Letko Brosseau & Associates Inc. increased its stake in shares of Canadian Natural Resources Ltd (NYSE:CNQ) (TSE:CNQ) by 0.4% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 14,907,844 shares of the oil and gas producer’s stock after purchasing an additional 66,697 shares during the period. Canadian Natural Resources makes up 4.1% of Letko Brosseau & Associates Inc.’s investment portfolio, making the stock its 5th largest holding. Letko Brosseau & Associates Inc. owned 1.25% of Canadian Natural Resources worth $402,828,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in CNQ. Icon Wealth Partners LLC purchased a new position in shares of Canadian Natural Resources during the first quarter valued at approximately $28,000. Zions Bancorporation N.A. purchased a new position in shares of Canadian Natural Resources during the first quarter valued at approximately $28,000. Bremer Bank National Association purchased a new stake in Canadian Natural Resources during the first quarter valued at approximately $34,000. Huntington National Bank increased its holdings in Canadian Natural Resources by 348.8% during the second quarter. Huntington National Bank now owns 1,333 shares of the oil and gas producer’s stock valued at $36,000 after buying an additional 1,036 shares during the last quarter. Finally, Cornerstone Advisors Inc. increased its holdings in Canadian Natural Resources by 245.3% during the first quarter. Cornerstone Advisors Inc. now owns 1,806 shares of the oil and gas producer’s stock valued at $50,000 after buying an additional 1,283 shares during the last quarter. 65.34% of the stock is owned by hedge funds and other institutional investors.
A number of analysts have commented on CNQ shares. Goldman Sachs Group reaffirmed a “neutral” rating on shares of Canadian Natural Resources in a report on Monday, July 22nd. Zacks Investment Research cut shares of Canadian Natural Resources from a “buy” rating to a “hold” rating and set a $28.00 target price for the company. in a report on Monday, July 22nd. Royal Bank of Canada reaffirmed an “average” rating and set a $45.00 target price on shares of Canadian Natural Resources in a report on Friday, May 10th. Edward Jones cut shares of Canadian Natural Resources from a “buy” rating to a “hold” rating in a report on Thursday, April 25th. Finally, Raymond James reaffirmed a “buy” rating on shares of Canadian Natural Resources in a report on Friday, May 10th. Six research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus target price of $41.88.
Canadian Natural Resources (NYSE:CNQ) (TSE:CNQ) last posted its quarterly earnings results on Thursday, August 1st. The oil and gas producer reported $0.87 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.62 by $0.25. The business had revenue of $4.16 billion during the quarter, compared to analyst estimates of $4.36 billion. Canadian Natural Resources had a net margin of 22.22% and a return on equity of 8.62%. During the same period in the prior year, the business posted $1.04 earnings per share. As a group, equities analysts anticipate that Canadian Natural Resources Ltd will post 2.4 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th will be given a $0.284 dividend. This is a positive change from Canadian Natural Resources’s previous quarterly dividend of $0.28. This represents a $1.14 dividend on an annualized basis and a dividend yield of 4.90%. The ex-dividend date is Thursday, September 12th. Canadian Natural Resources’s dividend payout ratio is presently 51.63%.
Canadian Natural Resources Profile
Canadian Natural Resources Limited explores for, develops, produces, and markets crude oil, natural gas, and natural gas liquids (NGLs). The company offers synthetic crude oil (SCO), light and medium crude oil, bitumen (thermal oil), primary heavy crude oil, and Pelican Lake heavy crude oil. 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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