A Canadian dividend aristocrat is a stock that has delivered at least five consecutive years of dividend increases. Unlike dividend kings, the S&P/TSX Composite Index is rich in dividend aristocrats that fit in this framework. Today, I want to take a snapshot of a dividend aristocrat that looks discounted in late October.
Canadian Natural Resources (TSX:CNQ)(NYSE:CNQ) is a Calgary-based company that is engaged in the acquisition, exploration, development, production, marketing, and sale of crude oil, natural gas, and natural gas liquids (NGLs). Shares of this energy stock have climbed 47% in 2022 as of close on October 24. The stock is up 52% in the year-over-year period.
This company unveiled its second quarter fiscal 2022 earnings on August 4. It reported adjusted net earnings of $3.80 billion or $3.30 per share – up from $3.37 billion or $2.90 per share in the second quarter of fiscal 2021. Meanwhile, adjusted net earnings surged to $7.17 billion or $6.20 per share in the first six months of fiscal 2022 – up from $2.69 billion or $2.28 per share in the prior year.
Canadian Natural Resources has delivered dividend-growth for 21 consecutive years. That qualifies it as a Canadian dividend aristocrat. Indeed, it nearly qualifies it as a United States dividend aristocrat, which requires 25 straight years of dividend growth.
Shares of this energy stock currently possess a very favourable price-to-earnings ratio of 8.3. Meanwhile, it offers a quarterly dividend of $0.75 per share. That represents a 3.7% yield.
