Intact Investment Management Inc. Grows Stock Position in Canadian Natural Resources Limited (NYSE:CNQ)

Intact Investment Management Inc. grew its position in shares of Canadian Natural Resources Limited (NYSE:CNQ - Free Report) TSE: CNQ by 86.4% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,818,610 shares of the oil and gas producer's stock after acquiring an additional 842,730 shares during the quarter. Canadian Natural Resources comprises 1.9% of Intact Investment Management Inc.'s portfolio, making the stock its 10th biggest position. Intact Investment Management Inc. owned about 0.09% of Canadian Natural Resources worth $55,967,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in CNQ. Principal Securities Inc. increased its stake in Canadian Natural Resources by 595.2% during the fourth quarter. Principal Securities Inc. now owns 6,987 shares of the oil and gas producer's stock worth $216,000 after acquiring an additional 5,982 shares during the last quarter. Atria Wealth Solutions Inc. acquired a new stake in Canadian Natural Resources during the fourth quarter worth about $214,000. Global Retirement Partners LLC increased its stake in Canadian Natural Resources by 4.5% during the fourth quarter. Global Retirement Partners LLC now owns 11,993 shares of the oil and gas producer's stock worth $370,000 after acquiring an additional 514 shares during the last quarter. Boston Financial Mangement LLC acquired a new stake in Canadian Natural Resources during the fourth quarter worth about $218,000. Finally, Cromwell Holdings LLC increased its stake in Canadian Natural Resources by 20.0% during the fourth quarter. Cromwell Holdings LLC now owns 5,099 shares of the oil and gas producer's stock worth $157,000 after acquiring an additional 851 shares during the last quarter. 74.03% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts have commented on CNQ shares. Scotiabank upgraded Canadian Natural Resources from a "sector perform" rating to a "sector outperform" rating in a research note on Wednesday, March 19th. Royal Bank Of Canada reaffirmed an "outperform" rating and issued a $63.00 target price on shares of Canadian Natural Resources in a research report on Thursday, March 27th. Evercore ISI raised Canadian Natural Resources from an "in-line" rating to an "outperform" rating in a research report on Friday, March 7th. Finally, Raymond James Financial raised Canadian Natural Resources from a "market perform" rating to an "outperform" rating in a research report on Wednesday, April 9th. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, Canadian Natural Resources has a consensus rating of "Moderate Buy" and an average target price of $63.00.

Canadian Natural Resources Stock Down 0.5%

Shares of NYSE CNQ traded down $0.18 on Friday, hitting $33.42. The company had a trading volume of 12,283,177 shares, compared to its average volume of 5,695,099. Canadian Natural Resources Limited has a 12-month low of $24.65 and a 12-month high of $37.91. The business has a 50 day moving average of $30.59 and a two-hundred day moving average of $30.30. The company has a quick ratio of 0.53, a current ratio of 0.84 and a debt-to-equity ratio of 0.40. The firm has a market capitalization of $69.90 billion, a P/E ratio of 13.11 and a beta of 1.03.

Canadian Natural Resources (NYSE:CNQ - Get Free Report) TSE: CNQ last issued its quarterly earnings results on Thursday, May 8th. The oil and gas producer reported $0.81 EPS for the quarter, beating analysts' consensus estimates of $0.73 by $0.08. The firm had revenue of $6.96 billion during the quarter, compared to the consensus estimate of $10.14 billion. Canadian Natural Resources had a return on equity of 20.90% and a net margin of 16.92%. During the same quarter in the prior year, the business posted $1.37 earnings per share. As a group, equities research analysts forecast that Canadian Natural Resources Limited will post 2.45 earnings per share for the current fiscal year.

Canadian Natural Resources Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, July 3rd. Investors of record on Friday, June 13th will be issued a $0.4227 dividend. The ex-dividend date of this dividend is Friday, June 13th. This represents a $1.69 dividend on an annualized basis and a yield of 5.06%. This is an increase from Canadian Natural Resources's previous quarterly dividend of $0.41. Canadian Natural Resources's dividend payout ratio is currently 67.06%.

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).