JPMorgan Chase & Co. Reduces Position in 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. trimmed its holdings in shares of Canadian Natural Resources Limited (NYSE:CNQ - Free Report) TSE: CNQ by 1.4% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 13,692,692 shares of the oil and gas producer's stock after selling 201,270 shares during the quarter. JPMorgan Chase & Co. owned 0.65% of Canadian Natural Resources worth $421,735,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Graybill Wealth Management LTD. bought a new position in Canadian Natural Resources in the 1st quarter worth about $3,697,000. Janney Montgomery Scott LLC bought a new position in shares of Canadian Natural Resources during the first quarter valued at approximately $757,000. PKO Investment Management Joint Stock Co bought a new position in shares of Canadian Natural Resources during the fourth quarter valued at approximately $2,452,000. Baskin Financial Services Inc. boosted its stake in shares of Canadian Natural Resources by 0.9% during the first quarter. Baskin Financial Services Inc. now owns 1,005,012 shares of the oil and gas producer's stock valued at $30,921,000 after purchasing an additional 8,861 shares in the last quarter. Finally, Institute for Wealth Management LLC. bought a new position in shares of Canadian Natural Resources during the first quarter valued at approximately $385,000. 74.03% of the stock is owned by hedge funds and other institutional investors.

Canadian Natural Resources Stock Performance

Shares of CNQ traded up $0.04 during mid-day trading on Friday, reaching $29.83. The company had a trading volume of 3,142,682 shares, compared to its average volume of 4,632,908. Canadian Natural Resources Limited has a 52-week low of $24.65 and a 52-week high of $37.91. The company has a quick ratio of 0.54, a current ratio of 0.85 and a debt-to-equity ratio of 0.38. The stock has a market capitalization of $62.32 billion, a P/E ratio of 10.58 and a beta of 1.05. The stock has a 50 day moving average of $31.68 and a two-hundred day moving average of $30.34.

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. Canadian Natural Resources had a return on equity of 19.67% and a net margin of 19.00%. The firm had revenue of $6.39 billion for the quarter, compared to the consensus estimate of $8.97 billion. During the same quarter in the prior year, the business earned $0.88 earnings per share. On average, analysts expect that Canadian Natural Resources Limited will post 2.45 earnings per share for the current year.

Canadian Natural Resources Increases Dividend

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

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on CNQ shares. National Bankshares reiterated a "sector perform" rating on shares of Canadian Natural Resources in a research note on Thursday, July 17th. Raymond James Financial restated an "outperform" rating on shares of Canadian Natural Resources in a research note on Friday, August 8th. Scotiabank restated an "outperform" rating on shares of Canadian Natural Resources in a research note on Friday, July 11th. Finally, Royal Bank Of Canada lowered their target price 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. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. According to data from MarketBeat, Canadian Natural Resources has an average 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).