PNC Financial Services Group Inc. Reduces Stock Holdings in Canadian Natural Resources Limited $CNQ

PNC Financial Services Group Inc. cut its holdings in Canadian Natural Resources Limited (NYSE:CNQ) (TSE:CNQ) by 13.3% during the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 78,041 shares of the oil and gas producer’s stock after selling 11,932 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Canadian Natural Resources were worth $2,494,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its holdings in shares of Canadian Natural Resources by 3.4% in the second quarter. Vanguard Group Inc. now owns 90,742,099 shares of the oil and gas producer’s stock valued at $2,852,024,000 after purchasing an additional 3,003,542 shares in the last quarter. Fisher Asset Management LLC increased its stake in shares of Canadian Natural Resources by 4.5% during the 2nd quarter. Fisher Asset Management LLC now owns 47,939,585 shares of the oil and gas producer’s stock worth $1,505,303,000 after purchasing an additional 2,051,714 shares in the last quarter. The Manufacturers Life Insurance Company raised its position in shares of Canadian Natural Resources by 10.3% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 27,359,777 shares of the oil and gas producer’s stock worth $855,414,000 after purchasing an additional 2,546,233 shares during the last quarter. Geode Capital Management LLC lifted its stake in Canadian Natural Resources by 19.8% in the 2nd quarter. Geode Capital Management LLC now owns 17,146,792 shares of the oil and gas producer’s stock valued at $548,214,000 after buying an additional 2,832,155 shares in the last quarter. Finally, JPMorgan Chase & Co. grew its holdings in Canadian Natural Resources by 2.9% during the 2nd quarter. JPMorgan Chase & Co. now owns 14,092,637 shares of the oil and gas producer’s stock valued at $442,509,000 after buying an additional 399,945 shares during the last quarter. 74.03% of the stock is currently owned by hedge funds and other institutional investors.

Canadian Natural Resources Stock Down 0.3%

Shares of NYSE:CNQ opened at $42.39 on Friday. The company has a current ratio of 0.86, a quick ratio of 0.53 and a debt-to-equity ratio of 0.41. The firm has a market cap of $88.25 billion, a price-to-earnings ratio of 18.76 and a beta of 0.68. The stock’s 50-day moving average price is $35.53 and its two-hundred day moving average price is $33.16. Canadian Natural Resources Limited has a 12-month low of $24.65 and a 12-month high of $43.15.

Analysts Set New Price Targets

CNQ has been the subject of a number of analyst reports. Wall Street Zen raised Canadian Natural Resources from a “sell” rating to a “hold” rating in a report on Saturday, January 31st. Zacks Research cut Canadian Natural Resources from a “strong-buy” rating to a “hold” rating in a research report on Friday, December 19th. Desjardins downgraded shares of Canadian Natural Resources from a “buy” rating to a “hold” rating in a research note on Monday, November 24th. The Goldman Sachs Group set a $35.00 price target on shares of Canadian Natural Resources and gave the stock a “buy” rating in a research note on Friday, January 2nd. Finally, Evercore lowered shares of Canadian Natural Resources from an “outperform” rating to an “in-line” rating in a research report on Tuesday, January 6th. Five analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $48.50.

Canadian Natural Resources Profile

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.