Canadian Natural Resources Limited (NYSE:CNQ) Short Interest Down 33.4% in March

Canadian Natural Resources Limited (NYSE:CNQ) (TSE:CNQ) was the recipient of a large drop in short interest in the month of March. As of March 31st, there was short interest totalling 85,650,000 shares, a drop of 33.4% from the March 15th total of 128,590,000 shares. Based on an average daily trading volume, of 7,630,000 shares, the short-interest ratio is currently 11.2 days. Currently, 4.2% of the company’s stock are sold short.

Hedge Funds Weigh In On Canadian Natural Resources

A number of hedge funds and other institutional investors have recently bought and sold shares of CNQ. Clarius Group LLC raised its stake in Canadian Natural Resources by 17.5% in the 1st quarter. Clarius Group LLC now owns 9,150 shares of the oil and gas producer’s stock valued at $282,000 after acquiring an additional 1,362 shares during the period. Lorne Steinberg Wealth Management Inc. boosted its position in Canadian Natural Resources by 1,077.2% during the first quarter. Lorne Steinberg Wealth Management Inc. now owns 85,535 shares of the oil and gas producer’s stock worth $2,635,000 after purchasing an additional 78,269 shares during the period. Janney Montgomery Scott LLC acquired a new position in shares of Canadian Natural Resources in the first quarter valued at $757,000. Opal Wealth Advisors LLC bought a new position in shares of Canadian Natural Resources in the first quarter valued at about $56,000. Finally, Hennessy Advisors Inc. lifted its stake in shares of Canadian Natural Resources by 14.1% during the 1st quarter. Hennessy Advisors Inc. now owns 195,500 shares of the oil and gas producer’s stock worth $6,021,000 after buying an additional 24,100 shares during the last quarter. Institutional investors own 74.03% of the company’s stock.

Canadian Natural Resources Trading Up 2.3 %

Shares of NYSE:CNQ opened at $28.82 on Friday. The company’s 50-day moving average price is $29.02 and its two-hundred day moving average price is $31.55. Canadian Natural Resources has a one year low of $24.65 and a one year high of $39.20. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.84 and a quick ratio of 0.53. The stock has a market capitalization of $60.45 billion, a PE ratio of 11.19 and a beta of 1.10.

Canadian Natural Resources Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, April 4th. Stockholders of record on Friday, March 21st were given a $0.4117 dividend. This represents a $1.65 dividend on an annualized basis and a dividend yield of 5.72%. The ex-dividend date was Friday, March 21st. This is an increase from Canadian Natural Resources’s previous quarterly dividend of $0.39. Canadian Natural Resources’s dividend payout ratio (DPR) is 77.88%.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on CNQ shares. Raymond James upgraded shares of Canadian Natural Resources from a “market perform” rating to an “outperform” rating in a report on Wednesday, April 9th. Evercore ISI raised shares of Canadian Natural Resources from an “in-line” rating to an “outperform” rating in a research note on Friday, March 7th. Scotiabank raised Canadian Natural Resources from a “sector perform” rating to a “sector outperform” rating in a research note on Wednesday, March 19th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $63.00 price objective on shares of Canadian Natural Resources in a research report on Thursday, March 27th. Finally, Tudor Pickering downgraded Canadian Natural Resources from a “strong-buy” rating to a “hold” rating in a report on Monday, February 10th. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $63.00.

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).