share. The ex-dividend date was Friday, March 20th. This is a positive change from Canadian Natural Resources's previous quarterly dividend of $0.59. This represents a $2.50 dividend on an annualized basis and a yield of 5.9%. Canadian Natural Resources's dividend payout ratio (DPR) is presently 49.59%.

Hedge Funds Weigh In On Canadian Natural Resources

Several hedge funds have recently added to or reduced their stakes in the business. Sunbelt Securities Inc. purchased a new stake in Canadian Natural Resources in the 4th quarter valued at approximately $25,000. Manchester Capital Management LLC purchased a new stake in Canadian Natural Resources during the 4th quarter worth about $28,000. Leonteq Securities AG purchased a new stake in Canadian Natural Resources during the 4th quarter worth about $31,000. GoalVest Advisory LLC purchased a new stake in Canadian Natural Resources during the 4th quarter worth about $32,000. Finally, St. Johns Investment Management Company LLC purchased a new stake in Canadian Natural Resources during the 3rd quarter worth about $32,000. 74.03% of the stock is currently owned by hedge funds and other institutional investors.

Canadian Natural Resources Company Profile

Canadian Natural Resources Limited NYSE: CNQ is a Calgary-based independent oil and natural gas exploration and production company. Established in the early 1970s and publicly listed in Canada and the United States, the company is principally engaged in the exploration, development, production, and marketing of crude oil, natural gas and natural gas liquids. Its asset base spans conventional and unconventional reservoirs and includes oil sands mining and in-situ thermal projects, midstream processing and upgrading capacity, and related field operations.

The company's operations are concentrated in Western Canada, where it develops heavy crude, bitumen from oil sands and conventional light crude and natural gas resources.

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