Connor Clark & Lunn Investment Management Ltd. Has $330.48 Million Stake in Canadian Natural Resources Limited (NYSE:CNQ)

Key Points

• Connor Clark & Lunn Investment Management Ltd. reduced its stake in Canadian Natural Resources Limited by 20.1%, owning approximately 10.7 million shares after selling about 2.7 million shares in the first quarter.
• Goldman Sachs Group Inc. significantly increased its holdings in Canadian Natural Resources by 240.8%, now owning over 22.7 million shares valued at approximately $701.5 million.
• The company announced a new quarterly dividend of $0.4269 per share, resulting in an annualized yield of 5.6%, a slight increase from its previous dividend payout.

Connor Clark & Lunn Investment Management Ltd. reduced its position in Canadian Natural Resources Limited (NYSE:CNQ - Free Report) TSE: CNQ by 20.1% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 10,738,366 shares of the oil and gas producer's stock after selling 2,695,431 shares during the quarter. Canadian Natural Resources comprises approximately 1.4% of Connor Clark & Lunn Investment Management Ltd.'s portfolio, making the stock its 12th biggest position. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.51% of Canadian Natural Resources worth $330,478,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of the company. Investment Management Corp VA ADV lifted its holdings in shares of Canadian Natural Resources by 158.3% during the first quarter. Investment Management Corp VA ADV now owns 997 shares of the oil and gas producer's stock worth $31,000 after purchasing an additional 611 shares during the period. Versant Capital Management Inc raised its stake in shares of Canadian Natural Resources by 253.2% during the 1st quarter. Versant Capital Management Inc now owns 1,307 shares of the oil and gas producer's stock worth $40,000 after buying an additional 937 shares during the last quarter. Sierra Ocean LLC increased its position in Canadian Natural Resources by 104.0% during the 1st quarter. Sierra Ocean LLC now owns 1,569 shares of the oil and gas producer's stock worth $48,000 after purchasing an additional 800 shares in the last quarter. Opal Wealth Advisors LLC purchased a new stake in Canadian Natural Resources during the 1st quarter worth about $56,000. Finally, Cloud Capital Management LLC purchased a new stake in Canadian Natural Resources in the 1st quarter valued at about $68,000. 74.03% of the stock is owned by institutional investors and hedge funds.

Canadian Natural Resources Stock Performance

Shares of NYSE:CNQ traded down $0.07 on Wednesday, hitting $29.84. The company's stock had a trading volume of 1,744,971 shares, compared to its average volume of 6,464,509. Canadian Natural Resources Limited has a 12 month low of $24.65 and a 12 month high of $37.91. The company has a market capitalization of $62.33 billion, a price-to-earnings ratio of 10.57 and a beta of 1.05. The stock's 50-day moving average is $31.75 and its two-hundred day moving average is $30.35. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.54 and a current ratio of 0.85.

Canadian Natural Resources (NYSE:CNQ - Get Free Report) TSE: CNQ last released its quarterly earnings results on Thursday, August 7th. The oil and gas producer reported $0.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.44 by $0.07. The company had revenue of $6.39 billion during the quarter, compared to analysts' expectations of $8.97 billion. Canadian Natural Resources had a return on equity of 19.67% and a net margin of 19.00%. During the same quarter in the prior year, the business posted $0.88 earnings per share. On average, equities research analysts forecast that Canadian Natural Resources Limited will post 2.45 EPS for the current year.

Canadian Natural Resources Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 3rd. Stockholders of record on Friday, September 19th will be issued a dividend of $0.4269 per share. This is a positive change from Canadian Natural Resources's previous quarterly dividend of $0.42. This represents a $1.71 annualized dividend and a dividend yield of 5.7%. The ex-dividend date of this dividend is Friday, September 19th. Canadian Natural Resources's dividend payout ratio (DPR) is currently 60.64%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on CNQ shares. Royal Bank Of Canada reduced their price objective on Canadian Natural Resources from $64.00 to $62.00 and set an "outperform" rating on the stock in a research note on Friday, August 8th. Scotiabank reiterated an "outperform" rating on shares of Canadian Natural Resources in a report on Friday, July 11th. National Bankshares reissued a "sector perform" rating on shares of Canadian Natural Resources in a research report on Thursday, July 17th. Finally, Raymond James Financial restated an "outperform" rating on shares of Canadian Natural Resources in a research note on Friday. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $62.00.

Canadian Natural Resources Company Profile

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).