ARGA Investment Management LP trimmed its holdings in shares of Canadian Natural Resources Ltd (NYSE:CNQ) (TSE:CNQ) by 1.3% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,357,899 shares of the oil and gas producer’s stock after selling 30,125 shares during the period. Canadian Natural Resources comprises 9.3% of ARGA Investment Management LP’s investment portfolio, making the stock its 5th biggest holding. ARGA Investment Management LP owned approximately 0.20% of Canadian Natural Resources worth $63,604,000 as of its most recent SEC filing.
Several other hedge funds have also modified their holdings of CNQ. Aperio Group LLC increased its position in shares of Canadian Natural Resources by 7.3% during the second quarter. Aperio Group LLC now owns 395,315 shares of the oil and gas producer’s stock worth $10,662,000 after acquiring an additional 27,053 shares during the last quarter. Intact Investment Management Inc. grew its position in Canadian Natural Resources by 7.2% during the 2nd quarter. Intact Investment Management Inc. now owns 1,672,150 shares of the oil and gas producer’s stock worth $58,943,000 after purchasing an additional 111,600 shares in the last quarter. Highstreet Asset Management Inc. grew its position in Canadian Natural Resources by 29.8% during the 2nd quarter. Highstreet Asset Management Inc. now owns 2,945,073 shares of the oil and gas producer’s stock worth $79,409,000 after purchasing an additional 675,542 shares in the last quarter. Meritage Portfolio Management grew its position in Canadian Natural Resources by 60.5% during the 2nd quarter. Meritage Portfolio Management now owns 168,314 shares of the oil and gas producer’s stock worth $4,539,000 after purchasing an additional 63,473 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its position in Canadian Natural Resources by 137.4% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 699,180 shares of the oil and gas producer’s stock worth $18,893,000 after purchasing an additional 404,608 shares in the last quarter. 65.83% of the stock is owned by institutional investors and hedge funds.
A number of equities research analysts recently issued reports on CNQ shares. Goldman Sachs Group reiterated a “neutral” rating on shares of Canadian Natural Resources in a report on Monday, July 22nd. Raymond James reaffirmed a “buy” rating on shares of Canadian Natural Resources in a research report on Friday, May 10th. Canaccord Genuity reissued a “buy” rating and issued a $53.00 target price on shares of Canadian Natural Resources in a research note on Tuesday, July 9th. Zacks Investment Research cut shares of Canadian Natural Resources from a “buy” rating to a “hold” rating and set a $28.00 price objective on the stock. in a research note on Monday, July 22nd. Finally, CIBC reissued a “buy” rating and set a $48.00 price target on shares of Canadian Natural Resources in a research note on Sunday, August 4th. Six investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus price target of $41.88.Canadian Natural Resources stock opened at $23.01 on Tuesday. The company has a market cap of $27.03 billion, a P/E ratio of 10.70, a price-to-earnings-growth ratio of 1.37 and a beta of 1.13. Canadian Natural Resources Ltd has a 1-year low of $21.85 and a 1-year high of $35.95. The company has a fifty day simple moving average of $24.85 and a 200 day simple moving average of $27.07. The company has a current ratio of 0.59, a quick ratio of 0.44 and a debt-to-equity ratio of 0.57.
Canadian Natural Resources (NYSE:CNQ) (TSE:CNQ) last released its earnings results on Thursday, August 1st. The oil and gas producer reported $0.87 earnings per share for the quarter, beating analysts’ consensus estimates of $0.62 by $0.25. The business had revenue of $4.16 billion during the quarter, compared to the consensus estimate 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 quarter last year, the firm earned $1.04 earnings per share. On average, equities research analysts forecast that Canadian Natural Resources Ltd will post 2.41 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Friday, September 13th will be issued a dividend of $0.284 per share. The ex-dividend date is Thursday, September 12th. This is a positive change from Canadian Natural Resources’s previous quarterly dividend of $0.28. This represents a $1.14 annualized dividend and a dividend yield of 4.94%. Canadian Natural Resources’s payout ratio is 51.63%.
About Canadian Natural Resources
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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