2,967,473 Shares in Canadian Natural Resources Limited $CNQ Bought by Bank of New York Mellon Corp

Key Points

• Bank of New York Mellon acquired 2.97 million shares of Canadian Natural Resources in the second quarter, valued at approximately $117.2 million. Institutional investors collectively own 74.03% of CNQ.
• CNQ reported quarterly earnings of $1.58 per share, exceeding the $1.43 consensus estimate, while revenue reached $14.74 billion versus expectations of $9.40 billion.
• The company declared a quarterly dividend of $0.625 per share, equating to an annualized $2.50 dividend and a 4.9% yield. Analysts have a consensus “Moderate Buy” rating and an average price target of $57.

Bank of New York Mellon Corp bought a new position in shares of Canadian Natural Resources Limited (NYSE:CNQ - Free Report) TSE: CNQ in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 2,967,473 shares of the oil and gas producer's stock, valued at approximately $117,215,000. Bank of New York Mellon Corp owned approximately 0.14% of Canadian Natural Resources as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of CNQ. AQR Capital Management LLC increased its stake in Canadian Natural Resources by 85.5% in the first quarter. AQR Capital Management LLC now owns 18,090 shares of the oil and gas producer's stock valued at $557,000 after acquiring an additional 8,336 shares during the last quarter. Jones Financial Companies Lllp boosted its holdings in shares of Canadian Natural Resources by 92.7% in the 1st quarter. Jones Financial Companies Lllp now owns 29,096 shares of the oil and gas producer's stock worth $896,000 after purchasing an additional 13,996 shares in the last quarter. Empowered Funds LLC increased its position in shares of Canadian Natural Resources by 4.3% during the 1st quarter. Empowered Funds LLC now owns 79,374 shares of the oil and gas producer's stock valued at $2,445,000 after purchasing an additional 3,266 shares during the last quarter. Geneos Wealth Management Inc. raised its holdings in shares of Canadian Natural Resources by 47.3% during the 1st quarter. Geneos Wealth Management Inc. now owns 1,644 shares of the oil and gas producer's stock valued at $51,000 after buying an additional 528 shares in the last quarter. Finally, EverSource Wealth Advisors LLC raised its holdings in shares of Canadian Natural Resources by 65.5% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 4,513 shares of the oil and gas producer's stock valued at $142,000 after buying an additional 1,786 shares in the last quarter. Hedge funds and other institutional investors own 74.03% of the company's stock.

Canadian Natural Resources Stock Up 0.0%

Shares of Canadian Natural Resources stock opened at $51.42 on Monday. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.75 and a current ratio of 1.00. Canadian Natural Resources Limited has a 52-week low of $29.68 and a 52-week high of $51.48. The company's 50 day moving average price is $44.15 and its 200-day moving average price is $45.08. The stock has a market capitalization of $106.05 billion, a price-to-earnings ratio of 12.70 and a beta of 0.46.

Canadian Natural Resources (NYSE:CNQ - Get Free Report) TSE: CNQ last announced its quarterly earnings results on Thursday, August 6th. The oil and gas producer reported $1.58 earnings per share for the quarter, beating the consensus estimate of $1.43 by $0.15. Canadian Natural Resources had a net margin of 22.78% and a return on equity of 23.91%. The business had revenue of $14.74 billion during the quarter, compared to analysts' expectations of $9.40 billion. Equities research analysts forecast that Canadian Natural Resources Limited will post 4.05 EPS for the current year.

Canadian Natural Resources Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, October 2nd. Stockholders of record on Friday, September 11th will be issued a dividend of $0.625 per share. This represents a $2.50 dividend on an annualized basis and a dividend yield of 4.9%. The ex-dividend date is Friday, September 11th. Canadian Natural Resources's dividend payout ratio is currently 44.69%.

Analysts Set New Price Targets

A number of brokerages have commented on CNQ. Desjardins upgraded shares of Canadian Natural Resources to a "hold" rating in a research report on Thursday, July 16th. Wall Street Zen raised shares of Canadian Natural Resources from a "hold" rating to a "buy" rating in a research note on Saturday, August 15th. TD Securities reaffirmed a "buy" rating on shares of Canadian Natural Resources in a report on Friday, August 7th. Scotiabank reaffirmed a "sector perform" rating on shares of Canadian Natural Resources in a report on Friday, August 7th. Finally, Weiss Ratings upgraded shares of Canadian Natural Resources from a "buy (b-)" rating to a "buy (b)" rating in a research report on Friday. Six analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $57.00.

Canadian Natural Resources Profile

Canadian Natural Resources Limited NYSE: CNQ is a Calgary-based independent oil and natural gas exploration and production company. Established in the early 1970s and publicly listed in Canada and the United States, the company is principally engaged in the exploration, development, production, and marketing of crude oil, natural gas and natural gas liquids. Its asset base spans conventional and unconventional reservoirs and includes oil sands mining and in-situ thermal projects, midstream processing and upgrading capacity, and related field operations.

The company's operations are concentrated in Western Canada, where it develops heavy crude, bitumen from oil sands and conventional light crude and natural gas resources.

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