Wellington Management Group LLP Grows Stock Holdings in Canadian Natural Resources Limited $CNQ

Key Points

• Wellington Management Group LLP increased its stake in Canadian Natural Resources Limited by purchasing 146,121 shares, bringing its total holdings to 10,936,275 shares.
• The company recently announced a quarterly dividend increase to $0.4269 per share, representing a 5.8% dividend yield.
• Analysts have a consensus rating of "Moderate Buy" on the stock, with a price target of $62.00, indicating anticipated growth in the company's value.

Wellington Management Group LLP raised its stake in Canadian Natural Resources Limited (NYSE:CNQ - Free Report) TSE: CNQ by 1.4% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 10,936,275 shares of the oil and gas producer's stock after purchasing an additional 146,121 shares during the period. Wellington Management Group LLP owned about 0.52% of Canadian Natural Resources worth $336,807,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also made changes to their positions in CNQ. Investment Management Corp VA ADV lifted its stake in Canadian Natural Resources by 158.3% in the first quarter. Investment Management Corp VA ADV now owns 997 shares of the oil and gas producer's stock worth $31,000 after acquiring an additional 611 shares during the last quarter. Versant Capital Management Inc increased its position in shares of 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 valued at $40,000 after purchasing an additional 937 shares during the last quarter. Sierra Ocean LLC raised its holdings 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 purchasing an additional 800 shares in the last quarter. Opal Wealth Advisors LLC purchased a new stake in shares of Canadian Natural Resources during the 1st quarter worth $56,000. Finally, Cloud Capital Management LLC acquired a new position in shares of Canadian Natural Resources during the first quarter worth $68,000. 74.03% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the company. Scotiabank reissued an "outperform" rating on shares of Canadian Natural Resources in a report on Friday, July 11th. Raymond James Financial reaffirmed an "outperform" rating on shares of Canadian Natural Resources in a research report on Friday, August 8th. National Bankshares reissued a "sector perform" rating on shares of Canadian Natural Resources in a research report on Thursday, July 17th. Finally, Royal Bank Of Canada decreased their target price on Canadian Natural Resources from $64.00 to $62.00 and set an "outperform" rating for the company in a research note on Friday, August 8th. Four research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $62.00.

Canadian Natural Resources Stock Performance

Shares of CNQ traded up $0.9450 during midday trading on Friday, reaching $31.1050. 6,376,181 shares of the stock were exchanged, compared to its average volume of 4,555,778. Canadian Natural Resources Limited has a twelve month low of $24.65 and a twelve month high of $37.91. The company has a debt-to-equity ratio of 0.38, a current ratio of 0.85 and a quick ratio of 0.54. The company has a market capitalization of $64.98 billion, a price-to-earnings ratio of 11.03 and a beta of 1.05. The business's 50-day moving average price is $31.41 and its 200 day moving average price is $30.31.

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

Canadian Natural Resources Increases Dividend

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