1832 Asset Management L.P. Acquires 603,101 Shares of Canadian Natural Resources Limited $CNQ

Key Points

• 1832 Asset Management L.P. increased its stake in Canadian Natural Resources Limited by 1.9%, owning approximately 31.8 million shares valued at around $980 million.
• Several other institutional investors significantly boosted their holdings, with notable increases from Investment Management Corp VA ADV (158.3%) and Versant Capital Management Inc (253.2%) during the same quarter.
• Canadian Natural Resources recently declared a quarterly dividend of $0.4269, marking an increase from its previous dividend and delivering an annualized yield of 5.7%.

1832 Asset Management L.P. increased its position in Canadian Natural Resources Limited (NYSE:CNQ - Free Report) TSE: CNQ by 1.9% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 31,822,379 shares of the oil and gas producer's stock after purchasing an additional 603,101 shares during the period. Canadian Natural Resources makes up approximately 0.9% of 1832 Asset Management L.P.'s holdings, making the stock its 12th biggest position. 1832 Asset Management L.P. owned 1.52% of Canadian Natural Resources worth $980,129,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of CNQ. Investment Management Corp VA ADV raised its position in Canadian Natural Resources by 158.3% in the 1st quarter. Investment Management Corp VA ADV now owns 997 shares of the oil and gas producer's stock worth $31,000 after buying an additional 611 shares during the last quarter. Versant Capital Management Inc raised its position in Canadian Natural Resources by 253.2% in the 1st quarter. Versant Capital Management Inc now owns 1,307 shares of the oil and gas producer's stock worth $40,000 after buying an additional 937 shares during the last quarter. Sierra Ocean LLC raised its position in Canadian Natural Resources by 104.0% in the 1st quarter. Sierra Ocean LLC now owns 1,569 shares of the oil and gas producer's stock worth $48,000 after buying an additional 800 shares during the last quarter. Opal Wealth Advisors LLC purchased a new position in Canadian Natural Resources in the 1st quarter worth about $56,000. Finally, Cloud Capital Management LLC purchased a new position in Canadian Natural Resources in the 1st quarter worth about $68,000. Institutional investors own 74.03% of the company's stock.

Analyst Ratings Changes

A number of brokerages have weighed in on CNQ. Scotiabank reissued an "outperform" rating on shares of Canadian Natural Resources in a research report on Friday, July 11th. National Bankshares reissued a "sector perform" rating on shares of Canadian Natural Resources in a research report on Thursday, July 17th. Raymond James Financial reissued an "outperform" rating on shares of Canadian Natural Resources in a research report on Friday, August 8th. Finally, Royal Bank Of Canada decreased their target price on Canadian Natural Resources from $64.00 to $62.00 and set an "outperform" rating for the company in a research report on Friday, August 8th. Four equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, Canadian Natural Resources has a consensus rating of "Moderate Buy" and a consensus price target of $62.00.

Canadian Natural Resources Stock Performance

Shares of NYSE CNQ traded up $0.9450 during midday trading on Friday, hitting $31.1050. 6,376,181 shares of the company's stock traded hands, compared to its average volume of 4,734,935. Canadian Natural Resources Limited has a 1 year low of $24.65 and a 1 year high of $37.91. The stock has a market capitalization of $64.98 billion, a price-to-earnings ratio of 11.03 and a beta of 1.05. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.54 and a current ratio of 0.85. The firm has a fifty day moving average of $31.41 and a 200 day moving average of $30.31.

Canadian Natural Resources (NYSE:CNQ - Get Free Report) TSE: CNQ last released its quarterly earnings results on Thursday, August 7th. The oil and gas producer reported $0.51 EPS for the quarter, beating the consensus estimate of $0.44 by $0.07. Canadian Natural Resources had a net margin of 19.00% and a return on equity of 19.67%. The firm had revenue of $6.39 billion during the quarter, compared to analyst estimates of $8.97 billion. During the same quarter in the prior year, the firm earned $0.88 EPS. On average, analysts forecast that Canadian Natural Resources Limited will post 2.45 earnings per share for the current year.

Canadian Natural Resources Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 3rd. Investors of record on Friday, September 19th will be issued a $0.4269 dividend. The ex-dividend date of this dividend is Friday, September 19th. This represents a $1.71 annualized dividend and a yield of 5.5%. This is a positive change from Canadian Natural Resources's previous quarterly dividend of $0.42. Canadian Natural Resources's payout ratio is currently 60.64%.

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).