Short Interest in Canadian Natural Resources Limited (NYSE:CNQ) Drops By 68.0%

Key Points

• Short interest in Canadian Natural Resources Limited (NYSE:CNQ) fell by 68.0% from 181,740,000 shares to 58,100,000 as of September 30th, representing approximately 2.9% of the company's shares sold short.
• Analysts have mixed ratings on CNQ, with a consensus showing a "Moderate Buy" average rating and a price target of $62.00.
• The company recently increased its quarterly dividend to $0.4269 per share, yielding around 5.7%, a boost from the previous quarterly dividend.

Canadian Natural Resources Limited (NYSE:CNQ - Get Free Report) TSE: CNQ was the target of a significant decline in short interest in September. As of September 30th, there was short interest totaling 58,100,000 shares, a decline of 68.0% from the September 15th total of 181,740,000 shares. Approximately 2.9% of the company's shares are sold short. Based on an average trading volume of 6,200,000 shares, the short-interest ratio is presently 9.4 days. Based on an average trading volume of 6,200,000 shares, the short-interest ratio is presently 9.4 days. Approximately 2.9% of the company's shares are sold short.

Analysts Set New Price Targets

Several analysts recently weighed in on the stock. Weiss Ratings reiterated a "hold (c)" rating on shares of Canadian Natural Resources in a report on Wednesday, October 8th. Zacks Research upgraded shares of Canadian Natural Resources from a "hold" rating to a "strong-buy" rating in a report on Tuesday, August 26th. Wells Fargo & Company upgraded shares of Canadian Natural Resources to a "hold" rating in a report on Thursday. National Bankshares restated a "sector perform" rating on shares of Canadian Natural Resources in a report on Thursday, July 17th. Finally, TD Securities restated a "buy" rating on shares of Canadian Natural Resources in a report on Tuesday, September 30th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $62.00.

Canadian Natural Resources Stock Down 0.4%

Shares of CNQ stock traded down $0.11 during mid-day trading on Friday, reaching $30.10. 5,834,171 shares of the company's stock traded hands, compared to its average volume of 7,717,419. Canadian Natural Resources has a 12 month low of $24.65 and a 12 month high of $35.93. The company has a market cap of $62.82 billion, a P/E ratio of 10.67 and a beta of 0.97. The company has a quick ratio of 0.54, a current ratio of 0.85 and a debt-to-equity ratio of 0.38. The company's 50-day moving average price is $31.32 and its 200-day moving average price is $30.85.

Canadian Natural Resources (NYSE:CNQ - Get Free Report) TSE: CNQ last posted its quarterly earnings results on Thursday, August 7th. The oil and gas producer reported $0.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.44 by $0.07. The firm had revenue of $6.39 billion during the quarter, compared to analyst estimates 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 quarter in the previous year, the firm earned $0.88 EPS. On average, equities analysts expect that Canadian Natural Resources will post 2.45 earnings per share for the current fiscal year.

Canadian Natural Resources Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, October 3rd. Stockholders of record on Friday, September 19th were given a $0.4269 dividend. The ex-dividend date of this dividend was Friday, September 19th. This represents a $1.71 annualized dividend and a dividend yield of 5.7%. This is a boost from Canadian Natural Resources's previous quarterly dividend of $0.42. Canadian Natural Resources's payout ratio is presently 60.64%.

Hedge Funds Weigh In On Canadian Natural Resources

Several large investors have recently modified their holdings of CNQ. Ameritas Advisory Services LLC purchased a new position in shares of Canadian Natural Resources in the 2nd quarter worth about $27,000. Addison Advisors LLC raised its position in Canadian Natural Resources by 309.1% in the 2nd quarter. Addison Advisors LLC now owns 896 shares of the oil and gas producer's stock worth $28,000 after buying an additional 677 shares during the last quarter. Investment Management Corp VA ADV raised its position in Canadian Natural Resources by 158.3% in the 1st quarter. Investment Management Corp VA ADV now owns 997 shares of the oil and gas producer's stock worth $31,000 after buying an additional 611 shares during the last quarter. Sierra Ocean LLC raised its position in Canadian Natural Resources by 104.0% in the 1st quarter. Sierra Ocean LLC now owns 1,569 shares of the oil and gas producer's stock worth $48,000 after buying an additional 800 shares during the last quarter. Finally, Geneos Wealth Management Inc. raised its position in Canadian Natural Resources by 47.3% in the 1st quarter. Geneos Wealth Management Inc. now owns 1,644 shares of the oil and gas producer's stock worth $51,000 after buying an additional 528 shares during the last quarter. Hedge funds and other institutional investors own 74.03% of the company's stock.

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).

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