Cidel Asset Management Inc. Buys 326,962 Shares of Canadian Natural Resources Limited $CNQ

Key Points

• Cidel Asset Management increased its Canadian Natural Resources stake by 198.9%, buying 326,962 shares to hold 491,355 shares valued at approximately $19.4 million. Institutional investors and hedge funds collectively own 74.03% of CNQ.
• Analysts maintain a generally positive outlook, with seven Buy ratings and five Holds, producing a consensus “Moderate Buy” rating and an average price target of $57.
• CNQ recently exceeded quarterly earnings expectations, reporting $1.58 in EPS versus $1.43 expected. The company also declared a quarterly dividend of $0.625 per share, equivalent to a 4.9% annualized yield.

Cidel Asset Management Inc. boosted its stake in Canadian Natural Resources Limited (NYSE:CNQ - Free Report) TSE: CNQ by 198.9% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 491,355 shares of the oil and gas producer's stock after acquiring an additional 326,962 shares during the quarter. Cidel Asset Management Inc.'s holdings in Canadian Natural Resources were worth $19,436,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. NewEdge Advisors LLC lifted its holdings in shares of Canadian Natural Resources by 72.9% in the second quarter. NewEdge Advisors LLC now owns 126,078 shares of the oil and gas producer's stock valued at $4,980,000 after purchasing an additional 53,152 shares in the last quarter. Mraz Amerine & Associates Inc. grew its holdings in shares of Canadian Natural Resources by 1.0% during the second quarter. Mraz Amerine & Associates Inc. now owns 236,287 shares of the oil and gas producer's stock worth $9,333,000 after buying an additional 2,370 shares in the last quarter. Allworth Financial LP grew its holdings in shares of Canadian Natural Resources by 2.5% during the second quarter. Allworth Financial LP now owns 10,854 shares of the oil and gas producer's stock worth $429,000 after buying an additional 262 shares in the last quarter. Waverly Advisors LLC raised its position in Canadian Natural Resources by 9.9% in the 2nd quarter. Waverly Advisors LLC now owns 11,204 shares of the oil and gas producer's stock valued at $443,000 after buying an additional 1,007 shares during the last quarter. Finally, Murphy Pohlad Asset Management LLC boosted its position in Canadian Natural Resources by 3.9% during the 2nd quarter. Murphy Pohlad Asset Management LLC now owns 34,850 shares of the oil and gas producer's stock worth $1,377,000 after acquiring an additional 1,298 shares during the last quarter. 74.03% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts recently weighed in on CNQ shares. Canadian Imperial Bank of Commerce reaffirmed an "outperform" rating on shares of Canadian Natural Resources in a research report on Thursday, August 27th. TD Securities reiterated a "buy" rating on shares of Canadian Natural Resources in a report on Friday, August 7th. Scotiabank reissued a "sector perform" rating on shares of Canadian Natural Resources in a report on Friday, August 7th. Desjardins upgraded Canadian Natural Resources to a "hold" rating in a research note on Thursday, July 16th. Finally, Wall Street Zen raised Canadian Natural Resources from a "hold" rating to a "buy" rating in a report on Saturday, August 15th. Seven equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $57.00.

Canadian Natural Resources Stock Performance

NYSE:CNQ opened at $50.89 on Wednesday. The company has a market cap of $104.96 billion, a price-to-earnings ratio of 12.57 and a beta of 0.47. Canadian Natural Resources Limited has a fifty-two week low of $29.68 and a fifty-two week high of $52.24. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.75 and a current ratio of 1.00. The stock has a fifty day moving average price of $46.42 and a 200-day moving average price of $46.00.

Canadian Natural Resources (NYSE:CNQ - Get Free Report) TSE: CNQ last posted its quarterly earnings results on Thursday, August 6th. The oil and gas producer reported $1.58 EPS for the quarter, beating analysts' consensus estimates of $1.43 by $0.15. Canadian Natural Resources had a return on equity of 23.91% and a net margin of 22.78%.The business had revenue of $14.74 billion during the quarter, compared to the consensus estimate of $9.40 billion. As a group, equities analysts anticipate that Canadian Natural Resources Limited will post 4.05 EPS for the current fiscal year.

Canadian Natural Resources Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, October 2nd. Stockholders of record on Friday, September 11th will be issued a dividend of $0.625 per share. This represents a $2.50 dividend on an annualized basis and a dividend yield of 4.9%. The ex-dividend date of this dividend is Friday, September 11th. Canadian Natural Resources's dividend payout ratio is 44.44%.

About Canadian Natural Resources

Canadian Natural Resources Limited (CNRL) is a Canadian independent crude oil and natural gas exploration, development, production, marketing and refining company headquartered in Calgary, Alberta. The company produces a range of energy products, including heavy and light crude oil, synthetic crude oil, natural gas and natural gas liquids.

CNRL's operations are concentrated in Western Canada, where it holds significant oil sands, conventional oil and natural gas assets. Its oil sands business includes mining and upgrading operations as well as in situ thermal projects.

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