Canadian Natural Resources Limited (NYSE:CNQ) Stake Cut by OLD National Bancorp IN

OLD National Bancorp IN reduced its holdings in Canadian Natural Resources Limited (NYSE:CNQ) (TSE:CNQ) by 7.9% in the 4th quarter, Holdings Channel reports. The fund owned 11,584 shares of the oil and gas producer’s stock after selling 987 shares during the period. OLD National Bancorp IN’s holdings in Canadian Natural Resources were worth $759,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of CNQ. Healthcare of Ontario Pension Plan Trust Fund lifted its stake in Canadian Natural Resources by 43.2% in the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 7,640,000 shares of the oil and gas producer’s stock worth $494,262,000 after acquiring an additional 2,305,000 shares in the last quarter. WCM Investment Management LLC increased its position in Canadian Natural Resources by 9,297.9% in the 4th quarter. WCM Investment Management LLC now owns 2,192,895 shares of the oil and gas producer’s stock worth $143,284,000 after purchasing an additional 2,169,561 shares during the last quarter. Morgan Stanley increased its position in Canadian Natural Resources by 33.4% in the 3rd quarter. Morgan Stanley now owns 7,311,061 shares of the oil and gas producer’s stock worth $472,806,000 after purchasing an additional 1,831,015 shares during the last quarter. The Manufacturers Life Insurance Company increased its position in Canadian Natural Resources by 15.8% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 12,852,785 shares of the oil and gas producer’s stock worth $837,145,000 after purchasing an additional 1,750,013 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. increased its position in Canadian Natural Resources by 32.5% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 7,066,855 shares of the oil and gas producer’s stock worth $456,999,000 after purchasing an additional 1,733,988 shares during the last quarter. 74.03% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on CNQ shares. Desjardins lowered Canadian Natural Resources from a “buy” rating to a “hold” rating in a research report on Tuesday. JPMorgan Chase & Co. upped their target price on Canadian Natural Resources from $101.00 to $102.00 and gave the stock a “neutral” rating in a research report on Thursday, January 11th. Six research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $94.00.

Canadian Natural Resources Stock Performance

Shares of NYSE CNQ opened at $77.08 on Wednesday. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.69 and a current ratio of 0.96. The firm has a market cap of $82.64 billion, a price-to-earnings ratio of 13.91 and a beta of 1.54. The business’s 50-day simple moving average is $73.20 and its 200-day simple moving average is $67.55. Canadian Natural Resources Limited has a 52 week low of $52.66 and a 52 week high of $82.58.

Canadian Natural Resources (NYSE:CNQ) (TSE:CNQ) last announced its earnings results on Thursday, February 29th. The oil and gas producer reported $1.72 earnings per share for the quarter, beating the consensus estimate of $1.59 by $0.13. Canadian Natural Resources had a return on equity of 21.74% and a net margin of 20.15%. The firm had revenue of $7.02 billion during the quarter, compared to the consensus estimate of $6.73 billion. As a group, equities research analysts expect that Canadian Natural Resources Limited will post 5.7 earnings per share for the current fiscal year.

Canadian Natural Resources Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, April 5th. Investors of record on Friday, March 15th were paid a dividend of $0.774 per share. This is an increase from Canadian Natural Resources’s previous quarterly dividend of $0.72. The ex-dividend date was Thursday, March 14th. This represents a $3.10 annualized dividend and a yield of 4.02%. Canadian Natural Resources’s dividend payout ratio is presently 53.25%.

Canadian Natural Resources Company Profile

Canadian Natural Resources Limited acquires, explores for, develops, produces, markets, and sells 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 (thermal oil), and synthetic crude oil (SCO).