Fisher Asset Management LLC Grows Position in Canadian Natural Resources Limited $CNQ

Key Points

• Fisher Asset Management increased its stake in Canadian Natural Resources by 3.2% in the fourth quarter, holding about 42.7 million shares worth roughly $1.45 billion. Institutional ownership in CNQ remains high at 74.03%.
• Canadian Natural Resources reported better-than-expected quarterly results, with earnings of $0.85 per share versus the $0.74 estimate and revenue of $7.72 billion versus $7.57 billion expected. Analysts currently forecast 4.09 EPS for the full fiscal year.
• The company announced a quarterly dividend of $0.625 per share, equal to a 5.1% yield and $2.50 annualized payout. Analysts are moderately bullish overall, with a consensus rating of Moderate Buy and an average price target of $57.

Fisher Asset Management LLC raised its position in Canadian Natural Resources Limited (NYSE:CNQ - Free Report) TSE: CNQ by 3.2% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 42,745,981 shares of the oil and gas producer's stock after acquiring an additional 1,342,954 shares during the quarter. Fisher Asset Management LLC owned approximately 2.05% of Canadian Natural Resources worth $1,446,951,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of CNQ. AQR Capital Management LLC grew its position in Canadian Natural Resources by 85.5% in the 1st quarter. AQR Capital Management LLC now owns 18,090 shares of the oil and gas producer's stock valued at $557,000 after acquiring an additional 8,336 shares in the last quarter. Jones Financial Companies Lllp grew its position in Canadian Natural Resources by 92.7% in the 1st quarter. Jones Financial Companies Lllp now owns 29,096 shares of the oil and gas producer's stock valued at $896,000 after acquiring an additional 13,996 shares in the last quarter. Empowered Funds LLC grew its position in Canadian Natural Resources by 4.3% in the 1st quarter. Empowered Funds LLC now owns 79,374 shares of the oil and gas producer's stock valued at $2,445,000 after acquiring an additional 3,266 shares in the last quarter. Geneos Wealth Management Inc. grew its position in Canadian Natural Resources by 47.3% in the 1st quarter. Geneos Wealth Management Inc. now owns 1,644 shares of the oil and gas producer's stock valued at $51,000 after acquiring an additional 528 shares in the last quarter. Finally, EverSource Wealth Advisors LLC grew its position in Canadian Natural Resources by 65.5% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 4,513 shares of the oil and gas producer's stock valued at $142,000 after acquiring an additional 1,786 shares in the last quarter. 74.03% of the stock is owned by institutional investors and hedge funds.

Canadian Natural Resources Stock Performance

Shares of CNQ opened at $48.67 on Monday. The stock has a 50-day simple moving average of $47.24 and a 200-day simple moving average of $40.00. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.68 and a current ratio of 0.98. The stock has a market capitalization of $101.25 billion, a PE ratio of 14.53 and a beta of 0.47. Canadian Natural Resources Limited has a 1 year low of $29.30 and a 1 year high of $51.34.

Canadian Natural Resources (NYSE:CNQ - Get Free Report) TSE: CNQ last announced its quarterly earnings data on Thursday, May 7th. The oil and gas producer reported $0.85 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.74 by $0.11. The business had revenue of $7.72 billion during the quarter, compared to analysts' expectations of $7.57 billion. Canadian Natural Resources had a return on equity of 17.49% and a net margin of 22.04%.During the same quarter last year, the business posted $1.16 EPS. On average, analysts predict that Canadian Natural Resources Limited will post 4.09 earnings per share for the current fiscal year.

Canadian Natural Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 7th. Stockholders of record on Tuesday, June 23rd will be paid a $0.625 dividend. This represents a $2.50 annualized dividend and a dividend yield of 5.1%. The ex-dividend date is Tuesday, June 23rd. Canadian Natural Resources's dividend payout ratio (DPR) is presently 54.63%.

Wall Street Analyst Weigh In

Several research firms have weighed in on CNQ. Wall Street Zen raised Canadian Natural Resources from a "sell" rating to a "hold" rating in a research report on Saturday, January 31st. Zacks Research raised Canadian Natural Resources from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, May 5th. The Goldman Sachs Group lifted their target price on Canadian Natural Resources from $37.00 to $49.00 and gave the company a "buy" rating in a research report on Thursday, March 12th. Royal Bank Of Canada lifted their target price on Canadian Natural Resources from $61.00 to $65.00 and gave the company an "outperform" rating in a research report on Friday, March 6th. Finally, ATB Cormark Capital Markets downgraded Canadian Natural Resources from a "strong-buy" rating to a "moderate buy" rating in a research report on Thursday, March 5th. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, Canadian Natural Resources presently has an average rating of "Moderate Buy" and a consensus price target of $57.00.

About Canadian Natural Resources

Canadian Natural Resources Limited NYSE: CNQ is a Calgary-based independent oil and natural gas exploration and production company. Established in the early 1970s and publicly listed in Canada and the United States, the company is principally engaged in the exploration, development, production, and marketing of crude oil, natural gas and natural gas liquids. Its asset base spans conventional and unconventional reservoirs and includes oil sands mining and in-situ thermal projects, midstream processing and upgrading capacity, and related field operations.

The company's operations are concentrated in Western Canada, where it develops heavy crude, bitumen from oil sands and conventional light crude and natural gas resources.

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