Canadian Natural Resources Limited (NYSE:CNQ) Raises Dividend to $0.39 Per Share

Canadian Natural Resources Limited (NYSE:CNQ) (TSE:CNQ) announced a quarterly dividend on Monday, October 7th, Zacks reports. Stockholders of record on Friday, December 13th will be paid a dividend of 0.388 per share by the oil and gas producer on Friday, January 3rd. This represents a $1.55 annualized dividend and a dividend yield of 4.29%. The ex-dividend date is Friday, December 13th. This is a boost from Canadian Natural Resources’s previous quarterly dividend of $0.38.

Canadian Natural Resources has raised its dividend payment by an average of 29.6% annually over the last three years. Canadian Natural Resources has a payout ratio of 55.6% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Canadian Natural Resources to earn $2.69 per share next year, which means the company should continue to be able to cover its $1.55 annual dividend with an expected future payout ratio of 57.6%.

Canadian Natural Resources Price Performance

NYSE:CNQ opened at $36.20 on Tuesday. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.88 and a quick ratio of 0.59. Canadian Natural Resources has a one year low of $29.45 and a one year high of $41.29. The company has a fifty day moving average price of $34.55 and a 200 day moving average price of $36.26. The stock has a market cap of $77.03 billion, a P/E ratio of 14.57 and a beta of 1.50.

Canadian Natural Resources (NYSE:CNQ) (TSE:CNQ) last announced its quarterly earnings data on Thursday, August 1st. The oil and gas producer reported $0.88 EPS for the quarter, beating analysts’ consensus estimates of $0.62 by $0.26. Canadian Natural Resources had a net margin of 18.05% and a return on equity of 22.09%. The business had revenue of $7.76 billion during the quarter, compared to analyst estimates of $6.19 billion. During the same quarter in the prior year, the business earned $0.43 earnings per share. Analysts anticipate that Canadian Natural Resources will post 2.47 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the company. Scotiabank reiterated a “sector perform” rating on shares of Canadian Natural Resources in a research report on Tuesday, June 11th. Wolfe Research started coverage on Canadian Natural Resources in a research report on Thursday, July 18th. They issued a “peer perform” rating for the company. Finally, StockNews.com downgraded shares of Canadian Natural Resources from a “buy” rating to a “hold” rating in a research note on Friday, August 23rd. Six analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. According to MarketBeat, Canadian Natural Resources has an average rating of “Hold” and a consensus price target of $49.50.

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).