Canadian Natural Resources (TSE:CNQ) Given New C$51.00 Price Target at Raymond James

Canadian Natural Resources (TSE:CNQ) (NYSE:CNQ) had its target price hoisted by Raymond James from C$50.00 to C$51.00 in a report published on Friday, BayStreet.CA reports. The brokerage currently has a market perform rating on the stock. Raymond James also issued estimates for Canadian Natural Resources’ FY2024 earnings at $3.43 EPS.

A number of other brokerages have also recently weighed in on CNQ. CIBC increased their target price on shares of Canadian Natural Resources from C$57.50 to C$59.00 in a report on Wednesday, October 9th. Wolfe Research raised shares of Canadian Natural Resources to a “hold” rating in a report on Thursday, July 18th. BMO Capital Markets increased their price objective on shares of Canadian Natural Resources from C$57.50 to C$60.00 and gave the stock an “outperform” rating in a report on Tuesday, October 8th. ATB Capital increased their price objective on shares of Canadian Natural Resources from C$58.00 to C$60.00 and gave the stock an “outperform” rating in a report on Tuesday, October 8th. Finally, Desjardins raised shares of Canadian Natural Resources from a “hold” rating to a “buy” rating and increased their price objective for the stock from C$56.00 to C$59.00 in a report on Tuesday, October 8th. Eight equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of C$74.31.

Canadian Natural Resources Stock Performance

Shares of TSE:CNQ traded down C$0.07 on Friday, reaching C$47.28. 3,601,121 shares of the company’s stock were exchanged, compared to its average volume of 11,837,672. The firm has a market capitalization of C$100.71 billion, a price-to-earnings ratio of 13.47, a PEG ratio of 0.53 and a beta of 1.89. Canadian Natural Resources has a fifty-two week low of C$40.02 and a fifty-two week high of C$56.49. The business’s 50-day moving average is C$47.36 and its two-hundred day moving average is C$64.64. The company has a quick ratio of 0.54, a current ratio of 0.88 and a debt-to-equity ratio of 29.64.

Canadian Natural Resources (TSE:CNQ) (NYSE:CNQ) last issued its earnings results on Wednesday, July 31st. The company reported C$0.88 earnings per share for the quarter, topping analysts’ consensus estimates of C$0.84 by C$0.04. The company had revenue of C$9.05 billion for the quarter, compared to analysts’ expectations of C$8.41 billion. Canadian Natural Resources had a net margin of 20.88% and a return on equity of 19.65%. As a group, equities research analysts forecast that Canadian Natural Resources will post 3.833989 EPS for the current year.

Canadian Natural Resources Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, January 3rd. Investors of record on Friday, December 13th will be given a $0.525 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $2.10 dividend on an annualized basis and a yield of 4.44%. Canadian Natural Resources’s dividend payout ratio is presently 60.97%.

Insider Activity

In other news, Senior Officer Devin Craig Lowe sold 3,750 shares of the firm’s stock in a transaction dated Monday, October 7th. The shares were sold at an average price of C$49.04, for a total transaction of C$183,900.00. In other news, Senior Officer Devin Craig Lowe sold 3,750 shares of the firm’s stock in a transaction dated Monday, October 7th. The shares were sold at an average price of C$49.04, for a total transaction of C$183,900.00. Also, Senior Officer Trevor Wagil sold 4,272 shares of the firm’s stock in a transaction dated Thursday, October 3rd. The stock was sold at an average price of C$47.51, for a total transaction of C$202,966.99. Insiders own 4.26% 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).