Vanguard Group Inc. Lowers Stake in Canadian Natural Resources Limited (NYSE:CNQ)

Key Points

• Vanguard Group Inc. has reduced its stake in Canadian Natural Resources Limited by 2.5%, owning 87,738,557 shares worth approximately $2.7 billion as of the latest reporting period.
• The company recently declared a quarterly dividend of $0.4269, an increase from the previous quarterly dividend, representing an annualized dividend yield of 5.6%.
• Canadian Natural Resources reported earnings of $0.51 per share for the last quarter, exceeding analysts' expectations, though revenue fell short of projections at $6.39 billion.

Vanguard Group Inc. reduced its holdings in shares of Canadian Natural Resources Limited (NYSE:CNQ - Free Report) TSE: CNQ by 2.5% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 87,738,557 shares of the oil and gas producer's stock after selling 2,263,678 shares during the period. Vanguard Group Inc. owned 4.18% of Canadian Natural Resources worth $2,699,715,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Graybill Wealth Management LTD. purchased a new position in Canadian Natural Resources during the 1st quarter valued at about $3,697,000. Janney Montgomery Scott LLC purchased a new position in Canadian Natural Resources during the 1st quarter valued at about $757,000. PKO Investment Management Joint Stock Co purchased a new position in Canadian Natural Resources during the 4th quarter valued at about $2,452,000. Baskin Financial Services Inc. lifted its position in Canadian Natural Resources by 0.9% during the 1st quarter. Baskin Financial Services Inc. now owns 1,005,012 shares of the oil and gas producer's stock valued at $30,921,000 after acquiring an additional 8,861 shares during the period. Finally, Institute for Wealth Management LLC. purchased a new position in Canadian Natural Resources during the 1st quarter valued at about $385,000. 74.03% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the stock. Scotiabank reissued an "outperform" rating on shares of Canadian Natural Resources in a research report on Friday, July 11th. Raymond James Financial restated an "outperform" rating on shares of Canadian Natural Resources in a research note on Friday. National Bankshares restated a "sector perform" rating on shares of Canadian Natural Resources in a research note on Thursday, July 17th. Finally, Royal Bank Of Canada reduced their price objective on shares of Canadian Natural Resources from $64.00 to $62.00 and set an "outperform" rating for the company in a research note on Friday. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $62.00.

Canadian Natural Resources Stock Down 0.4%

NYSE:CNQ opened at $30.32 on Friday. The firm has a market cap of $63.39 billion, a P/E ratio of 10.75 and a beta of 1.05. 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 Limited has a fifty-two week low of $24.65 and a fifty-two week high of $37.91. The firm has a 50-day simple moving average of $31.80 and a two-hundred day simple moving average of $30.38.

Canadian Natural Resources (NYSE:CNQ - Get Free Report) TSE: CNQ last announced its quarterly earnings results 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. Canadian Natural Resources had a net margin of 19.00% and a return on equity of 19.87%. The firm had revenue of $6.39 billion during the quarter, compared to analyst estimates of $8.97 billion. During the same period in the previous year, the business posted $0.88 earnings per share. Analysts predict that Canadian Natural Resources Limited will post 2.45 earnings per share for the current fiscal year.

Canadian Natural Resources Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 3rd. Stockholders of record on Friday, September 19th will be paid a $0.4269 dividend. This is a boost from Canadian Natural Resources's previous quarterly dividend of $0.42. This represents a $1.71 dividend on an annualized basis and a dividend yield of 5.6%. The ex-dividend date is Friday, September 19th. Canadian Natural Resources's dividend payout ratio (DPR) is presently 67.06%.

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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