Citigroup Inc. Reduces Stock Holdings in Canadian Natural Resources Limited (NYSE:CNQ)

Key Points

• Citigroup Inc. has reduced its stake in Canadian Natural Resources Limited by 5.7%, selling 55,491 shares, and its holdings are now valued at approximately $28.5 million.
• In contrast, Goldman Sachs increased its position by 240.8%, owning over 22.7 million shares, while Bank of Nova Scotia raised its stake by 86.6%.
• The company recently declared a quarterly dividend of $0.4269 per share, reflecting an increase from the previous dividend, with a yield of 5.7%.

Citigroup Inc. lowered its position in shares of Canadian Natural Resources Limited (NYSE:CNQ - Free Report) TSE: CNQ by 5.7% in the first quarter, according to the company in its most recent filing with the SEC. The firm owned 925,871 shares of the oil and gas producer's stock after selling 55,491 shares during the quarter. Citigroup Inc.'s holdings in Canadian Natural Resources were worth $28,485,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Advisory Services Network LLC lifted its holdings in Canadian Natural Resources by 18.9% in the fourth quarter. Advisory Services Network LLC now owns 10,913 shares of the oil and gas producer's stock valued at $337,000 after acquiring an additional 1,736 shares during the last quarter. Raymond James Financial Inc. purchased a new position in shares of Canadian Natural Resources during the fourth quarter worth about $38,441,000. Townsquare Capital LLC lifted its position in Canadian Natural Resources by 11.2% in the fourth quarter. Townsquare Capital LLC now owns 11,610 shares of the oil and gas producer's stock valued at $358,000 after purchasing an additional 1,168 shares during the period. Sagespring Wealth Partners LLC acquired a new stake in shares of Canadian Natural Resources during the 4th quarter valued at approximately $219,000. Finally, Synovus Financial Corp increased its stake in shares of Canadian Natural Resources by 38.7% during the 4th quarter. Synovus Financial Corp now owns 9,152 shares of the oil and gas producer's stock worth $283,000 after purchasing an additional 2,552 shares in the last quarter. Institutional investors and hedge funds own 74.03% of the company's stock.

Analysts Set New Price Targets

CNQ has been the subject of several research reports. Royal Bank Of Canada lowered their price objective on shares of Canadian Natural Resources from $64.00 to $62.00 and set an "outperform" rating for the company in a research note on Friday, August 8th. Raymond James Financial reissued an "outperform" rating on shares of Canadian Natural Resources in a research note on Friday, August 8th. Scotiabank reiterated an "outperform" rating on shares of Canadian Natural Resources in a research note on Friday, July 11th. Finally, National Bankshares restated a "sector perform" rating on shares of Canadian Natural Resources in a research note on Thursday, July 17th. Three analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $62.00.

Canadian Natural Resources Stock Up 0.0%

Shares of NYSE CNQ traded up $0.01 during midday trading on Friday, reaching $29.80. The company's stock had a trading volume of 1,905,637 shares, compared to its average volume of 6,440,937. The stock has a market capitalization of $62.25 billion, a price-to-earnings ratio of 10.57 and a beta of 1.05. Canadian Natural Resources Limited has a fifty-two week low of $24.65 and a fifty-two week high of $37.91. The stock has a 50 day simple moving average of $31.71 and a 200-day simple moving average of $30.34. The company has a current ratio of 0.85, a quick ratio of 0.54 and a debt-to-equity ratio of 0.38.

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

Canadian Natural Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 3rd. Shareholders of record on Friday, September 19th will be given a $0.4269 dividend. The ex-dividend date is Friday, September 19th. This is an increase from Canadian Natural Resources's previous quarterly dividend of $0.42. This represents a $1.71 annualized dividend and a yield of 5.7%. Canadian Natural Resources's dividend payout ratio is presently 60.64%.

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).