Canadian Natural Resources Limited (NYSE:CNQ) Shares Shorted: Short Interest Down 36.0% in September

Canadian Natural Resources Limited (NYSE:CNQ) (TSE:CNQ) was the recipient of a large decline in short interest during the month of September. As of September 30th, there was short interest totaling 117,144,565 shares, a decline of 36.0% from the September 15th total of 182,920,552 shares. Based on an average daily trading volume, of 5,491,694 shares, the short-interest ratio is currently 21.3 days. Approximately 6.0% of the company’s shares are sold short.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on CNQ. Scotiabank restated a “sector perform” rating on shares of Canadian Natural Resources in a research report on Friday, August 7th. Canadian Imperial Bank of Commerce reiterated an “outperform” rating on shares of Canadian Natural Resources in a report on Friday, October 9th. TD Securities reissued a “buy” rating on shares of Canadian Natural Resources in a research report on Friday, August 7th. Desjardins raised shares of Canadian Natural Resources to a “hold” rating in a research report on Thursday, July 16th. Finally, Weiss Ratings upgraded shares of Canadian Natural Resources from a “buy (b)” rating to a “buy (b+)” rating in a research note on Thursday, October 8th. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $57.00.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the business. Trust Co. of Vermont bought a new stake in shares of Canadian Natural Resources during the second quarter worth about $26,000. CX Institutional acquired a new stake in shares of Canadian Natural Resources in the 2nd quarter worth about $28,000. Axiom Investment Management LLC acquired a new stake in shares of Canadian Natural Resources in the 1st quarter worth about $29,000. Byrne Asset Management LLC bought a new position in Canadian Natural Resources in the 3rd quarter valued at about $30,000. Finally, Continuum Advisory LLC bought a new position in Canadian Natural Resources in the 2nd quarter valued at about $43,000. 74.03% of the stock is owned by institutional investors.

Canadian Natural Resources Stock Up 3.5%

Shares of NYSE CNQ traded up $1.82 during trading on Friday, hitting $53.77. 8,466,538 shares of the company traded hands, compared to its average volume of 5,242,058. The business’s fifty day moving average is $49.58 and its 200 day moving average is $46.61. Canadian Natural Resources has a fifty-two week low of $29.68 and a fifty-two week high of $53.90. The firm has a market capitalization of $110.49 billion, a price-to-earnings ratio of 13.28 and a beta of 0.53. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.75 and a current ratio of 1.00.

Canadian Natural Resources (NYSE:CNQ) (TSE:CNQ) last issued its earnings results on Thursday, August 6th. The oil and gas producer reported $1.58 earnings per share for the quarter, topping analysts’ consensus estimates of $1.43 by $0.15. Canadian Natural Resources had a return on equity of 23.91% and a net margin of 22.78%. The company had revenue of $14.74 billion for the quarter, compared to analyst estimates of $9.40 billion. Equities research analysts predict that Canadian Natural Resources will post 4.10 earnings per share for the current fiscal year.

Canadian Natural Resources Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 2nd. Shareholders of record on Friday, September 11th were issued a dividend of C$0.62 per share. The ex-dividend date was Friday, September 11th. This represents a $2.50 annualized dividend and a yield of 4.6%. Canadian Natural Resources’s dividend payout ratio is presently 44.44%.

About Canadian Natural Resources

Canadian Natural Resources Limited is an independent crude oil and natural gas exploration, development, production, marketing and transportation company headquartered in Calgary, Alberta. The company produces synthetic crude oil, conventional heavy and light crude oil, natural gas liquids and natural gas.

Its operations are concentrated in Western Canada and include oil sands mining and upgrading projects in northern Alberta, conventional and heavy-oil assets, and natural gas production.