Comerica Bank reduced its position in shares of Canadian Natural Resources (NYSE:CNQ) (TSE:CNQ) by 17.4% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 108,125 shares of the oil and gas producer’s stock after selling 22,761 shares during the quarter. Comerica Bank’s holdings in Canadian Natural Resources were worth $3,895,000 as of its most recent SEC filing.
Other institutional investors have also recently added to or reduced their stakes in the company. Icon Wealth Partners LLC bought a new stake in shares of Canadian Natural Resources during the 4th quarter valued at about $127,000. Premia Global Advisors LLC bought a new stake in shares of Canadian Natural Resources during the 4th quarter valued at about $145,000. Calton & Associates Inc. bought a new stake in shares of Canadian Natural Resources during the 4th quarter valued at about $178,000. Eqis Capital Management Inc. bought a new stake in shares of Canadian Natural Resources during the 4th quarter valued at about $205,000. Finally, Royal Bank of Scotland Group PLC bought a new stake in shares of Canadian Natural Resources during the 4th quarter valued at about $210,000. Institutional investors and hedge funds own 60.49% of the company’s stock.
CNQ has been the subject of a number of recent research reports. Morgan Stanley cut their price target on Canadian Natural Resources from $58.00 to $55.00 and set an “overweight” rating for the company in a research note on Monday, April 16th. Zacks Investment Research downgraded Canadian Natural Resources from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, May 9th. UBS initiated coverage on Canadian Natural Resources in a research note on Wednesday, March 7th. They set a “buy” rating for the company. Finally, Wells Fargo downgraded Canadian Natural Resources from an “outperform” rating to a “market perform” rating in a research note on Tuesday, February 6th. One analyst has rated the stock with a sell rating, four have given a hold rating and six have given a buy rating to the stock. Canadian Natural Resources has an average rating of “Hold” and an average price target of $45.00.
Shares of Canadian Natural Resources opened at $37.50 on Friday, MarketBeat Ratings reports. The company has a market cap of $45.00 billion, a P/E ratio of 28.45, a P/E/G ratio of 3.20 and a beta of 1.32. The company has a quick ratio of 0.78, a current ratio of 1.01 and a debt-to-equity ratio of 0.67. Canadian Natural Resources has a 12-month low of $36.38 and a 12-month high of $36.70.
Canadian Natural Resources (NYSE:CNQ) (TSE:CNQ) last announced its quarterly earnings data on Thursday, May 3rd. The oil and gas producer reported $0.71 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.57 by $0.14. The company had revenue of $4.54 billion during the quarter, compared to the consensus estimate of $4.16 billion. Canadian Natural Resources had a return on equity of 6.36% and a net margin of 14.43%. During the same period in the previous year, the company posted $0.25 EPS. sell-side analysts expect that Canadian Natural Resources will post 2.09 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Sunday, July 1st. Investors of record on Friday, June 15th will be paid a dividend of $0.2609 per share. The ex-dividend date is Thursday, June 14th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.78%. Canadian Natural Resources’s dividend payout ratio (DPR) is presently 125.30%.
Canadian Natural Resources declared that its Board of Directors has initiated a share buyback plan on Wednesday, March 14th that authorizes the company to buyback 61,300,000 shares. This buyback authorization authorizes the oil and gas producer to purchase shares of its stock through open market purchases. Stock buyback plans are often an indication that the company’s management believes its stock is undervalued.
Canadian Natural Resources Profile
Canadian Natural Resources Limited explores for, develops, produces, and markets 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, and synthetic crude oil (SCO). 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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