Canadian Natural Resources (CNQ) has raised its quarterly dividend by 13% on the back of a strong third-quarter earnings report.
The Calgary-based oil and natural gas company said that it will now pay a quarterly dividend of $0.85 a share, up 13% from its previous dividend of $0.75 per share.
Canadian Natural announced the dividend increase as it reported a third-quarter profit of $2.81 billion, up from $2.20 billion a year earlier.
The profit equated to $2.49 per share for the third quarter ended September 30 compared with a profit of $1.86 a share in the same period last year.
The company’s revenue amounted $10.46 billion, up 36% from $7.71 billion in the third quarter of 2021.
Production during the quarter averaged 1,338,940 barrels of oil equivalent per day, up from 1,237,503 a year ago.
Canadian Natural Resources’ stock has gained 50% this year to trade at $82.44 per share.
