TD Asset Management Inc Reduces Holdings in Canadian Natural Resources Limited (NYSE:CNQ)

Key Points

• TD Asset Management Inc reduced its stake in Canadian Natural Resources Limited (NYSE:CNQ) by 2.9%, now holding approximately $1.27 billion worth of shares, making it the firm's 15th largest holding.
• The company recently increased its quarterly dividend from $0.41 to $0.4227, yielding about 5.39% annually, with a payout ratio of 67.06%.
• Canadian Natural Resources has received recent upgrades from analysts, with an average rating of "Moderate Buy" and a target price of $63.00.

TD Asset Management Inc reduced its position in shares of Canadian Natural Resources Limited (NYSE:CNQ - Free Report) TSE: CNQ by 2.9% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 41,264,192 shares of the oil and gas producer's stock after selling 1,240,419 shares during the quarter. Canadian Natural Resources accounts for approximately 1.2% of TD Asset Management Inc's investment portfolio, making the stock its 15th biggest holding. TD Asset Management Inc owned approximately 1.97% of Canadian Natural Resources worth $1,269,535,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in CNQ. Hurley Capital LLC bought a new stake in Canadian Natural Resources during the fourth quarter worth $31,000. Versant Capital Management Inc increased its position in Canadian Natural Resources by 253.2% during the 1st 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 period. Huntington National Bank increased its position in Canadian Natural Resources by 64.1% during the 4th quarter. Huntington National Bank now owns 1,493 shares of the oil and gas producer's stock valued at $46,000 after purchasing an additional 583 shares during the period. Sierra Ocean LLC increased its stake in shares of 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 valued at $48,000 after acquiring an additional 800 shares in the last quarter. Finally, Opal Wealth Advisors LLC acquired a new stake in Canadian Natural Resources in the 1st quarter valued at $56,000. 74.03% of the stock is owned by institutional investors.

Canadian Natural Resources Price Performance

NYSE:CNQ traded up $0.53 during mid-day trading on Monday, reaching $31.92. The stock had a trading volume of 3,047,279 shares, compared to its average volume of 4,096,398. The firm has a 50 day moving average price of $31.70 and a two-hundred day moving average price of $30.38. The stock has a market capitalization of $66.74 billion, a P/E ratio of 12.52 and a beta of 1.03. 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 0.40, a quick ratio of 0.53 and a current ratio of 0.84.

Canadian Natural Resources (NYSE:CNQ - Get Free Report) TSE: CNQ last announced its quarterly earnings data on Thursday, May 8th. The oil and gas producer reported $0.81 earnings per share for the quarter, beating the consensus estimate of $0.73 by $0.08. Canadian Natural Resources had a return on equity of 20.90% and a net margin of 16.92%. The firm had revenue of $6.96 billion during the quarter, compared to the consensus estimate of $10.14 billion. During the same quarter in the previous year, the company posted $1.37 earnings per share. As a group, analysts expect that Canadian Natural Resources Limited will post 2.45 earnings per share for the current year.

Canadian Natural Resources Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, July 3rd. Investors of record on Friday, June 13th were paid a $0.4227 dividend. This is a positive change from Canadian Natural Resources's previous quarterly dividend of $0.41. The ex-dividend date of this dividend was Friday, June 13th. This represents a $1.69 dividend on an annualized basis and a yield of 5.30%. Canadian Natural Resources's dividend payout ratio (DPR) is presently 67.06%.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on CNQ. National Bankshares reaffirmed a "sector perform" rating on shares of Canadian Natural Resources in a research report on Thursday, July 17th. Scotiabank reissued an "outperform" rating on shares of Canadian Natural Resources in a report on Friday, July 11th. Finally, Raymond James Financial raised Canadian Natural Resources from a "market perform" rating to an "outperform" rating in a report on Wednesday, April 9th. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $63.00.

Canadian Natural Resources 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).