Bank of Nova Scotia Trust Co. Has $23.93 Million Position in Canadian Natural Resources Limited (NYSE:CNQ)

Key Points

• Bank of Nova Scotia Trust Co. has increased its holdings in Canadian Natural Resources Limited by 1.9%, now owning 776,979 shares valued at approximately $23.93 million.
• Canadian Natural Resources increased its quarterly dividend to $0.4227 per share, reflecting an annualized dividend yield of 5.5%.
• Analysts have a consensus rating of "Moderate Buy" for Canadian Natural Resources, with a target price set at $63.00.

Bank of Nova Scotia Trust Co. lifted its holdings in Canadian Natural Resources Limited (NYSE:CNQ - Free Report) TSE: CNQ by 1.9% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 776,979 shares of the oil and gas producer's stock after purchasing an additional 14,352 shares during the period. Canadian Natural Resources comprises 2.6% of Bank of Nova Scotia Trust Co.'s holdings, making the stock its 10th biggest holding. Bank of Nova Scotia Trust Co.'s holdings in Canadian Natural Resources were worth $23,931,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Bank of Nova Scotia increased its holdings in shares of Canadian Natural Resources by 86.6% in the first quarter. Bank of Nova Scotia now owns 24,262,707 shares of the oil and gas producer's stock valued at $746,675,000 after buying an additional 11,259,267 shares in the last quarter. Cumberland Partners Ltd raised its position in shares of Canadian Natural Resources by 2.2% during the first quarter. Cumberland Partners Ltd now owns 160,150 shares of the oil and gas producer's stock worth $4,929,000 after purchasing an additional 3,497 shares during the period. Klein Pavlis & Peasley Financial Inc. lifted its holdings in shares of Canadian Natural Resources by 51.9% during the first quarter. Klein Pavlis & Peasley Financial Inc. now owns 48,381 shares of the oil and gas producer's stock valued at $1,515,000 after purchasing an additional 16,536 shares during the last quarter. Mesirow Financial Investment Management Inc. purchased a new stake in shares of Canadian Natural Resources during the first quarter valued at $292,000. Finally, XTX Topco Ltd acquired a new position in shares of Canadian Natural Resources in the 1st quarter valued at $1,288,000. 74.03% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts have issued reports on CNQ shares. Scotiabank restated an "outperform" rating on shares of Canadian Natural Resources in a report on Friday, July 11th. Raymond James Financial raised shares of Canadian Natural Resources from a "market perform" rating to an "outperform" rating in a research report on Wednesday, April 9th. Finally, National Bankshares restated a "sector perform" rating on shares of Canadian Natural Resources in a research report on Thursday, July 17th. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $63.00.

Canadian Natural Resources Stock Down 2.2%

NYSE:CNQ opened at $30.99 on Friday. The business's fifty day moving average price is $31.80 and its 200 day moving average price is $30.40. The firm has a market capitalization of $64.79 billion, a price-to-earnings ratio of 12.15 and a beta of 1.03. The company has a current ratio of 0.84, a quick ratio of 0.53 and a debt-to-equity ratio of 0.40. Canadian Natural Resources Limited has a 1-year low of $24.65 and a 1-year high of $37.91.

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 earnings per share for the quarter, beating the consensus estimate of $0.73 by $0.08. The company had revenue of $6.96 billion for the quarter, compared to analysts' expectations of $10.14 billion. Canadian Natural Resources had a return on equity of 20.90% and a net margin of 16.92%. During the same quarter in the previous year, the business posted $1.37 EPS. On average, sell-side analysts forecast that Canadian Natural Resources Limited will post 2.45 earnings per share for the current fiscal year.

Canadian Natural Resources Increases Dividend

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

Canadian Natural Resources Company 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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