Bank of New York Mellon Corp Has $103.07 Million Holdings in Canadian Natural Resources Limited $CNQ

Key Points

• Bank of New York Mellon cut its stake in Canadian Natural Resources by 34.5% in the first quarter, but still held 2.12 million shares valued at about $103.1 million.
• Canadian Natural Resources reported better-than-expected quarterly results, with EPS of $0.85 versus the $0.74 estimate and revenue of $7.72 billion versus $7.57 billion expected.
• The company continues to pay a sizable dividend, with a recent quarterly payout of $0.625 per share and an annualized yield of 5.7%; analysts currently rate the stock a Moderate Buy with a $57 average target price.

Bank of New York Mellon Corp reduced its stake in shares of Canadian Natural Resources Limited (NYSE:CNQ - Free Report) TSE: CNQ by 34.5% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,115,044 shares of the oil and gas producer's stock after selling 1,112,185 shares during the period. Bank of New York Mellon Corp owned 0.10% of Canadian Natural Resources worth $103,066,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in CNQ. TD Waterhouse Canada Inc. increased its position in Canadian Natural Resources by 4.9% during the fourth quarter. TD Waterhouse Canada Inc. now owns 6,758,445 shares of the oil and gas producer's stock worth $228,729,000 after acquiring an additional 315,460 shares during the period. Marshall Financial Group LLC bought a new stake in Canadian Natural Resources in the 4th quarter valued at $869,000. Novem Group bought a new stake in Canadian Natural Resources in the 4th quarter valued at $1,270,000. Bleakley Financial Group LLC grew its position in Canadian Natural Resources by 59.8% in the 4th quarter. Bleakley Financial Group LLC now owns 78,161 shares of the oil and gas producer's stock worth $2,646,000 after purchasing an additional 29,249 shares during the last quarter. Finally, Vanguard Group Inc. grew its position in Canadian Natural Resources by 0.9% in the 4th quarter. Vanguard Group Inc. now owns 93,305,198 shares of the oil and gas producer's stock worth $3,160,340,000 after purchasing an additional 818,809 shares during the last quarter. Institutional investors own 74.03% of the company's stock.

Canadian Natural Resources Price Performance

Shares of CNQ stock opened at $43.98 on Tuesday. Canadian Natural Resources Limited has a 52 week low of $29.30 and a 52 week high of $51.34. The stock has a market capitalization of $91.29 billion, a PE ratio of 13.13 and a beta of 0.47. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.68 and a current ratio of 0.98. The stock's fifty day moving average is $44.07 and its 200-day moving average is $42.93.

Canadian Natural Resources (NYSE:CNQ - Get Free Report) TSE: CNQ last released its quarterly earnings results on Thursday, May 7th. The oil and gas producer reported $0.85 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.74 by $0.11. The business had revenue of $7.72 billion during the quarter, compared to analysts' expectations of $7.57 billion. Canadian Natural Resources had a return on equity of 17.49% and a net margin of 22.04%.During the same period in the previous year, the business posted $1.16 earnings per share. Equities research analysts expect that Canadian Natural Resources Limited will post 4.2 EPS for the current fiscal year.

Canadian Natural Resources Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, July 7th. Shareholders of record on Tuesday, June 23rd were paid a $0.625 dividend. The ex-dividend date of this dividend was Tuesday, June 23rd. This represents a $2.50 dividend on an annualized basis and a dividend yield of 5.7%. Canadian Natural Resources's payout ratio is currently 54.03%.

Wall Street Analyst Weigh In

CNQ has been the subject of a number of research analyst reports. Raymond James Financial raised shares of Canadian Natural Resources from a "market perform" rating to an "outperform" rating in a research report on Thursday, May 7th. Weiss Ratings lowered Canadian Natural Resources from a "buy (b)" rating to a "buy (b-)" rating in a research note on Monday, May 11th. Zacks Research downgraded Canadian Natural Resources from a "strong-buy" rating to a "hold" rating in a research report on Monday, June 8th. Desjardins raised Canadian Natural Resources to a "hold" rating in a report on Thursday, July 16th. Finally, Scotiabank raised Canadian Natural Resources to a "hold" rating in a report on Friday, June 26th. Six research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average 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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