Canadian Natural Resources Limited $CNQ Stake Lessened by Lazard Asset Management LLC

Key Points

• Lazard Asset Management cut its Canadian Natural Resources stake by 60.3% in the first quarter, selling 183,944 shares and retaining 121,174 shares valued at approximately $5.9 million.
• Canadian Natural Resources reported quarterly EPS of $0.85, exceeding the $0.74 analyst estimate, while revenue reached $7.72 billion. The company also pays a $2.50 annualized dividend, yielding about 5.3%.
• The stock recently traded at $47.25, up 1.7%, and analysts maintain a “Moderate Buy” consensus with an average price target of $57.00; institutional investors own 74.03% of the shares.

Lazard Asset Management LLC decreased its holdings in shares of Canadian Natural Resources Limited (NYSE:CNQ - Free Report) TSE: CNQ by 60.3% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 121,174 shares of the oil and gas producer's stock after selling 183,944 shares during the quarter. Lazard Asset Management LLC's holdings in Canadian Natural Resources were worth $5,912,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently bought and sold shares of the company. Sunbelt Securities Inc. acquired a new stake in Canadian Natural Resources during the 4th quarter worth about $25,000. Manchester Capital Management LLC purchased a new position in Canadian Natural Resources during the 4th quarter valued at about $28,000. Leonteq Securities AG acquired a new position in shares of Canadian Natural Resources in the 4th quarter valued at about $31,000. Quarry LP acquired a new position in shares of Canadian Natural Resources in the 3rd quarter valued at about $32,000. Finally, LOM Asset Management Ltd purchased a new stake in shares of Canadian Natural Resources in the fourth quarter worth approximately $34,000. 74.03% of the stock is owned by institutional investors and hedge funds.

Canadian Natural Resources Stock Up 1.7%

Shares of Canadian Natural Resources stock opened at $47.25 on Friday. The firm has a market cap of $98.07 billion, a price-to-earnings ratio of 14.10 and a beta of 0.47. The stock has a 50-day simple moving average of $43.70 and a 200-day simple moving average of $43.68. Canadian Natural Resources Limited has a 52-week low of $29.30 and a 52-week high of $51.34. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.98 and a quick ratio of 0.68.

Canadian Natural Resources (NYSE:CNQ - Get Free Report) TSE: CNQ last released its quarterly earnings data on Thursday, May 7th. The oil and gas producer reported $0.85 EPS for the quarter, topping analysts' consensus estimates of $0.74 by $0.11. The firm had revenue of $7.72 billion for 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 quarter in the prior year, the company posted $1.16 earnings per share. On average, equities research analysts expect that Canadian Natural Resources Limited will post 3.89 earnings per share for the current fiscal year.

Canadian Natural Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 7th. Stockholders of record on Tuesday, June 23rd were paid a dividend of $0.625 per share. The ex-dividend date was Tuesday, June 23rd. This represents a $2.50 annualized dividend and a dividend yield of 5.3%. Canadian Natural Resources's dividend payout ratio is 54.03%.

Wall Street Analyst Weigh In

Several analysts recently commented on the stock. Desjardins upgraded shares of Canadian Natural Resources to a "hold" rating in a report on Thursday, July 16th. Raymond James Financial upgraded shares of Canadian Natural Resources from a "market perform" rating to an "outperform" rating in a research report on Thursday, May 7th. Weiss Ratings lowered shares of Canadian Natural Resources from a "buy (b)" rating to a "buy (b-)" rating in a research note on Monday, May 11th. Scotiabank upgraded shares of Canadian Natural Resources to a "hold" rating in a report on Friday, June 26th. Finally, Zacks Research raised shares of Canadian Natural Resources from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, July 21st. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $57.00.

Canadian Natural Resources Profile

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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