JPMorgan Chase & Co. Sells 201,270 Shares of Canadian Natural Resources Limited (NYSE:CNQ)

Key Points

• JPMorgan Chase & Co. has reduced its holdings in Canadian Natural Resources Limited by 1.4%, selling 201,270 shares and now holding approximately 13.69 million shares valued at $421.7 million.
• The company recently announced a $0.4269 quarterly dividend, which marks an increase from the previous dividend of $0.42, resulting in an annual yield of 5.7%.
• Canadian Natural Resources Limited reported earnings of $0.51 per share for the last quarter, exceeding analysts' expectations but falling short on revenue compared to estimates.

JPMorgan Chase & Co. cut its holdings in Canadian Natural Resources Limited (NYSE:CNQ - Free Report) TSE: CNQ by 1.4% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 13,692,692 shares of the oil and gas producer's stock after selling 201,270 shares during the period. JPMorgan Chase & Co. owned about 0.65% of Canadian Natural Resources worth $421,735,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Graybill Wealth Management LTD. bought a new stake in shares of Canadian Natural Resources in the 1st quarter worth about $3,697,000. Janney Montgomery Scott LLC bought a new stake in shares of Canadian Natural Resources in the 1st quarter worth about $757,000. PKO Investment Management Joint Stock Co bought a new stake in shares of Canadian Natural Resources in the 4th quarter worth about $2,452,000. Baskin Financial Services Inc. increased its holdings in shares of Canadian Natural Resources by 0.9% in the 1st quarter. Baskin Financial Services Inc. now owns 1,005,012 shares of the oil and gas producer's stock worth $30,921,000 after buying an additional 8,861 shares during the last quarter. Finally, Institute for Wealth Management LLC. bought a new stake in shares of Canadian Natural Resources in the 1st quarter worth about $385,000. 74.03% of the stock is currently owned by institutional investors.

Canadian Natural Resources Price Performance

Shares of CNQ stock opened at $29.92 on Tuesday. The company has a debt-to-equity ratio of 0.38, a current ratio of 0.85 and a quick ratio of 0.54. The company has a market capitalization of $62.56 billion, a P/E ratio of 10.61 and a beta of 1.05. The company's 50-day simple moving average is $31.78 and its two-hundred day simple moving average is $30.36. Canadian Natural Resources Limited has a one year low of $24.65 and a one year high of $37.91.

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

Canadian Natural Resources Increases Dividend

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

Analysts Set New Price Targets

CNQ has been the topic of several analyst reports. Scotiabank reiterated an "outperform" rating on shares of Canadian Natural Resources in a report on Friday, July 11th. Royal Bank Of Canada cut their price target on shares of Canadian Natural Resources from $64.00 to $62.00 and set an "outperform" rating on the stock in a report on Friday. Raymond James Financial reiterated an "outperform" rating on shares of Canadian Natural Resources in a report on Friday. Finally, National Bankshares reiterated a "sector perform" rating on shares of Canadian Natural Resources in a report on Thursday, July 17th. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price 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).

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