Millennium Management LLC purchased a new stake in Canadian Natural Resources (NYSE:CNQ) (TSE:CNQ) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 154,336 shares of the oil and gas producer’s stock, valued at approximately $5,513,000.
Several other institutional investors and hedge funds have also modified their holdings of the company. Mackenzie Financial Corp boosted its holdings in shares of Canadian Natural Resources by 64.3% during the 4th quarter. Mackenzie Financial Corp now owns 10,423,026 shares of the oil and gas producer’s stock valued at $372,310,000 after acquiring an additional 4,080,120 shares in the last quarter. The Manufacturers Life Insurance Company boosted its holdings in shares of Canadian Natural Resources by 39.4% during the 4th quarter. The Manufacturers Life Insurance Company now owns 10,882,795 shares of the oil and gas producer’s stock valued at $388,734,000 after acquiring an additional 3,074,138 shares in the last quarter. Picton Mahoney Asset Management acquired a new stake in shares of Canadian Natural Resources during the 4th quarter valued at $112,571,000. Mawer Investment Management Ltd. boosted its holdings in shares of Canadian Natural Resources by 17.8% during the 4th quarter. Mawer Investment Management Ltd. now owns 6,597,725 shares of the oil and gas producer’s stock valued at $235,623,000 after acquiring an additional 995,416 shares in the last quarter. Finally, Alliancebernstein L.P. boosted its holdings in shares of Canadian Natural Resources by 18.8% during the 4th quarter. Alliancebernstein L.P. now owns 5,674,058 shares of the oil and gas producer’s stock valued at $202,677,000 after acquiring an additional 899,067 shares in the last quarter. Institutional investors own 60.30% of the company’s stock.
CNQ has been the topic of several recent research reports. AltaCorp Capital reissued a “buy” rating and set a $52.00 price objective on shares of Canadian Natural Resources in a report on Monday, January 15th. UBS initiated coverage on Canadian Natural Resources in a report on Wednesday, March 7th. They set a “buy” rating on the stock. Zacks Investment Research raised Canadian Natural Resources from a “sell” rating to a “hold” rating in a report on Tuesday, April 10th. Wells Fargo downgraded Canadian Natural Resources from an “outperform” rating to a “market perform” rating in a report on Tuesday, February 6th. Finally, Morgan Stanley cut their price objective on Canadian Natural Resources from $58.00 to $55.00 and set an “overweight” rating on the stock in a report on Monday. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and six have given a buy rating to the company’s stock. Canadian Natural Resources presently has an average rating of “Hold” and a consensus target price of $44.17.
Canadian Natural Resources (NYSE:CNQ) (TSE:CNQ) last announced its earnings results on Thursday, March 1st. The oil and gas producer reported $368.52 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.30 by $368.22. The firm had revenue of $3.95 billion for the quarter, compared to the consensus estimate of $3.56 billion. Canadian Natural Resources had a return on equity of 4.21% and a net margin of 14.29%. equities research analysts forecast that Canadian Natural Resources will post 1.99 EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Sunday, April 1st. Shareholders of record on Friday, March 16th were issued a dividend of $0.261 per share. The ex-dividend date of this dividend was Thursday, March 15th. This is an increase from Canadian Natural Resources’s previous quarterly dividend of $0.21. This represents a $1.04 annualized dividend and a yield of 3.01%. Canadian Natural Resources’s payout ratio is presently 125.30%.
Canadian Natural Resources declared that its Board of Directors has approved a stock buyback program on Wednesday, March 14th that authorizes the company to buyback 61,300,000 outstanding shares. This buyback authorization authorizes the oil and gas producer to repurchase shares of its stock through open market purchases. Shares buyback programs are generally a sign that the company’s management believes its shares are undervalued.
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Canadian Natural Resources Company 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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