TD Asset Management Inc Has $1.29 Billion Stake in Canadian Natural Resources Limited $CNQ

Key Points

• TD Asset Management trimmed its Canadian Natural Resources stake by 2.5% in the fourth quarter but still owned 37.95 million shares worth about $1.29 billion, making CNQ its 22nd-largest position.
• Wall Street sentiment remains constructive: analysts have a Moderate Buy consensus rating on CNQ with a target price of $57, and several firms recently raised price targets or upgraded the stock.
• Canadian Natural Resources reported Q1 earnings of $0.85 per share, topping estimates, and also announced a quarterly dividend of $0.625 per share, implying an annualized yield of about 5.2%.

TD Asset Management Inc trimmed its stake in Canadian Natural Resources Limited (NYSE:CNQ - Free Report) TSE: CNQ by 2.5% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 37,945,726 shares of the oil and gas producer's stock after selling 989,538 shares during the period. Canadian Natural Resources comprises about 1.0% of TD Asset Management Inc's investment portfolio, making the stock its 22nd biggest position. TD Asset Management Inc owned about 1.82% of Canadian Natural Resources worth $1,286,957,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently made changes to their positions in CNQ. AQR Capital Management LLC lifted its holdings in shares of Canadian Natural Resources by 85.5% during the 1st quarter. AQR Capital Management LLC now owns 18,090 shares of the oil and gas producer's stock worth $557,000 after acquiring an additional 8,336 shares during the period. Jones Financial Companies Lllp lifted its holdings in shares of Canadian Natural Resources by 92.7% during the 1st quarter. Jones Financial Companies Lllp now owns 29,096 shares of the oil and gas producer's stock worth $896,000 after acquiring an additional 13,996 shares during the period. Empowered Funds LLC lifted its holdings in shares of Canadian Natural Resources by 4.3% during the 1st quarter. Empowered Funds LLC now owns 79,374 shares of the oil and gas producer's stock worth $2,445,000 after acquiring an additional 3,266 shares during the period. Geneos Wealth Management Inc. lifted its holdings in shares of Canadian Natural Resources by 47.3% during the 1st quarter. Geneos Wealth Management Inc. now owns 1,644 shares of the oil and gas producer's stock worth $51,000 after acquiring an additional 528 shares during the period. Finally, EverSource Wealth Advisors LLC lifted its holdings in shares of Canadian Natural Resources by 65.5% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 4,513 shares of the oil and gas producer's stock worth $142,000 after acquiring an additional 1,786 shares during the period. 74.03% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on CNQ. Royal Bank Of Canada raised their price objective on shares of Canadian Natural Resources from $61.00 to $65.00 and gave the stock an "outperform" rating in a report on Friday, March 6th. Zacks Research raised shares of Canadian Natural Resources from a "hold" rating to a "strong-buy" rating in a report on Tuesday, May 5th. The Goldman Sachs Group raised their price objective on shares of Canadian Natural Resources from $37.00 to $49.00 and gave the stock a "buy" rating in a report on Thursday, March 12th. Scotiabank reaffirmed an "outperform" rating on shares of Canadian Natural Resources in a report on Wednesday, May 20th. Finally, ATB Cormark Capital Markets downgraded shares of Canadian Natural Resources from a "strong-buy" rating to a "moderate buy" rating in a report on Thursday, March 5th. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, Canadian Natural Resources has a consensus rating of "Moderate Buy" and a consensus target price of $57.00.

Canadian Natural Resources Price Performance

NYSE:CNQ opened at $47.75 on Thursday. The firm has a market cap of $99.37 billion, a PE ratio of 14.25 and a beta of 0.45. Canadian Natural Resources Limited has a 12 month low of $29.30 and a 12 month high of $51.34. The company has a quick ratio of 0.68, a current ratio of 0.98 and a debt-to-equity ratio of 0.37. The company's 50-day moving average price is $46.87 and its two-hundred day moving average price is $40.83.

Canadian Natural Resources (NYSE:CNQ - Get Free Report) TSE: CNQ last released its quarterly earnings results on Thursday, May 7th. The oil and gas producer reported $0.85 EPS for the quarter, beating analysts' consensus estimates of $0.74 by $0.11. The firm had revenue of $7.72 billion for the quarter, compared to analyst estimates of $7.57 billion. Canadian Natural Resources had a net margin of 22.04% and a return on equity of 17.49%. During the same period in the previous year, the business earned $1.16 earnings per share. On average, equities analysts anticipate that Canadian Natural Resources Limited will post 4.2 EPS for the current fiscal year.

Canadian Natural Resources Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 7th. Shareholders of record on Tuesday, June 23rd will be paid a $0.625 dividend. The ex-dividend date of this dividend is Tuesday, June 23rd. This represents a $2.50 dividend on an annualized basis and a dividend yield of 5.2%. Canadian Natural Resources's payout ratio is currently 54.63%.

About Canadian Natural Resources

Canadian Natural Resources Limited NYSE: CNQ is a Calgary-based independent oil and natural gas exploration and production company. Established in the early 1970s and publicly listed in Canada and the United States, the company is principally engaged in the exploration, development, production, and marketing of crude oil, natural gas and natural gas liquids. Its asset base spans conventional and unconventional reservoirs and includes oil sands mining and in-situ thermal projects, midstream processing and upgrading capacity, and related field operations.

The company's operations are concentrated in Western Canada, where it develops heavy crude, bitumen from oil sands and conventional light crude and natural gas resources.

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