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

Key Points

• Canoe Financial LP increased its stake in Canadian Natural Resources Limited by 29.4%, now holding over 6.1 million shares valued at approximately $192 million.
• Canadian Natural Resources recently announced a quarterly dividend of $0.4269 per share, reflecting a yield of 5.2% and an increase from the previous dividend.
• Analysts have mixed views on the stock, with a consensus rating of "Moderate Buy" and a target price of $62.00, although some firms have lowered their price targets recently.

Canoe Financial LP grew its position in Canadian Natural Resources Limited (NYSE:CNQ - Free Report) TSE: CNQ by 29.4% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 6,131,602 shares of the oil and gas producer's stock after purchasing an additional 1,393,025 shares during the period. Canadian Natural Resources makes up 2.7% of Canoe Financial LP's holdings, making the stock its 10th largest position. Canoe Financial LP owned approximately 0.29% of Canadian Natural Resources worth $192,291,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the company. T. Rowe Price Investment Management Inc. increased its holdings in shares of 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 purchasing an additional 9,915,345 shares during the period. Canada Pension Plan Investment Board increased its holdings in shares of Canadian Natural Resources by 13.0% in the first quarter. Canada Pension Plan Investment Board now owns 41,769,153 shares of the oil and gas producer's stock valued at $1,285,464,000 after purchasing an additional 4,805,451 shares during the period. Mackenzie Financial Corp grew its holdings in Canadian Natural Resources by 4.8% during the first quarter. Mackenzie Financial Corp now owns 33,100,240 shares of the oil and gas producer's stock worth $1,018,469,000 after acquiring an additional 1,519,523 shares during the period. 1832 Asset Management L.P. grew its holdings in Canadian Natural Resources by 1.9% during the first quarter. 1832 Asset Management L.P. now owns 31,822,379 shares of the oil and gas producer's stock worth $980,129,000 after acquiring an additional 603,101 shares during the period. Finally, Bank of Nova Scotia grew its holdings in Canadian Natural Resources by 86.6% during the first quarter. Bank of Nova Scotia now owns 24,262,707 shares of the oil and gas producer's stock worth $746,675,000 after acquiring an additional 11,259,267 shares during the period. 74.03% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts recently commented on CNQ shares. Raymond James Financial reaffirmed an "outperform" rating on shares of Canadian Natural Resources in a report on Friday, August 8th. Zacks Research upgraded Canadian Natural Resources from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, August 26th. Royal Bank Of Canada lowered their price target on Canadian Natural Resources from $64.00 to $62.00 and set an "outperform" rating on the stock in a research report on Friday, August 8th. Scotiabank reiterated an "outperform" rating on shares of Canadian Natural Resources in a research report on Friday, July 11th. Finally, National Bankshares reiterated a "sector perform" rating on shares of Canadian Natural Resources in a research report on Thursday, July 17th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $62.00.

Canadian Natural Resources Stock Performance

Shares of NYSE:CNQ traded up $0.40 during trading on Tuesday, reaching $32.51. The company had a trading volume of 2,749,784 shares, compared to its average volume of 6,525,911. The company has a debt-to-equity ratio of 0.38, a current ratio of 0.85 and a quick ratio of 0.54. The stock's fifty day moving average price is $31.08 and its 200 day moving average price is $30.63. Canadian Natural Resources Limited has a fifty-two week low of $24.65 and a fifty-two week high of $37.91. The firm has a market capitalization of $67.84 billion, a price-to-earnings ratio of 11.52 and a beta of 1.03.

Canadian Natural Resources (NYSE:CNQ - Get Free Report) TSE: CNQ last released its 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 for 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 previous year, the firm posted $0.88 EPS. As a group, equities research analysts predict that Canadian Natural Resources Limited will post 2.45 EPS for the current year.

Canadian Natural Resources Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, October 3rd. Investors of record on Friday, September 19th will be issued a $0.4269 dividend. The ex-dividend date is Friday, September 19th. This represents a $1.71 dividend on an annualized basis and a dividend yield of 5.3%. This is an increase from Canadian Natural Resources's previous quarterly dividend of $0.42. Canadian Natural Resources's payout ratio is currently 60.28%.

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).