Canadian Natural Resources Limited $CNQ Shares Sold by Canoe Financial LP

Key Points

• Canoe Financial LP reduced its stake in Canadian Natural Resources by 38.6% in the first quarter, selling 2.16 million shares and leaving it with 3.43 million shares worth about $167.4 million.
• Canadian Natural Resources reported better-than-expected Q1 earnings of $0.85 per share on revenue of $7.72 billion, and analysts expect the company to earn about 4.2 EPS for the full year.
• The company announced a quarterly dividend of $0.625 per share, implying an annualized yield of 6.3%; Wall Street currently has a Moderate Buy consensus rating with a $57.00 price target.

Canoe Financial LP trimmed its stake in Canadian Natural Resources Limited (NYSE:CNQ - Free Report) TSE: CNQ by 38.6% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,433,507 shares of the oil and gas producer's stock after selling 2,155,438 shares during the period. Canadian Natural Resources makes up 2.3% of Canoe Financial LP's investment portfolio, making the stock its 14th largest holding. Canoe Financial LP owned about 0.16% of Canadian Natural Resources worth $167,432,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently bought and sold shares of CNQ. AQR Capital Management LLC grew its holdings in shares of Canadian Natural Resources by 85.5% during the first quarter. AQR Capital Management LLC now owns 18,090 shares of the oil and gas producer's stock worth $557,000 after purchasing an additional 8,336 shares during the last quarter. Jones Financial Companies Lllp lifted its holdings in shares of Canadian Natural Resources by 92.7% in the 1st quarter. Jones Financial Companies Lllp now owns 29,096 shares of the oil and gas producer's stock valued at $896,000 after purchasing an additional 13,996 shares during the last quarter. Empowered Funds LLC boosted its position in shares of Canadian Natural Resources by 4.3% in the 1st quarter. Empowered Funds LLC now owns 79,374 shares of the oil and gas producer's stock valued at $2,445,000 after purchasing an additional 3,266 shares during the period. Geneos Wealth Management Inc. boosted its position in shares of Canadian Natural Resources by 47.3% in the 1st quarter. Geneos Wealth Management Inc. now owns 1,644 shares of the oil and gas producer's stock valued at $51,000 after purchasing an additional 528 shares during the period. Finally, EverSource Wealth Advisors LLC grew its stake in Canadian Natural Resources by 65.5% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 4,513 shares of the oil and gas producer's stock worth $142,000 after buying an additional 1,786 shares during the last quarter. 74.03% of the stock is currently owned by institutional investors and hedge funds.

Canadian Natural Resources Price Performance

Shares of CNQ opened at $39.53 on Monday. The company has a current ratio of 0.98, a quick ratio of 0.68 and a debt-to-equity ratio of 0.37. The stock's 50 day moving average is $45.33 and its two-hundred day moving average is $41.95. Canadian Natural Resources Limited has a twelve month low of $29.30 and a twelve month high of $51.34. The firm has a market capitalization of $82.05 billion, a PE ratio of 11.80 and a beta of 0.45.

Canadian Natural Resources (NYSE:CNQ - Get Free Report) TSE: CNQ last issued its earnings results on Thursday, May 7th. The oil and gas producer reported $0.85 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.74 by $0.11. The business had revenue of $7.72 billion during the quarter, compared to the consensus estimate 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 prior year, the business posted $1.16 EPS. Research analysts anticipate that Canadian Natural Resources Limited will post 4.2 earnings per share for the current year.

Canadian Natural Resources Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 7th. Shareholders of record on Tuesday, June 23rd will be given a $0.625 dividend. The ex-dividend date is Tuesday, June 23rd. This represents a $2.50 annualized dividend and a yield of 6.3%. Canadian Natural Resources's dividend payout ratio is presently 54.03%.

Wall Street Analysts Forecast Growth

Several research firms have commented on CNQ. Royal Bank Of Canada lifted their price target on Canadian Natural Resources from $61.00 to $65.00 and gave the stock an "outperform" rating in a research report on Friday, March 6th. Weiss Ratings downgraded Canadian Natural Resources from a "buy (b)" rating to a "buy (b-)" rating in a report on Monday, May 11th. Scotiabank restated an "outperform" rating on shares of Canadian Natural Resources in a research report on Wednesday, May 20th. Raymond James Financial raised shares of Canadian Natural Resources from a "market perform" rating to an "outperform" rating in a report on Thursday, May 7th. Finally, Zacks Research downgraded shares of Canadian Natural Resources from a "strong-buy" rating to a "hold" rating in a research report on Monday, June 8th. Seven equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $57.00.

About Canadian Natural Resources

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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