Korea Investment CORP Cuts Stock Holdings in Canadian Natural Resources Limited $CNQ

Key Points

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Korea Investment CORP decreased its stake in shares of Canadian Natural Resources Limited (NYSE:CNQ - Free Report) TSE: CNQ by 9.3% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,265,606 shares of the oil and gas producer's stock after selling 129,654 shares during the period. Korea Investment CORP owned about 0.06% of Canadian Natural Resources worth $38,938,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of CNQ. Goldman Sachs Group Inc. boosted its position in shares of Canadian Natural Resources by 240.8% during the first quarter. Goldman Sachs Group Inc. now owns 22,776,594 shares of the oil and gas producer's stock valued at $701,519,000 after buying an additional 16,094,168 shares during the last quarter. Bank of Nova Scotia boosted its position in Canadian Natural Resources by 86.6% in the first quarter. Bank of Nova Scotia now owns 24,262,707 shares of the oil and gas producer's stock worth $746,675,000 after purchasing an additional 11,259,267 shares during the last quarter. Canoe Financial LP boosted its position in Canadian Natural Resources by 403.7% in the first quarter. Canoe Financial LP now owns 4,738,577 shares of the oil and gas producer's stock worth $145,828,000 after purchasing an additional 3,797,846 shares during the last quarter. T. Rowe Price Investment Management Inc. boosted its position in Canadian Natural Resources by 7.3% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 34,052,775 shares of the oil and gas producer's stock worth $1,051,210,000 after purchasing an additional 2,312,437 shares during the last quarter. Finally, Nuveen LLC purchased a new position in Canadian Natural Resources in the first quarter worth $68,342,000. Hedge funds and other institutional investors own 74.03% of the company's stock.

Analyst Upgrades and Downgrades

CNQ has been the topic of several research analyst reports. National Bankshares reissued a "sector perform" rating on shares of Canadian Natural Resources in a research report on Thursday, July 17th. Royal Bank Of Canada cut their price objective on Canadian Natural Resources from $64.00 to $62.00 and set an "outperform" rating on the stock in a research report on Friday, August 8th. Raymond James Financial reissued an "outperform" rating on shares of Canadian Natural Resources in a research report on Friday, August 8th. Finally, Scotiabank reissued an "outperform" rating on shares of Canadian Natural Resources in a research report on Friday, July 11th. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $62.00.

Canadian Natural Resources Stock Performance

Shares of CNQ opened at $29.79 on Tuesday. The firm has a market cap of $62.23 billion, a PE ratio of 10.56 and a beta of 1.05. The stock's fifty day moving average price is $31.64 and its two-hundred day moving average price is $30.33. The company has a debt-to-equity ratio of 0.38, a current ratio of 0.85 and a quick ratio of 0.54. Canadian Natural Resources Limited has a 1 year low of $24.65 and a 1 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 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.44 by $0.07. The firm had revenue of $6.39 billion for the quarter, compared to analyst estimates of $8.97 billion. Canadian Natural Resources had a return on equity of 19.67% and a net margin of 19.00%. During the same period in the previous year, the company posted $0.88 earnings per share. On average, equities research analysts forecast that Canadian Natural Resources Limited will post 2.45 EPS for the current year.

Canadian Natural Resources Increases Dividend

The company 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 is a boost 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%. Canadian Natural Resources's dividend payout ratio is presently 60.64%.

About Canadian Natural Resources

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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