Harvest Portfolios Group Inc. Raises Stock Holdings in Canadian Natural Resources Limited $CNQ

Key Points

• Harvest Portfolios Group Inc. increased its stake in Canadian Natural Resources by 30.4% in the fourth quarter, buying 118,249 additional shares and bringing its total to 506,601 shares worth about $17.16 million.
• Canadian Natural Resources reported strong quarterly results, with EPS of $0.85 beating estimates of $0.74 and revenue of $7.72 billion topping expectations. Analysts now expect full-year EPS of 4.09.
• The company also declared a quarterly dividend of $0.625 per share, implying a 5.1% annualized yield, while analysts currently rate the stock a Moderate Buy with a consensus price target of $57.00.

Harvest Portfolios Group Inc. boosted its holdings in shares of Canadian Natural Resources Limited (NYSE:CNQ - Free Report) TSE: CNQ by 30.4% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 506,601 shares of the oil and gas producer's stock after purchasing an additional 118,249 shares during the quarter. Harvest Portfolios Group Inc.'s holdings in Canadian Natural Resources were worth $17,159,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Envestnet Asset Management Inc. boosted its position in Canadian Natural Resources by 2.8% during the third quarter. Envestnet Asset Management Inc. now owns 1,616,219 shares of the oil and gas producer's stock worth $51,654,000 after purchasing an additional 43,356 shares in the last quarter. Principal Financial Group Inc. lifted its position in shares of Canadian Natural Resources by 2.0% in the third quarter. Principal Financial Group Inc. now owns 1,716,038 shares of the oil and gas producer's stock valued at $54,883,000 after acquiring an additional 33,609 shares in the last quarter. TD Waterhouse Canada Inc. lifted its position in shares of Canadian Natural Resources by 4.9% in the fourth quarter. TD Waterhouse Canada Inc. now owns 6,758,445 shares of the oil and gas producer's stock valued at $228,729,000 after acquiring an additional 315,460 shares in the last quarter. Intact Investment Management Inc. lifted its position in shares of Canadian Natural Resources by 9.1% in the third quarter. Intact Investment Management Inc. now owns 1,718,220 shares of the oil and gas producer's stock valued at $54,946,000 after acquiring an additional 143,550 shares in the last quarter. Finally, SCP Investment LP purchased a new position in shares of Canadian Natural Resources in the third quarter valued at approximately $1,144,000. Hedge funds and other institutional investors own 74.03% of the company's stock.

Canadian Natural Resources Price Performance

NYSE:CNQ opened at $49.40 on Wednesday. Canadian Natural Resources Limited has a one year low of $29.30 and a one year high of $51.34. 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 cap of $102.78 billion, a PE ratio of 14.75 and a beta of 0.47. The stock has a 50 day moving average price of $47.10 and a 200 day moving average price of $39.64.

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

Canadian Natural Resources Dividend Announcement

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

Analyst Ratings Changes

Several research firms have recently weighed in on CNQ. Raymond James Financial upgraded Canadian Natural Resources from a "market perform" rating to an "outperform" rating in a research report on Thursday, May 7th. 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. Wall Street Zen upgraded Canadian Natural Resources from a "sell" rating to a "hold" rating in a research report on Saturday, January 31st. The Goldman Sachs Group raised 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. Finally, Royal Bank Of Canada raised 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. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $57.00.

Canadian Natural Resources Company Profile

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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