Canadian Natural Resources Limited $CNQ Shares Sold by Old West Investment Management LLC

Key Points

• Old West Investment Management LLC has reduced its stake in Canadian Natural Resources Limited by 13.4%, now holding 342,283 shares valued at approximately $10.5 million.
• Canadian Natural Resources recently increased its quarterly dividend to $0.4269, representing a 5.5% yield, with a payout ratio of 60.64%.
• The company reported earnings of $0.51 per share for the last quarter, exceeding analyst expectations, with a revenue of $6.39 billion compared to the expected $8.97 billion.

Old West Investment Management LLC lessened its position in Canadian Natural Resources Limited (NYSE:CNQ - Free Report) TSE: CNQ by 13.4% in the first quarter, according to its most recent disclosure with the SEC. The firm owned 342,283 shares of the oil and gas producer's stock after selling 52,878 shares during the period. Canadian Natural Resources makes up about 3.8% of Old West Investment Management LLC's holdings, making the stock its 9th largest position. Old West Investment Management LLC's holdings in Canadian Natural Resources were worth $10,542,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the company. T. Rowe Price Investment Management Inc. grew its stake in Canadian Natural Resources by 29.1% in the first quarter. T. Rowe Price Investment Management Inc. now owns 43,968,120 shares of the oil and gas producer's stock valued at $1,354,219,000 after acquiring an additional 9,915,345 shares during the period. Mackenzie Financial Corp grew its stake in Canadian Natural Resources by 4.8% in the first quarter. Mackenzie Financial Corp now owns 33,100,240 shares of the oil and gas producer's stock valued at $1,018,469,000 after acquiring an additional 1,519,523 shares during the period. 1832 Asset Management L.P. grew its stake in Canadian Natural Resources by 1.9% in the first quarter. 1832 Asset Management L.P. now owns 31,822,379 shares of the oil and gas producer's stock valued at $980,129,000 after acquiring an additional 603,101 shares during the period. The Manufacturers Life Insurance Company grew its stake in Canadian Natural Resources by 5.1% in the fourth quarter. The Manufacturers Life Insurance Company now owns 29,910,127 shares of the oil and gas producer's stock valued at $924,675,000 after acquiring an additional 1,442,000 shares during the period. Finally, Bank of Nova Scotia grew its stake in 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 acquiring an additional 11,259,267 shares during the period. Institutional investors and hedge funds own 74.03% of the company's stock.

Canadian Natural Resources Stock Up 3.1%

CNQ stock opened at $31.1050 on Monday. The stock's fifty day simple moving average is $31.41 and its two-hundred day simple moving average is $30.31. The company has a current ratio of 0.85, a quick ratio of 0.54 and a debt-to-equity ratio of 0.38. Canadian Natural Resources Limited has a 1-year low of $24.65 and a 1-year high of $37.91. The stock has a market cap of $64.98 billion, a P/E ratio of 11.03 and a beta of 1.05.

Canadian Natural Resources (NYSE:CNQ - Get Free Report) TSE: CNQ last posted its quarterly earnings data on Thursday, August 7th. The oil and gas producer reported $0.51 earnings per share for the quarter, topping 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 business had revenue of $6.39 billion for the quarter, compared to analysts' expectations of $8.97 billion. During the same quarter in the previous year, the firm earned $0.88 earnings per share. Analysts expect that Canadian Natural Resources Limited will post 2.45 EPS for the current year.

Canadian Natural Resources Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 3rd. Shareholders of record on Friday, September 19th will be given a $0.4269 dividend. This is an increase from Canadian Natural Resources's previous quarterly dividend of $0.42. This represents a $1.71 annualized dividend and a yield of 5.5%. The ex-dividend date of this dividend is Friday, September 19th. Canadian Natural Resources's payout ratio is presently 60.64%.

Analysts Set New Price Targets

CNQ has been the subject of a number of research reports. Raymond James Financial reissued an "outperform" rating on shares of Canadian Natural Resources in a research note on Friday, August 8th. National Bankshares restated a "sector perform" rating on shares of Canadian Natural Resources in a report on Thursday, July 17th. Scotiabank restated an "outperform" rating on shares of Canadian Natural Resources in a report on Friday, July 11th. Finally, Royal Bank Of Canada dropped their target price on Canadian Natural Resources from $64.00 to $62.00 and set an "outperform" rating on the stock in a report on Friday, August 8th. Four analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, Canadian Natural Resources has an average rating of "Moderate Buy" and an average target price of $62.00.

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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