Zacks Investment Research upgraded shares of Canadian Natural Resources Limited (NYSE:CNQ) (TSE:CNQ) from a hold rating to a buy rating in a report issued on Wednesday. They currently have $38.00 price objective on the oil and gas producer’s stock.

According to Zacks, “Canadian Natural Resources Limited is a senior independent oil and natural gas exploration, development and production company based in Calgary, Alberta. The Company’s operations are focused in Western Canada, the North Sea and Offshore West Africa. “

A number of other analysts have also recently issued reports on the company. Canaccord Genuity reissued a buy rating and set a $47.00 price objective on shares of Canadian Natural Resources Limited in a report on Tuesday, September 5th. Citigroup Inc. cut Canadian Natural Resources Limited from a buy rating to a neutral rating and dropped their price objective for the stock from $40.00 to $33.00 in a report on Friday, July 21st. They noted that the move was a valuation call. Morgan Stanley raised Canadian Natural Resources Limited from an equal weight rating to an overweight rating and set a $46.00 price objective on the stock in a report on Wednesday, July 19th. ValuEngine raised Canadian Natural Resources Limited from a sell rating to a hold rating in a report on Wednesday, July 12th. Finally, BidaskClub raised Canadian Natural Resources Limited from a strong sell rating to a sell rating in a report on Friday, June 30th. One analyst has rated the stock with a sell rating, three have assigned a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has an average rating of Buy and an average price target of $46.45.

Canadian Natural Resources Limited (NYSE CNQ) traded down 1.92% on Wednesday, reaching $32.77. The company had a trading volume of 1,306,553 shares. The stock has a market capitalization of $39.82 billion, a P/E ratio of 28.62 and a beta of 1.47. The stock’s 50-day moving average price is $32.46 and its 200-day moving average price is $31.16. Canadian Natural Resources Limited has a 12-month low of $27.52 and a 12-month high of $35.28.

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The firm also recently declared a quarterly dividend, which was paid on Sunday, October 1st. Shareholders of record on Friday, September 15th were issued a $0.2212 dividend. The ex-dividend date was Thursday, September 14th. This represents a $0.88 annualized dividend and a dividend yield of 2.70%. This is a boost from Canadian Natural Resources Limited’s previous quarterly dividend of $0.20. Canadian Natural Resources Limited’s dividend payout ratio (DPR) is presently 86.28%.

Large investors have recently added to or reduced their stakes in the business. Loomis Sayles & Co. L P purchased a new stake in shares of Canadian Natural Resources Limited in the 1st quarter valued at about $845,000. Public Sector Pension investment Board raised its holdings in shares of Canadian Natural Resources Limited by 22.4% in the 2nd quarter. Public Sector Pension investment Board now owns 2,366,320 shares of the oil and gas producer’s stock valued at $68,182,000 after acquiring an additional 432,800 shares in the last quarter. BlueCrest Capital Management Ltd raised its holdings in shares of Canadian Natural Resources Limited by 22.7% in the 2nd quarter. BlueCrest Capital Management Ltd now owns 298,092 shares of the oil and gas producer’s stock valued at $8,597,000 after acquiring an additional 55,053 shares in the last quarter. Bank of America Corp DE raised its holdings in shares of Canadian Natural Resources Limited by 67.1% in the 1st quarter. Bank of America Corp DE now owns 4,185,146 shares of the oil and gas producer’s stock valued at $137,231,000 after acquiring an additional 1,681,125 shares in the last quarter. Finally, Alliancebernstein L.P. raised its holdings in shares of Canadian Natural Resources Limited by 5.5% in the 2nd quarter. Alliancebernstein L.P. now owns 5,094,068 shares of the oil and gas producer’s stock valued at $146,913,000 after acquiring an additional 266,100 shares in the last quarter. 58.56% of the stock is currently owned by hedge funds and other institutional investors.

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.

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