Posted by MarketBeat News on Oct 15th, 2023
Shell Asset Management Co. lowered its stake in Canadian Natural Resources Limited (NYSE:CNQ – Free Report) (TSE:CNQ) by 7.5% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 28,055 shares of the oil and gas producer’s stock after selling 2,264 shares during the quarter. Shell Asset Management Co.’s holdings in Canadian Natural Resources were worth $1,578,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also bought and sold shares of the company. Raymond James Trust N.A. raised its stake in shares of Canadian Natural Resources by 2.3% during the 1st quarter. Raymond James Trust N.A. now owns 8,432 shares of the oil and gas producer’s stock worth $523,000 after purchasing an additional 191 shares in the last quarter. Freedom Day Solutions LLC lifted its stake in Canadian Natural Resources by 4.9% in the first quarter. Freedom Day Solutions LLC now owns 4,174 shares of the oil and gas producer’s stock valued at $231,000 after acquiring an additional 194 shares during the last quarter. Eudaimonia Partners LLC grew its position in shares of Canadian Natural Resources by 4.4% in the 1st quarter. Eudaimonia Partners LLC now owns 4,655 shares of the oil and gas producer’s stock valued at $258,000 after acquiring an additional 196 shares during the period. Tocqueville Asset Management L.P. increased its stake in shares of Canadian Natural Resources by 0.7% during the 1st quarter. Tocqueville Asset Management L.P. now owns 26,954 shares of the oil and gas producer’s stock worth $1,492,000 after purchasing an additional 197 shares during the last quarter. Finally, US Bancorp DE raised its holdings in shares of Canadian Natural Resources by 0.4% in the 1st quarter. US Bancorp DE now owns 48,222 shares of the oil and gas producer’s stock valued at $2,669,000 after purchasing an additional 199 shares during the period. Institutional investors own 73.88% of the company’s stock.
Canadian Natural Resources Stock Up 2.1 %
Shares of CNQ opened at $66.76 on Friday. The company has a current ratio of 0.70, a quick ratio of 0.47 and a debt-to-equity ratio of 0.25. The stock has a market capitalization of $72.79 billion, a PE ratio of 13.12, a P/E/G ratio of 10.97 and a beta of 1.55. The firm’s 50 day moving average is $63.14 and its 200-day moving average is $59.32. Canadian Natural Resources Limited has a 12 month low of $48.81 and a 12 month high of $67.23.
Canadian Natural Resources (NYSE:CNQ – Get Free Report) (TSE:CNQ) last announced its quarterly earnings data on Thursday, August 3rd. The oil and gas producer reported $0.85 earnings per share for the quarter, missing the consensus estimate of $0.88 by ($0.03). The company had revenue of $5.87 billion during the quarter, compared to analyst estimates of $5.44 billion. Canadian Natural Resources had a net margin of 18.14% and a return on equity of 22.86%. Equities research analysts forecast that Canadian Natural Resources Limited will post 5.54 EPS for the current year.
Canadian Natural Resources Increases Dividend
The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 5th. Investors of record on Friday, September 15th were given a dividend of $0.6744 per share. This is a boost from Canadian Natural Resources’s previous quarterly dividend of $0.66. The ex-dividend date was Thursday, September 14th. This represents a $2.70 annualized dividend and a yield of 4.04%. Canadian Natural Resources’s dividend payout ratio is currently 52.26%.
Analyst Upgrades and Downgrades
CNQ has been the topic of a number of recent analyst reports. UBS Group initiated coverage on Canadian Natural Resources in a research report on Wednesday, July 12th. They set a “buy” rating on the stock. Wells Fargo & Company increased their price target on Canadian Natural Resources from $80.00 to $85.00 and gave the company an “equal weight” rating in a research note on Friday, August 4th. Jefferies Financial Group lifted their price objective on shares of Canadian Natural Resources from $84.00 to $94.00 and gave the stock a “hold” rating in a research report on Monday, August 28th. Royal Bank of Canada increased their price objective on shares of Canadian Natural Resources from $82.00 to $90.00 and gave the company an “outperform” rating in a research report on Monday, September 18th. Finally, StockNews.com began coverage on shares of Canadian Natural Resources in a report on Thursday, October 5th. They set a “hold” rating for the company. Four investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $89.56.
About Canadian Natural Resources
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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