Invesco Ltd. Purchases 253,671 Shares of Canadian Natural Resources Limited (NYSE:CNQ)

Key Points

• Invesco Ltd. increased its stake in Canadian Natural Resources Limited by 4.5%, owning approximately 5.92 million shares valued at $182.33 million.
• Analysts have given Canadian Natural Resources a consensus rating of "Moderate Buy" with a price target of $62.00, following recent earnings reports that beat expectations.
• The company announced a quarterly dividend increase to $0.4269 per share, representing a yearly yield of 5.7%, with the dividend payout ratio currently at 60.64%.

Invesco Ltd. increased its position in Canadian Natural Resources Limited (NYSE:CNQ - Free Report) TSE: CNQ by 4.5% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 5,919,698 shares of the oil and gas producer's stock after buying an additional 253,671 shares during the period. Invesco Ltd. owned 0.28% of Canadian Natural Resources worth $182,327,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Investment Management Corp VA ADV grew its holdings in Canadian Natural Resources by 158.3% during the first quarter. Investment Management Corp VA ADV now owns 997 shares of the oil and gas producer's stock valued at $31,000 after purchasing an additional 611 shares during the last quarter. Versant Capital Management Inc grew its holdings in Canadian Natural Resources by 253.2% during the first quarter. Versant Capital Management Inc now owns 1,307 shares of the oil and gas producer's stock valued at $40,000 after purchasing an additional 937 shares during the last quarter. Sierra Ocean LLC grew its holdings in Canadian Natural Resources by 104.0% during the first quarter. Sierra Ocean LLC now owns 1,569 shares of the oil and gas producer's stock valued at $48,000 after purchasing an additional 800 shares during the last quarter. Opal Wealth Advisors LLC acquired a new position in Canadian Natural Resources during the first quarter valued at approximately $56,000. Finally, Cloud Capital Management LLC acquired a new position in Canadian Natural Resources during the first quarter valued at approximately $68,000. Institutional investors and hedge funds own 74.03% of the company's stock.

Canadian Natural Resources Stock Performance

Shares of CNQ traded up $0.04 during mid-day trading on Friday, hitting $29.83. The company's stock had a trading volume of 3,142,682 shares, compared to its average volume of 4,632,908. Canadian Natural Resources Limited has a one year low of $24.65 and a one year high of $37.91. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.54 and a current ratio of 0.85. The firm has a market capitalization of $62.32 billion, a PE ratio of 10.58 and a beta of 1.05. The stock's 50-day moving average is $31.68 and its two-hundred day moving average is $30.34.

Canadian Natural Resources (NYSE:CNQ - Get Free Report) TSE: CNQ last posted its quarterly earnings data on Thursday, August 7th. The oil and gas producer reported $0.51 earnings per share for the quarter, beating the consensus estimate of $0.44 by $0.07. Canadian Natural Resources had a return on equity of 19.67% and a net margin of 19.00%. The company had revenue of $6.39 billion during the quarter, compared to analysts' expectations of $8.97 billion. During the same period in the prior year, the business earned $0.88 earnings per share. As a group, sell-side analysts anticipate that Canadian Natural Resources Limited will post 2.45 EPS for the current year.

Canadian Natural Resources Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 3rd. Stockholders of record on Friday, September 19th will be given a $0.4269 dividend. This is a positive change from Canadian Natural Resources's previous quarterly dividend of $0.42. This represents a $1.71 annualized dividend and a dividend yield of 5.7%. The ex-dividend date of this dividend is Friday, September 19th. Canadian Natural Resources's dividend payout ratio (DPR) is currently 59.93%.

Analysts Set New Price Targets

CNQ has been the topic of several analyst reports. National Bankshares reiterated a "sector perform" rating on shares of Canadian Natural Resources in a report on Thursday, July 17th. Scotiabank reiterated an "outperform" rating on shares of Canadian Natural Resources in a report on Friday, July 11th. Raymond James Financial reiterated an "outperform" rating on shares of Canadian Natural Resources in a report on Friday, August 8th. Finally, 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 report on Friday, August 8th. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $62.00.

Canadian Natural Resources Company Profile

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).