Canadian Natural Resources Limited $CNQ Shares Sold by Massachusetts Financial Services Co. MA

Key Points

• Massachusetts Financial Services Co. reduced its stake in Canadian Natural Resources by 3.3%, selling 157,594 shares and now holds 4,599,924 shares (~0.22% of the company) valued at about $144.4 million.
• Canadian Natural boosted its quarterly dividend to $0.5875 (annualized $2.35), implying a 7.0% yield with an ex-dividend date of December 12 and a payout ratio of 73.9%.
• The company beat quarterly EPS estimates ($0.62 vs. $0.54) and remains heavily owned by institutions, while analysts give a consensus rating of "Moderate Buy" with a $62 price target.

Massachusetts Financial Services Co. MA reduced its holdings in Canadian Natural Resources Limited (NYSE:CNQ - Free Report) TSE: CNQ by 3.3% during the second quarter, according to the company in its most recent filing with the SEC. The fund owned 4,599,924 shares of the oil and gas producer's stock after selling 157,594 shares during the quarter. Massachusetts Financial Services Co. MA owned approximately 0.22% of Canadian Natural Resources worth $144,438,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of the business. T. Rowe Price Investment Management Inc. raised its stake in Canadian Natural Resources by 29.1% during the first quarter. T. Rowe Price Investment Management Inc. now owns 43,968,120 shares of the oil and gas producer's stock worth $1,354,219,000 after acquiring an additional 9,915,345 shares during the period. Canada Pension Plan Investment Board boosted its stake in Canadian Natural Resources by 13.0% in the first quarter. Canada Pension Plan Investment Board now owns 41,769,153 shares of the oil and gas producer's stock valued at $1,285,464,000 after acquiring an additional 4,805,451 shares during the period. TD Asset Management Inc grew its holdings in shares of Canadian Natural Resources by 0.8% during the second quarter. TD Asset Management Inc now owns 41,581,125 shares of the oil and gas producer's stock valued at $1,304,267,000 after purchasing an additional 316,933 shares during the last quarter. Mackenzie Financial Corp raised its position in shares of Canadian Natural Resources by 4.8% during the 1st quarter. Mackenzie Financial Corp now owns 33,100,240 shares of the oil and gas producer's stock worth $1,018,469,000 after purchasing an additional 1,519,523 shares during the period. Finally, 1832 Asset Management L.P. lifted its holdings in shares of Canadian Natural Resources by 1.9% in the 1st quarter. 1832 Asset Management L.P. now owns 31,822,379 shares of the oil and gas producer's stock worth $980,129,000 after purchasing an additional 603,101 shares during the last quarter. 74.03% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the company. Zacks Research upgraded Canadian Natural Resources from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, August 26th. Raymond James Financial reiterated an "outperform" rating on shares of Canadian Natural Resources in a research note on Friday, August 8th. Weiss Ratings restated a "hold (c)" rating on shares of Canadian Natural Resources in a research report on Wednesday, October 8th. TD Securities reissued a "buy" rating on shares of Canadian Natural Resources in a research note on Tuesday, September 30th. Finally, Scotiabank restated an "outperform" rating on shares of Canadian Natural Resources in a research report on Thursday, October 9th. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, Canadian Natural Resources presently has a consensus rating of "Moderate Buy" and a consensus price target of $62.00.

Canadian Natural Resources Price Performance

Shares of CNQ opened at $33.36 on Tuesday. Canadian Natural Resources Limited has a one year low of $24.65 and a one year high of $34.97. The stock's fifty day moving average is $31.80 and its 200-day moving average is $31.42. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.54 and a current ratio of 0.85. The firm has a market capitalization of $69.49 billion, a price-to-earnings ratio of 11.83 and a beta of 0.96.

Canadian Natural Resources (NYSE:CNQ - Get Free Report) TSE: CNQ last announced its earnings results on Thursday, November 6th. The oil and gas producer reported $0.62 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.54 by $0.08. The firm had revenue of $6.79 billion during the quarter, compared to analyst estimates of $6.81 billion. Canadian Natural Resources had a net margin of 19.00% and a return on equity of 19.67%. During the same quarter in the prior year, the firm posted $0.97 EPS. Equities analysts anticipate that Canadian Natural Resources Limited will post 2.45 EPS for the current year.

Canadian Natural Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 6th. Stockholders of record on Friday, December 12th will be issued a $0.5875 dividend. This represents a $2.35 annualized dividend and a dividend yield of 7.0%. This is a boost from Canadian Natural Resources's previous quarterly dividend of $0.43. The ex-dividend date is Friday, December 12th. Canadian Natural Resources's payout ratio is 73.89%.

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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