Canadian Natural Resources Limited $CNQ Shares Acquired by Addenda Capital Inc.

Key Points

• Addenda Capital Inc. increased its stake in Canadian Natural Resources Limited by 11.0%, now holding approximately 2,370,885 shares worth about $74.4 million.
• Several institutional investors have also raised their stakes, with 74.03% of Canadian Natural Resources' stock owned by institutional investors and hedge funds.
• The company recently announced a quarterly dividend increase to $0.4269 per share, resulting in a 5.2% dividend yield for investors.

Addenda Capital Inc. increased its position in Canadian Natural Resources Limited (NYSE:CNQ - Free Report) TSE: CNQ by 11.0% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,370,885 shares of the oil and gas producer's stock after buying an additional 235,198 shares during the quarter. Canadian Natural Resources comprises approximately 3.3% of Addenda Capital Inc.'s holdings, making the stock its 6th largest position. Addenda Capital Inc. owned approximately 0.11% of Canadian Natural Resources worth $74,446,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of the company. Signaturefd LLC lifted its holdings in shares of Canadian Natural Resources by 15.1% in the second quarter. Signaturefd LLC now owns 43,305 shares of the oil and gas producer's stock valued at $1,360,000 after buying an additional 5,676 shares during the period. FCG Investment Co purchased a new stake in shares of Canadian Natural Resources during the second quarter valued at $409,000. TD Private Client Wealth LLC purchased a new stake in shares of Canadian Natural Resources during the second quarter valued at $287,000. Buttonwood Financial Advisors Inc. lifted its holdings in shares of Canadian Natural Resources by 3.0% during the second quarter. Buttonwood Financial Advisors Inc. now owns 103,880 shares of the oil and gas producer's stock valued at $3,262,000 after purchasing an additional 3,070 shares during the last quarter. Finally, Opal Wealth Advisors LLC lifted its holdings in shares of Canadian Natural Resources by 40.1% during the second quarter. Opal Wealth Advisors LLC now owns 2,538 shares of the oil and gas producer's stock valued at $80,000 after purchasing an additional 726 shares during the last quarter. Institutional investors and hedge funds own 74.03% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on CNQ. Scotiabank reaffirmed an "outperform" rating on shares of Canadian Natural Resources in a report on Friday, July 11th. Raymond James Financial reaffirmed an "outperform" rating on shares of Canadian Natural Resources in a report on Friday, August 8th. Royal Bank Of Canada reissued an "outperform" rating and set a $62.00 price target on shares of Canadian Natural Resources in a research report on Wednesday. National Bankshares reissued a "sector perform" rating on shares of Canadian Natural Resources in a research report on Thursday, July 17th. Finally, Zacks Research raised Canadian Natural Resources from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, August 26th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $62.00.

Canadian Natural Resources Price Performance

Shares of NYSE:CNQ opened at $32.73 on Friday. The business has a 50 day moving average price of $31.20 and a 200 day moving average price of $30.73. Canadian Natural Resources Limited has a twelve month low of $24.65 and a twelve month high of $37.91. The company has a market cap of $68.31 billion, a price-to-earnings ratio of 11.61 and a beta of 1.03. The company has a quick ratio of 0.54, a current ratio of 0.85 and a debt-to-equity ratio of 0.38.

Canadian Natural Resources (NYSE:CNQ - Get Free Report) TSE: CNQ last announced its earnings results on Thursday, August 7th. The oil and gas producer reported $0.51 earnings per share for the quarter, beating the consensus estimate of $0.44 by $0.07. Canadian Natural Resources had a return on equity of 19.67% and a net margin of 19.00%.The firm had revenue of $6.39 billion during the quarter, compared to the consensus estimate of $8.97 billion. During the same quarter in the prior year, the company earned $0.88 EPS. Research analysts predict that Canadian Natural Resources Limited will post 2.45 earnings per share for the current year.

Canadian Natural Resources Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 3rd. Investors of record on Friday, September 19th will be given a dividend of $0.4269 per share. This is a boost from Canadian Natural Resources's previous quarterly dividend of $0.42. The ex-dividend date is Friday, September 19th. This represents a $1.71 annualized dividend and a dividend yield of 5.2%. Canadian Natural Resources's dividend payout ratio is 60.64%.

About Canadian Natural Resources

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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