Bank of New York Mellon Corp Reduces Position in Canadian Natural Resources Limited $CNQ

Bank of New York Mellon Corp lowered its position in Canadian Natural Resources Limited (NYSE:CNQ) (TSE:CNQ) by 11.3% in the second quarter, Holdings Channel.com reports. The institutional investor owned 4,185,191 shares of the oil and gas producer’s stock after selling 532,276 shares during the period. Bank of New York Mellon Corp’s holdings in Canadian Natural Resources were worth $131,415,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also modified their holdings of CNQ. Goldman Sachs Group Inc. increased its holdings in shares of Canadian Natural Resources by 240.8% in the 1st quarter. Goldman Sachs Group Inc. now owns 22,776,594 shares of the oil and gas producer’s stock valued at $701,519,000 after acquiring an additional 16,094,168 shares during the period. Bank of Nova Scotia boosted its stake in Canadian Natural Resources by 86.6% during the 1st quarter. Bank of Nova Scotia now owns 24,262,707 shares of the oil and gas producer’s stock worth $746,675,000 after purchasing an additional 11,259,267 shares during the period. T. Rowe Price Investment Management Inc. grew its position in Canadian Natural Resources by 29.1% during the 1st quarter. T. Rowe Price Investment Management Inc. now owns 43,968,120 shares of the oil and gas producer’s stock worth $1,354,219,000 after purchasing an additional 9,915,345 shares during the last quarter. Canada Pension Plan Investment Board increased its stake in Canadian Natural Resources by 13.0% in the first quarter. Canada Pension Plan Investment Board now owns 41,769,153 shares of the oil and gas producer’s stock valued at $1,285,464,000 after purchasing an additional 4,805,451 shares during the period. Finally, Nuveen LLC purchased a new stake in shares of Canadian Natural Resources in the first quarter valued at about $68,342,000. 74.03% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the company. Zacks Research raised Canadian Natural Resources from a “hold” rating to a “strong-buy” rating in a report on Tuesday, August 26th. National Bankshares reiterated a “sector perform” rating on shares of Canadian Natural Resources in a research note on Thursday, July 17th. TD Securities restated a “buy” rating on shares of Canadian Natural Resources in a research note on Tuesday, September 30th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Canadian Natural Resources in a report on Wednesday, October 8th. Finally, Scotiabank reissued an “outperform” rating on shares of Canadian Natural Resources in a research note on Thursday, October 9th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, Canadian Natural Resources currently has an average rating of “Moderate Buy” and an average target price of $62.00.

Canadian Natural Resources Stock Performance

Shares of CNQ stock opened at $31.47 on Friday. The company has a current ratio of 0.85, a quick ratio of 0.54 and a debt-to-equity ratio of 0.38. The stock has a 50 day simple moving average of $31.61 and a 200-day simple moving average of $31.22. The company has a market cap of $65.62 billion, a price-to-earnings ratio of 11.16 and a beta of 0.96. Canadian Natural Resources Limited has a 12-month low of $24.65 and a 12-month high of $35.03.

Canadian Natural Resources (NYSE:CNQ) (TSE:CNQ) last posted its quarterly earnings results on Thursday, August 7th. The oil and gas producer reported $0.51 earnings per share for the quarter, beating analysts’ consensus estimates of $0.44 by $0.07. The firm had revenue of $6.39 billion for the quarter, compared to the consensus estimate of $8.97 billion. Canadian Natural Resources had a return on equity of 19.67% and a net margin of 19.00%.During the same period in the previous year, the business earned $0.88 earnings per share. On average, equities analysts forecast that Canadian Natural Resources Limited will post 2.45 EPS for the current year.

Canadian Natural Resources Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, January 6th. Stockholders of record on Friday, December 12th will be issued a $0.5875 dividend. The ex-dividend date is Friday, December 12th. This represents a $2.35 dividend on an annualized basis and a dividend yield of 7.5%. This is a boost from Canadian Natural Resources’s previous quarterly dividend of $0.43. Canadian Natural Resources’s payout ratio is 60.64%.

About Canadian Natural Resources

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).