Canadian Natural Resources Limited (NYSE:CNQ) Sees Large Increase in Short Interest

Canadian Natural Resources Limited (NYSE:CNQ) (TSE:CNQ) was the recipient of a significant increase in short interest in December. As of December 15th, there was short interest totalling 109,510,000 shares, an increase of 268.8% from the November 30th total of 29,690,000 shares. Based on an average trading volume of 4,390,000 shares, the days-to-cover ratio is currently 24.9 days. Approximately 5.4% of the company’s stock are sold short.

Wall Street Analyst Weigh In

Separately, Desjardins upgraded Canadian Natural Resources from a “hold” rating to a “moderate buy” rating in a report on Tuesday, October 8th. Five equities research analysts have rated the stock with a hold rating, According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $51.00.

Institutional Investors Weigh In On Canadian Natural Resources

Institutional investors have recently modified their holdings of the business. Bank of New York Mellon Corp grew its stake in shares of Canadian Natural Resources by 96.2% during the second quarter. Bank of New York Mellon Corp now owns 2,449,240 shares of the oil and gas producer’s stock worth $87,193,000 after purchasing an additional 1,200,621 shares during the period. Cambridge Investment Research Advisors Inc. grew its position in shares of Canadian Natural Resources by 132.9% during the 2nd quarter. Cambridge Investment Research Advisors Inc. now owns 115,575 shares of the oil and gas producer’s stock worth $4,114,000 after buying an additional 65,942 shares during the period. Harbour Investments Inc. increased its stake in shares of Canadian Natural Resources by 88.8% in the 2nd quarter. Harbour Investments Inc. now owns 5,868 shares of the oil and gas producer’s stock valued at $209,000 after acquiring an additional 2,760 shares during the last quarter. Financial Advocates Investment Management raised its position in shares of Canadian Natural Resources by 98.0% in the 2nd quarter. Financial Advocates Investment Management now owns 16,914 shares of the oil and gas producer’s stock valued at $602,000 after acquiring an additional 8,370 shares during the period. Finally, Whittier Trust Co. raised its position in shares of Canadian Natural Resources by 126.6% in the 2nd quarter. Whittier Trust Co. now owns 23,937 shares of the oil and gas producer’s stock valued at $852,000 after acquiring an additional 13,373 shares during the period. Institutional investors and hedge funds own 74.03% of the company’s stock.

Canadian Natural Resources Price Performance

NYSE CNQ traded down $0.13 during trading hours on Thursday, reaching $30.12. 1,780,159 shares of the company’s stock were exchanged, compared to its average volume of 5,217,681. The firm has a fifty day moving average of $33.21 and a 200-day moving average of $34.40. The company has a current ratio of 0.84, a quick ratio of 0.53 and a debt-to-equity ratio of 0.21. Canadian Natural Resources has a one year low of $29.23 and a one year high of $41.29. The stock has a market cap of $63.45 billion, a PE ratio of 11.70 and a beta of 1.47.

Canadian Natural Resources (NYSE:CNQ) (TSE:CNQ) last issued its quarterly earnings data on Thursday, October 31st. The oil and gas producer reported $0.97 EPS for the quarter, topping analysts’ consensus estimates of $0.67 by $0.30. Canadian Natural Resources had a net margin of 18.45% and a return on equity of 20.07%. The firm had revenue of $7.62 billion for the quarter, compared to analyst estimates of $6.40 billion. During the same quarter in the prior year, the firm earned $0.96 EPS. On average, equities research analysts predict that Canadian Natural Resources will post 2.47 earnings per share for the current fiscal year.

Canadian Natural Resources Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 3rd. Shareholders of record on Friday, December 13th will be issued a dividend of $0.388 per share. This is a boost from Canadian Natural Resources’s previous quarterly dividend of $0.38. This represents a $1.55 annualized dividend and a yield of 5.15%. The ex-dividend date is Friday, December 13th. Canadian Natural Resources’s payout ratio is currently 64.59%.

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).