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Highlights
- Canadian Natural Resources (TSX:CNQ) has been among the most active stocks by volume of Toronto Stock Exchange (TSX) in past 10 trading sessions.
- The oil and gas producer is scheduled to pay a quarterly dividend of C$ 0.47 on October 5 this year.
- In July, the oil and gas firm completed three strategic acquisitions.
Canadian Natural Resources Limited (TSX:CNQ) is ranked among stocks with the highest trading volume on the Toronto Stock Exchange (TSX), with a 10-day average volume of 14.35 million.
Stocks of this Canadian oil company were up by nearly four per cent on Wednesday, September 22, before closing at a value of C$ 43.25 with a total trading volume of 10.66 million.
Energy stocks saw quite a bit of hype on Wednesday as crude oil prices jumped on the back of US inventories dropping to their lowest three-year level after two hurricanes. As a results, the S&P/TSX Capped Energy shot up by nearly four per cent.
Canadian Natural Resources owns oil and gas assets in Canada, offshore Africa, the United States, and the UK North Sea. Here is a closer look of its stock performance and financial position.
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Canadian Natural Resources Limited (TSX: CNQ) stock performance
Canadian Natural stock was nearly seven per cent short of its 52-week high of C$ 46.36 (June 15, 2021) on Wednesday. However, it has yielded 91 per cent in the past one year and about six per cent in the last one month.
Its 50-day average trading volume stood at about six million on Wednesday.
The stock quoted a price-to-earnings (P/E) ratio of 12.1, with C$ 3.45 earnings per share.
Canadian Natural Resources’ quarterly dividend of C$ 0.47 is set to paid on October 5 this year. It presently has a gross dividend yield of 4.34 per cent.
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Canadian Natural Resources’ recent financial highlights
The Canadian oil and gas company’s net earnings for the second quarter of fiscal 2021 was C$ 1.551 billion, as compared to a net loss of C$ 310 million in Q2 2020. In Q1 2021, the firm had net earnings worth C$ 1.377 million.
In Q2 2021, it had C$ 2.94 million worth of cash flows from operating activities, compared with cash flows totaling C$ 351 million in Q2 2020.
Canadian Natural Resources’ total production of natural gas liquids and crude oil before royalties for Q2 2021 was down by 11 per cent from the first quarter of fiscal 2021.
The company had nearly C$ 5.596 billion in liquidity as of June 30, 2021.
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Bottom line
The firm believes that commodity prices are going to present a positive outlook for the remainder of 2021, as per its second quarter report. It also raised its capital budget by C$ 275 million to C$ 3.48 billion.
In July this year, the oil and gas firm completed three acquisitions, including two related to natural gas assets based in the Montney region, British Columbia.
With this, Canadian Natural Resources’ total Montney lands are now spread in 1.3 million acres.
The Canadian firm claims to have reduced its net debt by approximately C$ 3.1 billion in the first two quarters of fiscal 2021.
