Clear Harbor Asset Management LLC Takes Position in Canadian Natural Resources Limited $CNQ

Clear Harbor Asset Management LLC purchased a new position in shares of Canadian Natural Resources Limited (NYSE:CNQ) (TSE:CNQ) during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 24,181 shares of the oil and gas producer’s stock, valued at approximately $773,000.

Several other institutional investors have also recently added to or reduced their stakes in CNQ. Vanguard Group Inc. lifted its position 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 worth $2,852,024,000 after acquiring an additional 3,003,542 shares during the period. Fisher Asset Management LLC lifted its holdings 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 worth $1,505,303,000 after purchasing an additional 2,051,714 shares during the period. TD Asset Management Inc lifted its holdings in shares of Canadian Natural Resources by 0.8% during the second 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 purchasing an additional 316,933 shares during the period. The Manufacturers Life Insurance Company grew its position in Canadian Natural Resources by 10.3% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 27,359,777 shares of the oil and gas producer’s stock valued at $855,414,000 after buying an additional 2,546,233 shares during the last quarter. Finally, Geode Capital Management LLC increased its stake in Canadian Natural Resources by 19.8% in the 2nd quarter. Geode Capital Management LLC now owns 17,146,792 shares of the oil and gas producer’s stock valued at $548,214,000 after buying an additional 2,832,155 shares during the period. Institutional investors and hedge funds own 74.03% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently commented on the stock. Scotiabank restated an “outperform” rating on shares of Canadian Natural Resources in a research note on Thursday, October 9th. The Goldman Sachs Group set a $35.00 price target on shares of Canadian Natural Resources and gave the stock a “buy” rating in a report on Friday, January 2nd. Evercore ISI lowered Canadian Natural Resources from an “outperform” rating to an “in-line” rating in a report on Tuesday. Wall Street Zen cut Canadian Natural Resources from a “hold” rating to a “sell” rating in a research report on Saturday. Finally, Wells Fargo & Company raised Canadian Natural Resources to a “hold” rating in a report on Thursday, October 16th. Five investment analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Canadian Natural Resources presently has a consensus rating of “Hold” and an average price target of $48.50.

Canadian Natural Resources Stock Performance

NYSE CNQ opened at $32.08 on Friday. The business has a 50 day moving average price of $32.90 and a 200 day moving average price of $31.90. The company has a market capitalization of $66.83 billion, a P/E ratio of 14.20 and a beta of 0.69. Canadian Natural Resources Limited has a 1-year low of $24.65 and a 1-year high of $35.12. The company has a debt-to-equity ratio of 0.41, a current ratio of 0.86 and a quick ratio of 0.53.

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 return on equity of 18.93% and a net margin of 14.90%.The company had revenue of $6.79 billion for the quarter, compared to analyst estimates of $6.81 billion. During the same quarter in the prior year, the company earned $0.97 earnings per share. Sell-side analysts expect that Canadian Natural Resources Limited will post 2.45 EPS for the current fiscal year.

Canadian Natural Resources Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, January 6th. Shareholders of record on Friday, December 12th were issued a dividend of $0.5875 per share. This is an increase from Canadian Natural Resources’s previous quarterly dividend of $0.43. The ex-dividend date was Friday, December 12th. This represents a $2.35 annualized dividend and a yield of 7.3%. Canadian Natural Resources’s payout ratio is 74.34%.

About Canadian Natural Resources

Canadian Natural Resources Limited (NYSE: CNQ) is a Calgary-based independent oil and natural gas exploration and production company. Established in the early 1970s and publicly listed in Canada and the United States, the company is principally engaged in the exploration, development, production, and marketing of crude oil, natural gas and natural gas liquids. Its asset base spans conventional and unconventional reservoirs and includes oil sands mining and in-situ thermal projects, midstream processing and upgrading capacity, and related field operations.

The company’s operations are concentrated in Western Canada, where it develops heavy crude, bitumen from oil sands and conventional light crude and natural gas resources.