Bank of America Corp DE Reduces Stock Holdings in Canadian Natural Resources Limited $CNQ

Key Points

• Bank of America reduced its Canadian Natural Resources stake by 17.9% in the first quarter, selling 1.22 million shares and retaining 5.63 million shares valued at approximately $274.1 million.
• Institutional ownership remains high at 74.03%, with Capital Research Global Investors, Vanguard, Fisher Asset Management and other major investors holding substantial positions; several increased their stakes.
• Canadian Natural Resources reported quarterly EPS of $0.85, beating estimates, and pays a $2.50 annualized dividend yielding about 5.4%. Analysts maintain a “Moderate Buy” consensus with a $57 target price.

Bank of America Corp DE cut its stake in shares of Canadian Natural Resources Limited (NYSE:CNQ - Free Report) TSE: CNQ by 17.9% during the 1st quarter, according to its most recent filing with the SEC. The institutional investor owned 5,625,767 shares of the oil and gas producer's stock after selling 1,224,109 shares during the period. Bank of America Corp DE owned approximately 0.27% of Canadian Natural Resources worth $274,144,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Capital Research Global Investors lifted its position in shares of Canadian Natural Resources by 31.5% during the fourth quarter. Capital Research Global Investors now owns 146,331,336 shares of the oil and gas producer's stock worth $4,956,204,000 after purchasing an additional 35,067,143 shares in the last quarter. Vanguard Group Inc. grew its holdings in Canadian Natural Resources by 0.9% during the 4th quarter. Vanguard Group Inc. now owns 93,305,198 shares of the oil and gas producer's stock valued at $3,160,340,000 after purchasing an additional 818,809 shares in the last quarter. Fisher Asset Management LLC grew its holdings in Canadian Natural Resources by 3.2% during the 4th quarter. Fisher Asset Management LLC now owns 42,745,981 shares of the oil and gas producer's stock valued at $1,446,951,000 after purchasing an additional 1,342,954 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund increased its stake in Canadian Natural Resources by 10.0% during the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 37,457,500 shares of the oil and gas producer's stock worth $1,826,578,000 after buying an additional 3,397,500 shares during the period. Finally, Arrowstreet Capital Limited Partnership purchased a new stake in Canadian Natural Resources during the 1st quarter worth $1,411,619,000. Hedge funds and other institutional investors own 74.03% of the company's stock.

Canadian Natural Resources Stock Down 2.6%

NYSE:CNQ opened at $46.43 on Tuesday. The company has a market capitalization of $96.07 billion, a price-to-earnings ratio of 13.86 and a beta of 0.46. Canadian Natural Resources Limited has a one year low of $29.30 and a one year high of $51.34. The stock has a 50-day simple moving average of $43.64 and a 200 day simple moving average of $43.88. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.68 and a current ratio of 0.98.

Canadian Natural Resources (NYSE:CNQ - Get Free Report) TSE: CNQ last announced its quarterly earnings data on Thursday, May 7th. The oil and gas producer reported $0.85 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.74 by $0.11. Canadian Natural Resources had a return on equity of 17.49% and a net margin of 22.04%.The firm had revenue of $7.72 billion for the quarter, compared to analysts' expectations of $7.57 billion. During the same quarter in the prior year, the firm posted $1.16 earnings per share. Sell-side analysts predict that Canadian Natural Resources Limited will post 3.89 EPS for the current fiscal year.

Canadian Natural Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, July 7th. Shareholders of record on Tuesday, June 23rd were paid a dividend of $0.625 per share. The ex-dividend date was Tuesday, June 23rd. This represents a $2.50 annualized dividend and a yield of 5.4%. Canadian Natural Resources's payout ratio is presently 54.03%.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on CNQ shares. Zacks Research raised shares of Canadian Natural Resources from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, July 21st. Scotiabank upgraded Canadian Natural Resources to a "hold" rating in a research note on Friday, June 26th. Raymond James Financial raised Canadian Natural Resources from a "market perform" rating to an "outperform" rating in a research report on Thursday, May 7th. Desjardins upgraded Canadian Natural Resources to a "hold" rating in a research note on Thursday, July 16th. Finally, Weiss Ratings downgraded Canadian Natural Resources from a "buy (b)" rating to a "buy (b-)" rating in a report on Monday, May 11th. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and four have issued a Hold rating to the company's stock. According to MarketBeat.com, Canadian Natural Resources has an average rating of "Moderate Buy" and a consensus target price 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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