Intact Investment Management Inc. Increases Position in Canadian Natural Resources Limited (NYSE:CNQ)

Intact Investment Management Inc. increased its position in Canadian Natural Resources Limited (NYSE:CNQ) (TSE:CNQ) by 86.4% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,818,610 shares of the oil and gas producer’s stock after acquiring an additional 842,730 shares during the quarter. Canadian Natural Resources comprises about 1.9% of Intact Investment Management Inc.’s investment portfolio, making the stock its 10th biggest position. Intact Investment Management Inc.’s holdings in Canadian Natural Resources were worth $55,967,000 at the end of the most recent reporting period.

Several other institutional investors have also recently bought and sold shares of the company. Jamison Private Wealth Management Inc. raised its holdings in Canadian Natural Resources by 29.9% in the 1st quarter. Jamison Private Wealth Management Inc. now owns 15,228 shares of the oil and gas producer’s stock worth $469,000 after acquiring an additional 3,509 shares during the period. Canoe Financial LP increased its holdings in shares of Canadian Natural Resources by 403.7% during the 1st quarter. Canoe Financial LP now owns 4,738,577 shares of the oil and gas producer’s stock worth $145,828,000 after purchasing an additional 3,797,846 shares during the period. Institute for Wealth Management LLC. bought a new position in shares of Canadian Natural Resources during the 1st quarter worth about $385,000. Clarius Group LLC increased its holdings in shares of Canadian Natural Resources by 17.5% during the 1st quarter. Clarius Group LLC now owns 9,150 shares of the oil and gas producer’s stock worth $282,000 after purchasing an additional 1,362 shares during the period. Finally, Lorne Steinberg Wealth Management Inc. increased its holdings in shares of Canadian Natural Resources by 1,077.2% during the 1st quarter. Lorne Steinberg Wealth Management Inc. now owns 85,535 shares of the oil and gas producer’s stock worth $2,635,000 after purchasing an additional 78,269 shares during the period. Institutional investors own 74.03% of the company’s stock.

Wall Street Analyst Weigh In

CNQ has been the topic of several research reports. Raymond James Financial upgraded shares of Canadian Natural Resources from a “market perform” rating to an “outperform” rating in a report on Wednesday, April 9th. Evercore ISI upgraded shares of Canadian Natural Resources from an “in-line” rating to an “outperform” rating in a report on Friday, March 7th. Scotiabank raised shares of Canadian Natural Resources from a “sector perform” rating to a “sector outperform” rating in a research note on Wednesday, March 19th. Finally, Royal Bank Of Canada reissued an “outperform” rating and issued a $63.00 target price on shares of Canadian Natural Resources in a research note on Thursday, March 27th. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $63.00.

Canadian Natural Resources Stock Performance

NYSE CNQ opened at $33.42 on Friday. The stock has a market cap of $69.90 billion, a P/E ratio of 13.11 and a beta of 1.03. The company’s 50-day simple moving average is $30.59 and its 200 day simple moving average is $30.34. Canadian Natural Resources Limited has a twelve month low of $24.65 and a twelve month high of $37.91. The company has a quick ratio of 0.53, a current ratio of 0.84 and a debt-to-equity ratio of 0.40.

Canadian Natural Resources (NYSE:CNQ) (TSE:CNQ) last released its quarterly earnings results on Thursday, May 8th. The oil and gas producer reported $0.81 EPS for the quarter, beating analysts’ consensus estimates of $0.73 by $0.08. The firm had revenue of $6.96 billion for the quarter, compared to analyst estimates of $10.14 billion. Canadian Natural Resources had a net margin of 16.92% and a return on equity of 20.90%. During the same period in the previous year, the business earned $1.37 earnings per share. As a group, research analysts forecast that Canadian Natural Resources Limited will post 2.45 earnings per share for the current fiscal year.

Canadian Natural Resources Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, July 3rd. Shareholders of record on Friday, June 13th will be given a $0.4227 dividend. The ex-dividend date of this dividend is Friday, June 13th. This is a positive change from Canadian Natural Resources’s previous quarterly dividend of $0.41. This represents a $1.69 dividend on an annualized basis and a yield of 5.06%. Canadian Natural Resources’s payout ratio is 67.06%.

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).