Canadian Natural Resources Limited (NYSE:CNQ) Receives Consensus Recommendation of “Buy” from Analysts

Shares of Canadian Natural Resources Limited (NYSE:CNQ) (TSE:CNQ) have been assigned a consensus recommendation of “Buy” from the twenty brokerages that are presently covering the company, MarketBeat reports. One analyst has rated the stock with a sell rating, four have given a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. The average 12 month target price among brokerages that have issued a report on the stock in the last year is $46.42.

CNQ has been the topic of several analyst reports. Goldman Sachs Group, Inc. (The) restated a “buy” rating and set a $36.00 price objective on shares of Canadian Natural Resources Limited in a report on Thursday, June 22nd. TheStreet upgraded Canadian Natural Resources Limited from a “d+” rating to a “c-” rating in a report on Wednesday, April 12th. ValuEngine upgraded Canadian Natural Resources Limited from a “sell” rating to a “hold” rating in a report on Wednesday, July 12th. Zacks Investment Research cut Canadian Natural Resources Limited from a “strong-buy” rating to a “hold” rating in a report on Wednesday, July 19th. Finally, Citigroup Inc. cut Canadian Natural Resources Limited from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $40.00 to $33.00 in a report on Friday. They noted that the move was a valuation call.

Canadian Natural Resources Limited (NYSE CNQ) opened at 29.85 on Tuesday. The firm has a market cap of $33.35 billion, a price-to-earnings ratio of 284.29 and a beta of 1.47. Canadian Natural Resources Limited has a 52 week low of $27.52 and a 52 week high of $35.28. The stock has a 50 day moving average price of $28.92 and a 200 day moving average price of $30.67.

Canadian Natural Resources Limited declared that its Board of Directors has authorized a share buyback plan on Wednesday, May 17th that permits the company to repurchase 27,930,000 outstanding shares. This repurchase authorization permits the oil and gas producer to reacquire shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its shares are undervalued.

The company also recently announced a quarterly dividend, which was paid on Saturday, July 1st. Investors of record on Friday, June 16th were issued a $0.2014 dividend. This represents a $0.81 dividend on an annualized basis and a yield of 2.70%. The ex-dividend date was Wednesday, June 14th. Canadian Natural Resources Limited’s payout ratio is currently 888.89%.

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Hedge funds and other institutional investors have recently modified their holdings of the stock. NN Investment Partners Holdings N.V. boosted its position in shares of Canadian Natural Resources Limited by 72.0% in the first quarter. NN Investment Partners Holdings N.V. now owns 73,985 shares of the oil and gas producer’s stock worth $2,426,000 after buying an additional 30,972 shares during the last quarter. Loomis Sayles & Co. L P purchased a new position in shares of Canadian Natural Resources Limited during the first quarter worth $845,000. Cidel Asset Management Inc. boosted its position in shares of Canadian Natural Resources Limited by 12.0% in the first quarter. Cidel Asset Management Inc. now owns 2,861,951 shares of the oil and gas producer’s stock worth $91,032,000 after buying an additional 305,980 shares during the last quarter. Lincluden Management Ltd. boosted its position in shares of Canadian Natural Resources Limited by 8.7% in the fourth quarter. Lincluden Management Ltd. now owns 379,290 shares of the oil and gas producer’s stock worth $12,075,000 after buying an additional 30,272 shares during the last quarter. Finally, Manitou Investment Management Ltd. boosted its position in shares of Canadian Natural Resources Limited by 103.0% in the first quarter. Manitou Investment Management Ltd. now owns 670,900 shares of the oil and gas producer’s stock worth $21,927,000 after buying an additional 340,360 shares during the last quarter. Hedge funds and other institutional investors own 60.34% of the company’s stock.

About Canadian Natural Resources Limited

Canadian Natural Resources Limited is an independent crude oil and natural gas exploration, development and production company. The Company’s segments include Exploration and Production, Oil Sands Mining and Upgrading, and Midstream. The Exploration and Production segment includes exploration, development, production and marketing of crude oil, natural gas liquids (NGLs) and natural gas.

Analyst Recommendations for Canadian Natural Resources Limited (NYSE:CNQ)

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