Canadian Natural Resources Limited (NYSE:CNQ) (TSE:CNQ) declared a quarterly dividend on Wednesday, November 1st, Zacks reports. Investors of record on Tuesday, December 12th will be paid a dividend of 0.214 per share by the oil and gas producer on Monday, January 1st. This represents a $0.86 dividend on an annualized basis and a yield of 2.46%. The ex-dividend date is Monday, December 11th.
Canadian Natural Resources has increased its dividend payment by an average of 3.9% annually over the last three years and has raised its dividend every year for the last 5 years. Canadian Natural Resources has a payout ratio of 152.8% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Analysts expect Canadian Natural Resources to earn $1.69 per share next year, which means the company should continue to be able to cover its $1.10 annual dividend with an expected future payout ratio of 65.1%.
Shares of Canadian Natural Resources (NYSE:CNQ) traded down $0.30 during trading on Wednesday, reaching $34.85. The company had a trading volume of 499,986 shares, compared to its average volume of 2,463,374. Canadian Natural Resources has a 52 week low of $27.52 and a 52 week high of $36.79. The company has a market capitalization of $42,452.18, a price-to-earnings ratio of 38.30, a PEG ratio of 8.80 and a beta of 1.46. The company has a debt-to-equity ratio of 0.67, a quick ratio of 0.56 and a current ratio of 0.71.
CNQ has been the subject of a number of research reports. Morgan Stanley increased their price target on Canadian Natural Resources from $46.00 to $52.00 and gave the company an “overweight” rating in a research note on Friday, October 13th. Zacks Investment Research lowered Canadian Natural Resources from a “hold” rating to a “sell” rating in a research note on Tuesday, August 8th. Finally, Canaccord Genuity reissued a “buy” rating and set a $53.00 price target on shares of Canadian Natural Resources in a research note on Wednesday, November 8th. Two analysts have rated the stock with a sell rating, two have assigned a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus target price of $45.90.
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About Canadian Natural Resources
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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