Canadian Natural Resources Limited (NYSE:CNQ) Shares Sold by Meritage Portfolio Management

Meritage Portfolio Management lessened its stake in shares of Canadian Natural Resources Limited (NYSE:CNQ) (TSE:CNQ) by 47.8% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 45,464 shares of the oil and gas producer’s stock after selling 41,589 shares during the quarter. Meritage Portfolio Management’s holdings in Canadian Natural Resources were worth $2,979,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of CNQ. The Manufacturers Life Insurance Company lifted its stake in shares of 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 acquiring an additional 1,750,013 shares during the period. Toronto Dominion Bank lifted its position in Canadian Natural Resources by 4.0% in the third quarter. Toronto Dominion Bank now owns 11,642,676 shares of the oil and gas producer’s stock valued at $752,932,000 after purchasing an additional 442,986 shares during the period. Healthcare of Ontario Pension Plan Trust Fund boosted its holdings 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 valued at $494,262,000 after purchasing an additional 2,305,000 shares in the last quarter. Morgan Stanley increased its position in Canadian Natural Resources by 33.4% during 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 period. Finally, Connor Clark & Lunn Investment Management Ltd. raised its stake in shares of Canadian Natural Resources by 32.5% during 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 buying an additional 1,733,988 shares in the last quarter. 74.03% of the stock is currently owned by hedge funds and other institutional investors.

Canadian Natural Resources Price Performance

NYSE CNQ traded up $0.43 during trading hours on Thursday, reaching $77.34. The company’s stock had a trading volume of 2,580,384 shares, compared to its average volume of 3,327,672. 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 company’s 50-day moving average is $73.54 and its two-hundred day moving average is $67.62. Canadian Natural Resources Limited has a fifty-two week low of $52.66 and a fifty-two week high of $82.58. The stock has a market cap of $82.92 billion, a PE ratio of 13.93 and a beta of 1.54.

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

Canadian Natural Resources Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, April 5th. Shareholders of record on Friday, March 15th were given 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 4.00%. Canadian Natural Resources’s dividend payout ratio (DPR) is presently 53.25%.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the company. Desjardins lowered Canadian Natural Resources from a “buy” rating to a “hold” rating in a report on Tuesday. JPMorgan Chase & Co. upped their target price on shares of 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 issued a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $94.00.

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).