Addenda Capital Inc. increased its position in shares of Canadian Natural Resources Limited (NYSE:CNQ) (TSE:CNQ) by 25.9% during the second quarter, Holdings Channel reports. The firm owned 1,493,199 shares of the oil and gas producer’s stock after buying an additional 307,306 shares during the period. Canadian Natural Resources Limited accounts for 3.2% of Addenda Capital Inc.’s portfolio, making the stock its 9th largest position. Addenda Capital Inc.’s holdings in Canadian Natural Resources Limited were worth $43,292,000 at the end of the most recent reporting period.

Other institutional investors also recently made changes to their positions in the company. Roanoke Asset Management Corp NY raised its position in shares of Canadian Natural Resources Limited by 659.1% in the first quarter. Roanoke Asset Management Corp NY now owns 62,055 shares of the oil and gas producer’s stock worth $2,035,000 after buying an additional 53,880 shares during the period. Guinness Asset Management Ltd raised its position in shares of Canadian Natural Resources Limited by 8.3% in the first quarter. Guinness Asset Management Ltd now owns 366,331 shares of the oil and gas producer’s stock worth $11,960,000 after buying an additional 28,200 shares during the period. Korea Investment CORP raised its position in shares of Canadian Natural Resources Limited by 2.8% in the first quarter. Korea Investment CORP now owns 682,329 shares of the oil and gas producer’s stock worth $22,276,000 after buying an additional 18,571 shares during the period. Acadian Asset Management LLC raised its position in shares of Canadian Natural Resources Limited by 2,400.0% in the first quarter. Acadian Asset Management LLC now owns 5,000 shares of the oil and gas producer’s stock worth $163,000 after buying an additional 4,800 shares during the period. Finally, Janney Montgomery Scott LLC raised its position in shares of Canadian Natural Resources Limited by 143.4% in the first quarter. Janney Montgomery Scott LLC now owns 25,406 shares of the oil and gas producer’s stock worth $833,000 after buying an additional 14,968 shares during the period. Institutional investors own 60.27% of the company’s stock.

Shares of Canadian Natural Resources Limited (CNQ) opened at 30.75 on Friday. Canadian Natural Resources Limited has a 1-year low of $27.52 and a 1-year high of $35.28. The company’s 50-day moving average is $30.26 and its 200 day moving average is $30.65. The stock has a market cap of $37.37 billion, a P/E ratio of 28.06 and a beta of 1.48.

The company also recently disclosed a quarterly dividend, which will be paid on Sunday, October 1st. Investors of record on Friday, September 15th will be issued a dividend of $0.2212 per share. This is an increase from Canadian Natural Resources Limited’s previous quarterly dividend of $0.20. This represents a $0.88 annualized dividend and a dividend yield of 2.88%. The ex-dividend date is Thursday, September 14th. Canadian Natural Resources Limited’s dividend payout ratio is currently 78.43%.

Canadian Natural Resources Limited announced that its board has initiated a stock buyback program on Wednesday, May 17th that permits the company to buyback 27,930,000 shares. This buyback authorization permits the oil and gas producer to repurchase shares of its stock through open market purchases. Shares buyback programs are often an indication that the company’s management believes its shares are undervalued.

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A number of equities analysts have weighed in on CNQ shares. Zacks Investment Research upgraded shares of Canadian Natural Resources Limited from a “hold” rating to a “strong-buy” rating and set a $35.00 price target on the stock in a report on Friday, May 5th. Goldman Sachs Group, Inc. (The) reissued a “buy” rating and issued a $36.00 target price on shares of Canadian Natural Resources Limited in a research note on Thursday, June 22nd. National Bank Financial began coverage on shares of Canadian Natural Resources Limited in a research note on Tuesday, June 27th. They issued an “outperform” rating on the stock. BidaskClub raised shares of Canadian Natural Resources Limited from a “strong sell” rating to a “sell” rating in a research note on Friday, June 30th. Finally, ValuEngine raised shares of Canadian Natural Resources Limited from a “sell” rating to a “hold” rating in a research note on Wednesday, July 12th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Canadian Natural Resources Limited presently has an average rating of “Buy” and an average target price of $45.50.

About Canadian Natural Resources Limited

Canadian Natural Resources Limited is an independent crude oil and natural gas exploration, development and production company. The Company’s segments include Exploration and Production, Oil Sands Mining and Upgrading, and Midstream. The Exploration and Production segment includes exploration, development, production and marketing of crude oil, natural gas liquids (NGLs) and natural gas.

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Institutional Ownership by Quarter for Canadian Natural Resources Limited (NYSE:CNQ)

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