Canadian Natural Resources (NYSE:CNQ – Free Report) (TSE:CNQ) had its target price boosted by Wells Fargo & Company from $80.00 to $85.00 in a report issued on Friday morning, Benzinga reports. They currently have an equal weight rating on the oil and gas producer’s stock.
CNQ has been the subject of a number of other reports. StockNews.com initiated coverage on shares of Canadian Natural Resources in a research report on Thursday, May 18th. They set a hold rating for the company. UBS Group initiated coverage on shares of Canadian Natural Resources in a research report on Wednesday, July 12th. They issued a buy rating for the company. Finally, National Bank Financial lowered shares of Canadian Natural Resources from an outperform rating to a sector perform rating in a research report on Friday. Five investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, Canadian Natural Resources has a consensus rating of Moderate Buy and a consensus price target of $88.17.
Read Our Latest Stock Analysis on Canadian Natural Resources
Canadian Natural Resources Stock Down 0.5 %
Canadian Natural Resources Increases Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 5th. Stockholders of record on Friday, September 15th will be paid a dividend of $0.6744 per share. This represents a $2.70 annualized dividend and a dividend yield of 4.45%. This is an increase from Canadian Natural Resources’s previous quarterly dividend of $0.66. The ex-dividend date is Thursday, September 14th. Canadian Natural Resources’s dividend payout ratio is 41.02%.
Hedge Funds Weigh In On Canadian Natural Resources
Hedge funds and other institutional investors have recently modified their holdings of the company. Comerica Bank raised its stake in shares of Canadian Natural Resources by 4.8% during the fourth quarter. Comerica Bank now owns 28,941 shares of the oil and gas producer’s stock valued at $1,691,000 after acquiring an additional 1,333 shares during the last quarter. SG Americas Securities LLC raised its stake in shares of Canadian Natural Resources by 41.6% during the fourth quarter. SG Americas Securities LLC now owns 34,005 shares of the oil and gas producer’s stock valued at $1,888,000 after acquiring an additional 9,982 shares during the last quarter. American Century Companies Inc. raised its stake in Canadian Natural Resources by 27.8% in the fourth quarter. American Century Companies Inc. now owns 215,756 shares of the oil and gas producer’s stock worth $11,981,000 after buying an additional 46,920 shares in the last quarter. Pacific Heights Asset Management LLC raised its stake in Canadian Natural Resources by 16.0% in the first quarter. Pacific Heights Asset Management LLC now owns 145,000 shares of the oil and gas producer’s stock worth $8,026,000 after buying an additional 20,000 shares in the last quarter. Finally, Sequoia Financial Advisors LLC raised its stake in Canadian Natural Resources by 20.5% in the first quarter. Sequoia Financial Advisors LLC now owns 8,326 shares of the oil and gas producer’s stock worth $461,000 after buying an additional 1,416 shares in the last quarter. 71.24% of the stock is owned by institutional investors.
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).
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