Update on Short Interest for Canadian Natural Resources Limited (NYSE:CNQ)

Canadian Natural Resources Limited (NYSE:CNQ - Get Free Report) (TSE: CNQ) experienced a significant reduction in short interest during January. As of January 31st, short interest stood at 9,500,000 shares, marking a decline of 30.2% from the prior total of 13,610,000 shares reported on January 15th. Given an average trading volume of 5,060,000 shares per day, the current short-interest ratio is 1.9 days. This indicates that about 0.5% of the company's shares are currently being short sold.

Institutional Investment Trends in Canadian Natural Resources

Recently, several hedge funds and institutional investors have adjusted their positions in CNQ. For example, Northern Trust Corp increased its holdings in Canadian Natural Resources by 21.8% in the fourth quarter, now owning 3,074,921 shares valued at approximately $94,923,000 after adding 551,109 shares. The Manufacturers Life Insurance Company also expanded its stake by 5.1%, totaling 29,910,127 shares worth $924,675,000 after an additional purchase of 1,442,000 shares. Furthermore, Virtus ETF Advisers LLC raised its holdings by 13.4%, now possessing 5,295 shares worth $163,000 after acquiring 626 shares. Other notable increases include Syon Capital LLC, up by 7.4%, and T. Rowe Price Investment Management Inc., which grew its stake by 7.3%. Overall, institutional investors hold 74.03% of the company's shares.

Analyst Ratings Overview

On a separate note, analyst firm Tudor Pickering has downgraded the rating for Canadian Natural Resources from "strong-buy" to "hold". As of now, five analysts have assigned a hold rating to the stock. According to MarketBeat.com, the consensus rating for Canadian Natural Resources remains 'Hold'.

Current Stock Performance

As of the last trading session, shares of CNQ decreased by 1.0%, closing at $30.10. The trading volume for the day was 3,389,614 shares, below the average volume of 6,052,059. The company’s financial metrics show a quick ratio of 0.53, a current ratio of 0.84, and a debt-to-equity ratio of 0.21. The stock has a market capitalization of $63.30 billion, a price-to-earnings ratio of 11.69, and a beta of 1.45. In the past year, CNQ's stock has seen a low of $28.65 and a high of $41.29.

Company Overview

Canadian Natural Resources Limited is involved in the acquisition, exploration, development, production, marketing, and sale of crude oil, natural gas, and natural gas liquids (NGLs). The company's portfolio includes a variety of crude oil types, such as light and medium crude oil, primary heavy crude oil, Pelican Lake heavy crude oil, bitumen (thermal oil), and synthetic crude oil (SCO).

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