Canadian Natural Resources (NYSE:CNQ) Sees Large Volume Increase – Here’s What Happened

Canadian Natural Resources Limited (NYSE:CNQ) (TSE:CNQ) shares saw an uptick in trading volume on Wednesday . 12,565,276 shares traded hands during mid-day trading, an increase of 148% from the previous session’s volume of 5,062,611 shares.The stock last traded at $30.84 and had previously closed at $29.99.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on CNQ. Raymond James reissued a “market perform” rating on shares of Canadian Natural Resources in a report on Friday, March 7th. Scotiabank raised shares of Canadian Natural Resources from a “sector perform” rating to a “sector outperform” rating in a research note on Wednesday. Evercore ISI raised shares of Canadian Natural Resources from an “in-line” rating to an “outperform” rating in a research note on Friday, March 7th. Tudor Pickering cut shares of Canadian Natural Resources from a “strong-buy” rating to a “hold” rating in a report on Monday, February 10th. Finally, Royal Bank of Canada upped their target price on shares of Canadian Natural Resources from $62.00 to $63.00 and gave the company an “outperform” rating in a report on Friday, March 7th. Four research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, Canadian Natural Resources presently has an average rating of “Hold” and an average price target of $63.00.

Canadian Natural Resources Stock Performance

The firm has a market cap of $63.71 billion, a price-to-earnings ratio of 11.78 and a beta of 1.48. The stock’s 50 day moving average is $30.07 and its 200 day moving average is $32.28. The company has a current ratio of 0.84, a quick ratio of 0.53 and a debt-to-equity ratio of 0.21.

Canadian Natural Resources Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, April 4th. Investors of record on Friday, March 21st will be paid a $0.4117 dividend. The ex-dividend date of this dividend is Friday, March 21st. This represents a $1.65 dividend on an annualized basis and a yield of 5.43%. This is a positive change from Canadian Natural Resources’s previous quarterly dividend of $0.39. Canadian Natural Resources’s dividend payout ratio is 77.88%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Duncker Streett & Co. Inc. acquired a new position in Canadian Natural Resources in the 4th quarter valued at about $25,000. Lee Danner & Bass Inc. acquired a new position in shares of Canadian Natural Resources during the 4th quarter worth approximately $25,000. Continuum Advisory LLC grew its position in shares of Canadian Natural Resources by 144.1% during the 3rd quarter. Continuum Advisory LLC now owns 830 shares of the oil and gas producer’s stock worth $28,000 after purchasing an additional 490 shares in the last quarter. Sandy Spring Bank acquired a new position in shares of Canadian Natural Resources during the 4th quarter worth approximately $31,000. Finally, CoreFirst Bank & Trust acquired a new position in shares of Canadian Natural Resources during the 4th quarter worth approximately $31,000. Institutional investors and hedge funds 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).