Triasima Portfolio Management inc. Boosts Holdings in Canadian Natural Resources Limited $CNQ

Key Points

• Triasima Portfolio Management Inc. increased its holdings in Canadian Natural Resources Limited by 46.8%, acquiring an additional 39,717 shares, bringing its total to 124,670 shares valued at approximately $3.91 million.
• A variety of other hedge funds also raised their stakes in Canadian Natural Resources, with the Bank of Nova Scotia leading the increase at 86.6% during the first quarter.
• Canadian Natural Resources recently declared a quarterly dividend of $0.4269 per share, which marks an increase from the previous dividend and represents a 5.2% yield.

Triasima Portfolio Management inc. grew its position in shares of Canadian Natural Resources Limited (NYSE:CNQ - Free Report) TSE: CNQ by 46.8% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 124,670 shares of the oil and gas producer's stock after purchasing an additional 39,717 shares during the period. Triasima Portfolio Management inc.'s holdings in Canadian Natural Resources were worth $3,910,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in CNQ. T. Rowe Price Investment Management Inc. grew its position in shares of Canadian Natural Resources by 29.1% during the first quarter. T. Rowe Price Investment Management Inc. now owns 43,968,120 shares of the oil and gas producer's stock worth $1,354,219,000 after buying an additional 9,915,345 shares in the last quarter. Canada Pension Plan Investment Board grew its position in shares of Canadian Natural Resources by 13.0% during the first quarter. Canada Pension Plan Investment Board now owns 41,769,153 shares of the oil and gas producer's stock worth $1,285,464,000 after buying an additional 4,805,451 shares in the last quarter. Mackenzie Financial Corp grew its position in shares of Canadian Natural Resources by 4.8% during the first quarter. Mackenzie Financial Corp now owns 33,100,240 shares of the oil and gas producer's stock worth $1,018,469,000 after buying an additional 1,519,523 shares in the last quarter. 1832 Asset Management L.P. grew its position in shares of Canadian Natural Resources by 1.9% during the first quarter. 1832 Asset Management L.P. now owns 31,822,379 shares of the oil and gas producer's stock worth $980,129,000 after buying an additional 603,101 shares in the last quarter. Finally, Bank of Nova Scotia grew its position in shares of Canadian Natural Resources by 86.6% during 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 buying an additional 11,259,267 shares in the last quarter. Hedge funds and other institutional investors own 74.03% of the company's stock.

Analyst Upgrades and Downgrades

CNQ has been the subject of a number of recent analyst reports. Zacks Research raised shares of Canadian Natural Resources from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, August 26th. Raymond James Financial reissued an "outperform" rating on shares of Canadian Natural Resources in a research report on Friday, August 8th. Weiss Ratings reissued a "hold (c)" rating on shares of Canadian Natural Resources in a research report on Saturday, September 27th. Scotiabank reissued an "outperform" rating on shares of Canadian Natural Resources in a research report on Friday, July 11th. Finally, TD Securities reaffirmed a "buy" rating on shares of Canadian Natural Resources in a report on Tuesday, September 30th. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and three have assigned a Hold rating to the company's stock. According to MarketBeat, Canadian Natural Resources currently has a consensus rating of "Moderate Buy" and a consensus target price of $62.00.

Canadian Natural Resources Stock Performance

Canadian Natural Resources stock opened at $32.76 on Wednesday. The company has a market cap of $68.37 billion, a PE ratio of 11.62 and a beta of 0.97. The company has a fifty day moving average price of $31.29 and a two-hundred day moving average price of $30.83. 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 12 month low of $24.65 and a 12 month high of $37.91.

Canadian Natural Resources (NYSE:CNQ - Get Free Report) TSE: CNQ last released its quarterly earnings data 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. The firm had revenue of $6.39 billion during the quarter, compared to the consensus estimate of $8.97 billion. Canadian Natural Resources had a net margin of 19.00% and a return on equity of 19.67%. During the same quarter in the previous year, the company posted $0.88 earnings per share. Research 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 declared a quarterly dividend, which was paid on Friday, October 3rd. Stockholders of record on Friday, September 19th were issued a dividend of $0.4269 per share. This represents a $1.71 annualized dividend and a dividend yield of 5.2%. This is a positive change from Canadian Natural Resources's previous quarterly dividend of $0.42. The ex-dividend date of this dividend was Friday, September 19th. Canadian Natural Resources's dividend payout ratio is presently 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).

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