Geode Capital Management LLC Boosts Stake in Canadian Natural Resources Limited $CNQ

Geode Capital Management LLC increased its stake in shares of Canadian Natural Resources Limited (NYSE:CNQ) (TSE:CNQ) by 19.8% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 17,146,792 shares of the oil and gas producer’s stock after buying an additional 2,832,155 shares during the quarter. Geode Capital Management LLC owned about 0.82% of Canadian Natural Resources worth $548,214,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in the company. Brandywine Global Investment Management LLC raised its stake in shares of Canadian Natural Resources by 27.5% in the first quarter. Brandywine Global Investment Management LLC now owns 2,183,598 shares of the oil and gas producer’s stock worth $67,201,000 after purchasing an additional 470,391 shares during the last quarter. Sagespring Wealth Partners LLC acquired a new position in Canadian Natural Resources in the 2nd quarter worth approximately $361,000. Sei Investments Co. increased its holdings in Canadian Natural Resources by 41.9% in the 1st quarter. Sei Investments Co. now owns 49,307 shares of the oil and gas producer’s stock worth $1,519,000 after buying an additional 14,561 shares during the period. TD Asset Management Inc raised its position in Canadian Natural Resources by 0.8% during the 2nd quarter. TD Asset Management Inc now owns 41,581,125 shares of the oil and gas producer’s stock worth $1,304,267,000 after buying an additional 316,933 shares during the last quarter. Finally, Journey Advisory Group LLC acquired a new stake in Canadian Natural Resources during the 2nd quarter valued at approximately $2,458,000. 74.03% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on CNQ shares. Wells Fargo & Company raised shares of Canadian Natural Resources to a “hold” rating in a report on Thursday, October 16th. Raymond James Financial reiterated an “outperform” rating on shares of Canadian Natural Resources in a research report on Friday, August 8th. Royal Bank Of Canada reiterated an “outperform” rating and issued a $62.00 price objective on shares of Canadian Natural Resources in a research report on Wednesday, September 24th. Scotiabank reiterated an “outperform” rating on shares of Canadian Natural Resources in a research report on Thursday, October 9th. Finally, TD Securities reiterated a “buy” rating on shares of Canadian Natural Resources in a report on Tuesday, September 30th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $62.00.

Canadian Natural Resources Price Performance

NYSE:CNQ opened at $33.54 on Friday. The stock’s fifty day moving average is $31.74 and its two-hundred day moving average is $31.36. Canadian Natural Resources Limited has a 52 week low of $24.65 and a 52 week high of $34.97. The company has a quick ratio of 0.54, a current ratio of 0.85 and a debt-to-equity ratio of 0.38. The company has a market capitalization of $69.86 billion, a P/E ratio of 11.89 and a beta of 0.96.

Canadian Natural Resources (NYSE:CNQ) (TSE:CNQ) last posted its earnings results on Thursday, November 6th. The oil and gas producer reported $0.62 earnings per share for the quarter, beating the consensus estimate of $0.54 by $0.08. Canadian Natural Resources had a net margin of 19.00% and a return on equity of 19.67%. The firm had revenue of $6.79 billion during the quarter, compared to the consensus estimate of $6.81 billion. During the same quarter last year, the firm earned $0.97 EPS. Equities analysts expect that Canadian Natural Resources Limited will post 2.45 EPS for the current year.

Canadian Natural Resources Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, January 6th. Shareholders of record on Friday, December 12th will be paid a $0.5875 dividend. This is a boost from Canadian Natural Resources’s previous quarterly dividend of $0.43. This represents a $2.35 dividend on an annualized basis and a yield of 7.0%. The ex-dividend date is Friday, December 12th. Canadian Natural Resources’s payout ratio is 73.89%.

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).