Bank of Nova Scotia Buys 11,259,267 Shares of Canadian Natural Resources Limited (NYSE:CNQ)

Key Points

• Bank of Nova Scotia significantly increased its stake in Canadian Natural Resources Limited (NYSE:CNQ) by 86.6%, acquiring over 11 million shares in the first quarter, bringing its total ownership to approximately $746.7 million.
• Canadian Natural Resources has recently increased its quarterly dividend to $0.4227 per share, marking a positive change from the previous dividend and yielding 5.5% annually.
• The stock currently has a consensus rating of "Moderate Buy" among analysts, with a target price of $63.00, indicating potential upside for investors.

Bank of Nova Scotia grew its holdings in shares of Canadian Natural Resources Limited (NYSE:CNQ - Free Report) TSE: CNQ by 86.6% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 24,262,707 shares of the oil and gas producer's stock after purchasing an additional 11,259,267 shares during the period. Canadian Natural Resources accounts for 1.8% of Bank of Nova Scotia's portfolio, making the stock its 10th biggest position. Bank of Nova Scotia owned approximately 1.16% of Canadian Natural Resources worth $746,675,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. Thurston Springer Miller Herd & Titak Inc. raised its holdings in shares of Canadian Natural Resources by 10.2% during the first quarter. Thurston Springer Miller Herd & Titak Inc. now owns 5,165 shares of the oil and gas producer's stock worth $159,000 after purchasing an additional 480 shares during the period. AdvisorNet Financial Inc raised its holdings in shares of Canadian Natural Resources by 8.0% during the first quarter. AdvisorNet Financial Inc now owns 7,065 shares of the oil and gas producer's stock worth $218,000 after purchasing an additional 525 shares during the period. MML Investors Services LLC raised its holdings in shares of Canadian Natural Resources by 1.0% during the fourth quarter. MML Investors Services LLC now owns 55,045 shares of the oil and gas producer's stock worth $1,699,000 after purchasing an additional 528 shares during the period. Peak Financial Advisors LLC raised its holdings in shares of Canadian Natural Resources by 0.7% during the first quarter. Peak Financial Advisors LLC now owns 77,253 shares of the oil and gas producer's stock worth $2,379,000 after purchasing an additional 557 shares during the period. Finally, Huntington National Bank raised its holdings in shares of Canadian Natural Resources by 64.1% during the fourth quarter. Huntington National Bank now owns 1,493 shares of the oil and gas producer's stock worth $46,000 after purchasing an additional 583 shares during the period. 74.03% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts have weighed in on CNQ shares. National Bankshares reissued a "sector perform" rating on shares of Canadian Natural Resources in a report on Thursday, July 17th. Raymond James Financial raised shares of Canadian Natural Resources from a "market perform" rating to an "outperform" rating in a report on Wednesday, April 9th. Finally, Scotiabank reaffirmed an "outperform" rating on shares of Canadian Natural Resources in a report on Friday, July 11th. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, Canadian Natural Resources presently has a consensus rating of "Moderate Buy" and a consensus price target of $63.00.

Canadian Natural Resources Stock Down 2.2%

CNQ stock opened at $30.99 on Friday. The company has a quick ratio of 0.53, a current ratio of 0.84 and a debt-to-equity ratio of 0.40. Canadian Natural Resources Limited has a fifty-two week low of $24.65 and a fifty-two week high of $37.91. The firm's 50-day simple moving average is $31.80 and its 200 day simple moving average is $30.40. The stock has a market cap of $64.79 billion, a PE ratio of 12.15 and a beta of 1.03.

Canadian Natural Resources (NYSE:CNQ - Get Free Report) TSE: CNQ last released its earnings results on Thursday, May 8th. The oil and gas producer reported $0.81 EPS for the quarter, beating the consensus estimate of $0.73 by $0.08. The firm had revenue of $6.96 billion for the quarter, compared to analysts' expectations of $10.14 billion. Canadian Natural Resources had a net margin of 16.92% and a return on equity of 20.90%. During the same quarter last year, the company earned $1.37 EPS. As a group, sell-side analysts predict that Canadian Natural Resources Limited will post 2.45 EPS for the current year.

Canadian Natural Resources Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, July 3rd. Shareholders of record on Friday, June 13th were paid a dividend of $0.4227 per share. This represents a $1.69 annualized dividend and a yield of 5.5%. The ex-dividend date of this dividend was Friday, June 13th. This is a positive change from Canadian Natural Resources's previous quarterly dividend of $0.41. Canadian Natural Resources's dividend payout ratio is 67.06%.

Canadian Natural Resources Profile

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).

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