Bank of America Corp DE raised its position in Canadian Natural Resource Ltd (NYSE:CNQ) (TSE:CNQ) by 7.4% during the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 5,464,661 shares of the oil and gas producer’s stock after acquiring an additional 375,795 shares during the quarter. Bank of America Corp DE owned approximately 0.45% of Canadian Natural Resource worth $197,111,000 at the end of the most recent quarter.
A number of other hedge funds have also recently bought and sold shares of the business. TD Asset Management Inc. increased its position in Canadian Natural Resource by 1.9% in the second quarter. TD Asset Management Inc. now owns 26,972,796 shares of the oil and gas producer’s stock worth $972,944,000 after buying an additional 505,215 shares in the last quarter. CIBC Asset Management Inc increased its position in Canadian Natural Resource by 5.0% in the second quarter. CIBC Asset Management Inc now owns 14,494,425 shares of the oil and gas producer’s stock worth $523,246,000 after buying an additional 688,757 shares in the last quarter. Letko Brosseau & Associates Inc. increased its position in Canadian Natural Resource by 0.6% in the second quarter. Letko Brosseau & Associates Inc. now owns 13,754,606 shares of the oil and gas producer’s stock worth $496,147,000 after buying an additional 78,647 shares in the last quarter. CIBC World Markets Inc. increased its position in Canadian Natural Resource by 5.8% in the first quarter. CIBC World Markets Inc. now owns 13,361,305 shares of the oil and gas producer’s stock worth $420,480,000 after buying an additional 736,863 shares in the last quarter. Finally, Great West Life Assurance Co. Can increased its position in Canadian Natural Resource by 5.4% in the second quarter. Great West Life Assurance Co. Can now owns 10,926,357 shares of the oil and gas producer’s stock worth $395,631,000 after buying an additional 555,839 shares in the last quarter. 67.07% of the stock is currently owned by institutional investors.
NYSE:CNQ opened at $32.05 on Friday. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.02 and a quick ratio of 0.81. Canadian Natural Resource Ltd has a 12-month low of $29.20 and a 12-month high of $38.20. The stock has a market cap of $38.98 billion, a P/E ratio of 38.61, a price-to-earnings-growth ratio of 2.20 and a beta of 1.22.
Canadian Natural Resource (NYSE:CNQ) (TSE:CNQ) last released its earnings results on Thursday, August 2nd. The oil and gas producer reported $1.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.54 by $0.50. Canadian Natural Resource had a return on equity of 8.35% and a net margin of 12.34%. The firm had revenue of $4.61 billion during the quarter, compared to analysts’ expectations of $4.28 billion. During the same quarter last year, the business posted $0.29 earnings per share. research analysts anticipate that Canadian Natural Resource Ltd will post 2.63 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, October 1st. Investors of record on Friday, September 14th will be given a dividend of $0.257 per share. This represents a $1.03 annualized dividend and a dividend yield of 3.21%. The ex-dividend date is Thursday, September 13th. Canadian Natural Resource’s dividend payout ratio is currently 124.10%.
A number of analysts have commented on CNQ shares. ValuEngine cut Canadian Natural Resource from a “hold” rating to a “sell” rating in a research report on Thursday, August 2nd. Zacks Investment Research cut Canadian Natural Resource from a “buy” rating to a “hold” rating in a research report on Tuesday, August 28th. Morgan Stanley upped their price target on Canadian Natural Resource from $55.00 to $64.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 23rd. Finally, Evercore ISI started coverage on Canadian Natural Resource in a research report on Wednesday, June 27th. They issued an “inline” rating for the company. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $52.25.
Canadian Natural Resource Profile
Canadian Natural Resources Limited explores for, develops, produces, and markets 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, and synthetic crude oil (SCO). Its midstream assets include two crude oil pipeline systems; and a 50% working interest in an 84-megawatt cogeneration plant at Primrose.
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