Canoe Financial LP Lowers Position in Canadian Natural Resources Limited $CNQ

Canoe Financial LP reduced its stake in Canadian Natural Resources Limited (NYSE:CNQ) (TSE:CNQ) by 6.7% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,721,033 shares of the oil and gas producer’s stock after selling 410,569 shares during the period. Canadian Natural Resources makes up about 2.6% of Canoe Financial LP’s holdings, making the stock its 10th largest holding. Canoe Financial LP’s holdings in Canadian Natural Resources were worth $182,895,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently made changes to their positions in the stock. Heathbridge Capital Management Ltd. boosted its stake in Canadian Natural Resources by 12.0% in the 3rd quarter. Heathbridge Capital Management Ltd. now owns 342,300 shares of the oil and gas producer’s stock worth $10,939,000 after purchasing an additional 36,600 shares during the period. Value Partners Investments Inc. lifted its holdings in shares of Canadian Natural Resources by 3.4% in the third quarter. Value Partners Investments Inc. now owns 47,343 shares of the oil and gas producer’s stock worth $1,513,000 after buying an additional 1,542 shares in the last quarter. Jamison Private Wealth Management Inc. boosted its position in shares of Canadian Natural Resources by 31.2% in the third quarter. Jamison Private Wealth Management Inc. now owns 19,619 shares of the oil and gas producer’s stock valued at $627,000 after acquiring an additional 4,665 shares during the period. AdvisorNet Financial Inc grew its stake in Canadian Natural Resources by 12.2% during the third quarter. AdvisorNet Financial Inc now owns 9,598 shares of the oil and gas producer’s stock valued at $307,000 after acquiring an additional 1,045 shares in the last quarter. Finally, Baskin Financial Services Inc. increased its holdings in Canadian Natural Resources by 1.5% during the 3rd quarter. Baskin Financial Services Inc. now owns 1,029,854 shares of the oil and gas producer’s stock worth $32,905,000 after acquiring an additional 15,354 shares during the period. 74.03% of the stock is currently owned by hedge funds and other institutional investors.

Canadian Natural Resources Stock Up 0.4%

CNQ opened at $32.95 on Friday. The stock has a market cap of $68.62 billion, a PE ratio of 14.58 and a beta of 0.70. The company has a quick ratio of 0.53, a current ratio of 0.86 and a debt-to-equity ratio of 0.41. Canadian Natural Resources Limited has a 52 week low of $24.65 and a 52 week high of $35.12. The business’s fifty day simple moving average is $32.54 and its 200 day simple moving average is $31.92.

Canadian Natural Resources (NYSE:CNQ) (TSE:CNQ) last issued its quarterly earnings results on Thursday, November 6th. The oil and gas producer reported $0.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.54 by $0.08. Canadian Natural Resources had a return on equity of 18.93% and a net margin of 14.90%.The firm had revenue of $6.79 billion during the quarter, compared to analyst estimates of $6.81 billion. During the same quarter in the previous year, the company posted $0.97 earnings per share. As a group, research analysts expect that Canadian Natural Resources Limited will post 2.45 earnings per share for the current fiscal year.

Canadian Natural Resources Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, January 6th. Shareholders of record on Friday, December 12th will be paid a dividend of $0.5875 per share. This represents a $2.35 annualized dividend and a dividend yield of 7.1%. This is a boost from Canadian Natural Resources’s previous quarterly dividend of $0.43. The ex-dividend date of this dividend is Friday, December 12th. Canadian Natural Resources’s payout ratio is 74.34%.

Wall Street Analyst Weigh In

Several brokerages have commented on CNQ. Scotiabank reissued an “outperform” rating on shares of Canadian Natural Resources in a report on Thursday, October 9th. Desjardins lowered Canadian Natural Resources from a “buy” rating to a “hold” rating in a research note on Monday, November 24th. Wells Fargo & Company upgraded Canadian Natural Resources to a “hold” rating in a research report on Thursday, October 16th. Zacks Research cut Canadian Natural Resources from a “strong-buy” rating to a “hold” rating in a report on Friday, December 19th. Finally, Royal Bank Of Canada reiterated an “outperform” rating and set a $62.00 price target on shares of Canadian Natural Resources in a research report on Wednesday, September 24th. Five equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat.com, Canadian Natural Resources presently has a consensus rating of “Hold” and a consensus target price of $62.00.

About Canadian Natural Resources

Canadian Natural Resources Limited (NYSE: CNQ) is a Calgary-based independent oil and natural gas exploration and production company. Established in the early 1970s and publicly listed in Canada and the United States, the company is principally engaged in the exploration, development, production, and marketing of crude oil, natural gas and natural gas liquids. Its asset base spans conventional and unconventional reservoirs and includes oil sands mining and in-situ thermal projects, midstream processing and upgrading capacity, and related field operations.

The company’s operations are concentrated in Western Canada, where it develops heavy crude, bitumen from oil sands and conventional light crude and natural gas resources.