Canadian Natural Resources Limited $CNQ Stake Lifted by Canoe Financial LP

Key Points

• Canoe Financial increased its Canadian Natural Resources stake by 7.1% in the third quarter, adding 171,998 shares to hold 2.61 million shares worth approximately $124.9 million. Institutional investors collectively own 74.03% of the company.
• Analyst sentiment remains positive, with one Strong Buy, six Buy, and four Hold ratings, producing a consensus “Moderate Buy” rating and an average price target of $57.00.
• CNQ shares opened at $54.27, near their 52-week high of $55.13. The company reported quarterly EPS of $1.58, exceeding expectations, and offers an annualized dividend of C$2.50 with a 4.6% yield.

Canoe Financial LP boosted its holdings in Canadian Natural Resources Limited (NYSE:CNQ - Free Report) TSE: CNQ by 7.1% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,609,343 shares of the oil and gas producer's stock after purchasing an additional 171,998 shares during the period. Canoe Financial LP owned about 0.13% of Canadian Natural Resources worth $124,883,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in the business. Healthcare of Ontario Pension Plan Trust Fund lifted its position in Canadian Natural Resources by 10.0% during the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 37,457,500 shares of the oil and gas producer's stock worth $1,826,578,000 after buying an additional 3,397,500 shares in the last quarter. Arrowstreet Capital Limited Partnership bought a new position in shares of Canadian Natural Resources in the 1st quarter valued at about $1,411,619,000. TD Waterhouse Canada Inc. grew its holdings in shares of Canadian Natural Resources by 1.4% in the 3rd quarter. TD Waterhouse Canada Inc. now owns 16,459,772 shares of the oil and gas producer's stock valued at $784,278,000 after acquiring an additional 223,444 shares in the last quarter. Amundi grew its holdings in shares of Canadian Natural Resources by 3.1% in the 2nd quarter. Amundi now owns 8,238,632 shares of the oil and gas producer's stock valued at $325,426,000 after acquiring an additional 244,205 shares in the last quarter. Finally, Swiss National Bank increased its position in shares of Canadian Natural Resources by 26.7% in the first quarter. Swiss National Bank now owns 7,011,862 shares of the oil and gas producer's stock valued at $341,546,000 after acquiring an additional 1,475,500 shares during the last quarter. Institutional investors own 74.03% of the company's stock.

Analysts Set New Price Targets

Several research firms recently issued reports on CNQ. Wall Street Zen upgraded Canadian Natural Resources from a "hold" rating to a "buy" rating in a report on Saturday, August 15th. Raymond James Financial cut Canadian Natural Resources from an "outperform" rating to a "market perform" rating in a research report on Wednesday, October 14th. Canadian Imperial Bank of Commerce restated an "outperform" rating on shares of Canadian Natural Resources in a research note on Friday, October 9th. Desjardins raised Canadian Natural Resources to a "hold" rating in a research report on Thursday, July 16th. Finally, TD Securities reiterated a "buy" rating on shares of Canadian Natural Resources in a research note on Friday, August 7th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $57.00.

Canadian Natural Resources Stock Up 0.2%

Canadian Natural Resources stock opened at $54.27 on Thursday. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.00 and a quick ratio of 0.75. The company's 50-day moving average is $49.98 and its 200-day moving average is $46.73. The firm has a market capitalization of $111.51 billion, a PE ratio of 13.40 and a beta of 0.53. Canadian Natural Resources Limited has a fifty-two week low of $29.98 and a fifty-two week high of $55.13.

Canadian Natural Resources (NYSE:CNQ - Get Free Report) TSE: CNQ last issued its earnings results on Thursday, August 6th. The oil and gas producer reported $1.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.43 by $0.15. Canadian Natural Resources had a net margin of 22.78% and a return on equity of 23.91%. The business had revenue of $14.74 billion during the quarter, compared to the consensus estimate of $9.40 billion. Sell-side analysts anticipate that Canadian Natural Resources Limited will post 4.10 earnings per share for the current year.

Canadian Natural Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 2nd. Shareholders of record on Friday, September 11th were paid a C$0.62 dividend. The ex-dividend date was Friday, September 11th. This represents a $2.50 annualized dividend and a yield of 4.6%. Canadian Natural Resources's dividend payout ratio is currently 44.44%.

Canadian Natural Resources Company Profile

Canadian Natural Resources Limited is an independent energy company engaged in the exploration, development, production, marketing and sale of crude oil, natural gas and natural gas liquids. Its portfolio includes conventional and unconventional petroleum assets, heavy crude oil operations, and oil sands projects that produce bitumen and synthetic crude oil.

The company's principal operations are located in Western Canada, including oil sands and conventional assets in Alberta and natural gas properties in Alberta and British Columbia.

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