T. Rowe Price Investment Management Inc. Raises Stock Position in Canadian Natural Resources Limited $CNQ

Key Points

• T. Rowe Price Investment Management Inc. increased its stake in Canadian Natural Resources Limited by 29.1%, owning approximately $1.35 billion worth of the stock.
• Canadian Natural Resources recently declared a quarterly dividend of $0.4269 per share, up from the previous dividend of $0.42, representing a yield of 5.8%.
• The stock has received an average rating of "Moderate Buy" from analysts, with a revised price target of $62.00.

T. Rowe Price Investment Management Inc. increased its position in Canadian Natural Resources Limited (NYSE:CNQ - Free Report) TSE: CNQ by 29.1% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 43,968,120 shares of the oil and gas producer's stock after acquiring an additional 9,915,345 shares during the period. Canadian Natural Resources comprises approximately 0.9% of T. Rowe Price Investment Management Inc.'s holdings, making the stock its 18th largest position. T. Rowe Price Investment Management Inc. owned approximately 2.10% of Canadian Natural Resources worth $1,354,219,000 at the end of the most recent quarter.

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

Wall Street Analyst Weigh In

Several analysts have commented on the stock. National Bankshares reiterated a "sector perform" rating on shares of Canadian Natural Resources in a research note on Thursday, July 17th. Royal Bank Of Canada decreased their target price on shares of 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 restated 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. Four analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $62.00.

Canadian Natural Resources Stock Performance

Shares of NYSE CNQ traded up $0.9450 during midday trading on Friday, reaching $31.1050. The company had a trading volume of 6,376,181 shares, compared to its average volume of 4,555,778. The business's 50-day simple moving average is $31.41 and its 200 day simple moving average is $30.32. The stock has a market cap of $64.98 billion, a P/E ratio of 11.03 and a beta of 1.05. Canadian Natural Resources Limited has a 1 year low of $24.65 and a 1 year high of $37.91. The company has a current ratio of 0.85, a quick ratio of 0.54 and a debt-to-equity ratio of 0.38.

Canadian Natural Resources (NYSE:CNQ - Get Free Report) TSE: CNQ last posted its quarterly earnings results on Thursday, August 7th. The oil and gas producer reported $0.51 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.44 by $0.07. Canadian Natural Resources had a net margin of 19.00% and a return on equity of 19.67%. The business had revenue of $6.39 billion during the quarter, compared to analysts' expectations of $8.97 billion. During the same quarter last year, the company posted $0.88 earnings per share. On average, analysts forecast that Canadian Natural Resources Limited will post 2.45 earnings per share for the current fiscal year.

Canadian Natural Resources Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, October 3rd. Investors of record on Friday, September 19th will be given a dividend of $0.4269 per share. This is a boost from Canadian Natural Resources's previous quarterly dividend of $0.42. This represents a $1.71 annualized dividend and a yield of 5.5%. The ex-dividend date is Friday, September 19th. Canadian Natural Resources's dividend payout ratio (DPR) is 60.64%.

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).