Bank of Nova Scotia Sells 19,169,476 Shares of Canadian Natural Resources Limited $CNQ

Bank of Nova Scotia lowered its position in Canadian Natural Resources Limited (NYSE:CNQ) (TSE:CNQ) by 79.0% in the 2nd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 5,093,231 shares of the oil and gas producer’s stock after selling 19,169,476 shares during the period. Bank of Nova Scotia owned 0.24% of Canadian Natural Resources worth $160,034,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. grew its stake in Canadian Natural Resources by 3.4% in the second quarter. Vanguard Group Inc. now owns 90,742,099 shares of the oil and gas producer’s stock worth $2,852,024,000 after purchasing an additional 3,003,542 shares during the period. Fisher Asset Management LLC increased its stake in shares of Canadian Natural Resources by 4.5% during the second quarter. Fisher Asset Management LLC now owns 47,939,585 shares of the oil and gas producer’s stock valued at $1,505,303,000 after purchasing an additional 2,051,714 shares in the last quarter. T. Rowe Price Investment Management Inc. lifted its holdings in shares of 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 valued at $1,354,219,000 after purchasing an additional 9,915,345 shares during the last quarter. Canada Pension Plan Investment Board boosted its position in shares of Canadian Natural Resources by 13.0% in the 1st quarter. Canada Pension Plan Investment Board now owns 41,769,153 shares of the oil and gas producer’s stock worth $1,285,464,000 after purchasing an additional 4,805,451 shares in the last quarter. Finally, TD Asset Management Inc grew its stake in shares of Canadian Natural Resources by 0.8% in the 2nd quarter. TD Asset Management Inc now owns 41,581,125 shares of the oil and gas producer’s stock worth $1,304,267,000 after buying an additional 316,933 shares during the last quarter. Hedge funds and other institutional investors own 74.03% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on CNQ shares. Weiss Ratings reiterated a “hold (c)” rating on shares of Canadian Natural Resources in a research note on Wednesday, October 8th. Scotiabank reaffirmed an “outperform” rating on shares of Canadian Natural Resources in a research report on Thursday, October 9th. Royal Bank Of Canada reiterated an “outperform” rating and issued a $62.00 price target on shares of Canadian Natural Resources in a research note on Wednesday, September 24th. Desjardins downgraded shares of Canadian Natural Resources from a “buy” rating to a “hold” rating in a research report on Monday, November 24th. Finally, Wells Fargo & Company raised shares of Canadian Natural Resources to a “hold” rating in a report on Thursday, October 16th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $62.00.

Canadian Natural Resources Stock Up 0.6%

Shares of Canadian Natural Resources stock opened at $34.67 on Monday. The company has a market cap of $72.22 billion, a price-to-earnings ratio of 15.34 and a beta of 0.70. The company’s 50 day moving average is $32.29 and its 200 day moving average is $31.77. Canadian Natural Resources Limited has a twelve month low of $24.65 and a twelve month high of $35.12. The company has a quick ratio of 0.53, a current ratio of 0.86 and a debt-to-equity ratio of 0.41.

Canadian Natural Resources (NYSE:CNQ) (TSE:CNQ) last announced its earnings results on Thursday, November 6th. The oil and gas producer reported $0.62 earnings per share for the quarter, beating analysts’ consensus estimates of $0.54 by $0.08. The business had revenue of $6.79 billion during the quarter, compared to analyst estimates of $6.81 billion. Canadian Natural Resources had a net margin of 14.90% and a return on equity of 18.93%. During the same period in the previous year, the business earned $0.97 EPS. Research analysts anticipate that Canadian Natural Resources Limited will post 2.45 EPS for the current year.

Canadian Natural Resources Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 6th. Investors of record on Friday, December 12th will be issued a $0.5875 dividend. The ex-dividend date of this dividend is Friday, December 12th. This is a positive change from Canadian Natural Resources’s previous quarterly dividend of $0.43. This represents a $2.35 dividend on an annualized basis and a dividend yield of 6.8%. Canadian Natural Resources’s payout ratio is 75.66%.

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).