JPMorgan Chase & Co. Grows Stock Position in Canadian Natural Resources Limited $CNQ

JPMorgan Chase & Co. increased its position in shares of Canadian Natural Resources Limited (NYSE:CNQ) (TSE:CNQ) by 2.9% in the 2nd quarter, Holdings Channel reports. The firm owned 14,092,637 shares of the oil and gas producer’s stock after purchasing an additional 399,945 shares during the period. JPMorgan Chase & Co.’s holdings in Canadian Natural Resources were worth $442,509,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in CNQ. Goldman Sachs Group Inc. grew its holdings in shares of Canadian Natural Resources by 240.8% during the first quarter. Goldman Sachs Group Inc. now owns 22,776,594 shares of the oil and gas producer’s stock worth $701,519,000 after buying an additional 16,094,168 shares in the last quarter. Bank of Nova Scotia lifted its stake in shares of Canadian Natural Resources by 86.6% in the first quarter. Bank of Nova Scotia now owns 24,262,707 shares of the oil and gas producer’s stock worth $746,675,000 after buying an additional 11,259,267 shares in the last quarter. T. Rowe Price Investment Management Inc. boosted its position in Canadian Natural Resources by 29.1% during the first 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 acquiring an additional 9,915,345 shares during the last quarter. Canada Pension Plan Investment Board grew its stake in Canadian Natural Resources by 13.0% during the 1st 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 acquiring an additional 4,805,451 shares in the last quarter. Finally, Vanguard Group Inc. grew its stake in Canadian Natural Resources by 3.4% during the 2nd quarter. Vanguard Group Inc. now owns 90,742,099 shares of the oil and gas producer’s stock valued at $2,852,024,000 after acquiring an additional 3,003,542 shares in the last quarter. 74.03% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

CNQ has been the topic of a number of research reports. Zacks Research raised shares of Canadian Natural Resources from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, August 26th. Wells Fargo & Company upgraded Canadian Natural Resources to a “hold” rating in a research report on Thursday, October 16th. TD Securities reissued a “buy” rating on shares of Canadian Natural Resources in a research note on Tuesday, September 30th. Royal Bank Of Canada restated an “outperform” rating and issued a $62.00 target price on shares of Canadian Natural Resources in a report on Wednesday, September 24th. Finally, Scotiabank reiterated an “outperform” rating on shares of Canadian Natural Resources in a report on Thursday, October 9th. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $62.00.

Canadian Natural Resources Trading Down 1.6%

Shares of Canadian Natural Resources stock opened at $33.44 on Monday. The stock has a 50 day moving average of $32.02 and a 200 day moving average of $31.57. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.54 and a current ratio of 0.85. The firm has a market capitalization of $69.66 billion, a price-to-earnings ratio of 11.86 and a beta of 0.96. Canadian Natural Resources Limited has a fifty-two week low of $24.65 and a fifty-two week high of $34.97.

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

Canadian Natural Resources Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, January 6th. Shareholders of record on Friday, December 12th will be given a $0.5875 dividend. The ex-dividend date of this dividend is Friday, December 12th. This is an increase 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%. Canadian Natural Resources’s dividend payout ratio is currently 73.89%.

Canadian Natural Resources 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).