Addenda Capital Inc. Lowers Holdings in Canadian Natural Resources Limited $CNQ

Addenda Capital Inc. trimmed its stake in shares of Canadian Natural Resources Limited (NYSE:CNQ) (TSE:CNQ) by 8.3% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 2,175,075 shares of the oil and gas producer’s stock after selling 195,810 shares during the period. Canadian Natural Resources makes up 2.6% of Addenda Capital Inc.’s investment portfolio, making the stock its 10th largest holding. Addenda Capital Inc. owned 0.10% of Canadian Natural Resources worth $69,515,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in CNQ. MAI Capital Management grew its position in Canadian Natural Resources by 9.6% in the 1st quarter. MAI Capital Management now owns 4,365 shares of the oil and gas producer’s stock worth $134,000 after purchasing an additional 382 shares during the period. Haven Private LLC boosted its stake in shares of Canadian Natural Resources by 3.4% in the 2nd quarter. Haven Private LLC now owns 11,617 shares of the oil and gas producer’s stock worth $365,000 after buying an additional 383 shares during the last quarter. King Luther Capital Management Corp grew its holdings in shares of Canadian Natural Resources by 1.2% in the second quarter. King Luther Capital Management Corp now owns 32,283 shares of the oil and gas producer’s stock worth $1,014,000 after acquiring an additional 387 shares during the period. Kingsview Wealth Management LLC grew its holdings in shares of Canadian Natural Resources by 5.7% in the second quarter. Kingsview Wealth Management LLC now owns 8,109 shares of the oil and gas producer’s stock worth $255,000 after acquiring an additional 434 shares during the period. Finally, Thurston Springer Miller Herd & Titak Inc. increased its position in Canadian Natural Resources by 8.7% during the second quarter. Thurston Springer Miller Herd & Titak Inc. now owns 5,613 shares of the oil and gas producer’s stock valued at $176,000 after acquiring an additional 448 shares during the last quarter. Institutional investors own 74.03% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the company. Weiss Ratings restated a “hold (c)” rating on shares of Canadian Natural Resources in a research note on Wednesday, October 8th. Zacks Research raised shares of Canadian Natural Resources from a “hold” rating to a “strong-buy” rating in a report on Tuesday, August 26th. Scotiabank restated an “outperform” rating on shares of Canadian Natural Resources in a research report on Thursday, October 9th. TD Securities reiterated a “buy” rating on shares of Canadian Natural Resources in a research report on Tuesday, September 30th. Finally, Royal Bank Of Canada reiterated an “outperform” rating and set a $62.00 price target on shares of Canadian Natural Resources in a research note on Wednesday, September 24th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and five have issued a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $62.00.

Canadian Natural Resources Price Performance

CNQ stock opened at $31.52 on Friday. The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.53 and a current ratio of 0.86. The company’s fifty day moving average price is $32.38 and its 200-day moving average price is $31.87. Canadian Natural Resources Limited has a one year low of $24.65 and a one year high of $35.12. The company has a market capitalization of $65.65 billion, a PE ratio of 13.95 and a beta of 0.70.

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

Canadian Natural Resources Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, January 6th. Investors of record on Friday, December 12th will be paid a dividend of $0.5875 per share. The ex-dividend date of this dividend is Friday, December 12th. This is a boost 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 7.5%. Canadian Natural Resources’s dividend payout ratio is currently 74.34%.

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).