JCIC Asset Management Inc. Makes New $3.08 Million Investment in Canadian Natural Resources Limited $CNQ

JCIC Asset Management Inc. bought a new stake in shares of Canadian Natural Resources Limited (NYSE:CNQ) (TSE:CNQ) in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund bought 96,422 shares of the oil and gas producer’s stock, valued at approximately $3,082,000.

Other large investors also recently modified their holdings of the company. Sagespring Wealth Partners LLC bought a new position in Canadian Natural Resources in the 2nd quarter worth about $361,000. Vanguard Group Inc. boosted its position in shares of Canadian Natural Resources by 3.4% during 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 buying an additional 3,003,542 shares during the period. Journey Advisory Group LLC bought a new position in Canadian Natural Resources in the 2nd quarter worth approximately $2,458,000. TD Asset Management Inc increased its position in 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 valued at $1,304,267,000 after acquiring an additional 316,933 shares during the period. Finally, Addenda Capital Inc. increased its position in Canadian Natural Resources by 11.0% in the 2nd quarter. Addenda Capital Inc. now owns 2,370,885 shares of the oil and gas producer’s stock valued at $74,446,000 after acquiring an additional 235,198 shares during the period. 74.03% of the stock is currently owned by institutional investors.

Canadian Natural Resources Stock Performance

NYSE:CNQ opened at $34.37 on Monday. Canadian Natural Resources Limited has a twelve month low of $24.65 and a twelve month high of $35.12. The company has a current ratio of 0.86, a quick ratio of 0.53 and a debt-to-equity ratio of 0.41. The company has a 50-day moving average of $33.10 and a 200-day moving average of $31.97. The firm has a market cap of $71.55 billion, a price-to-earnings ratio of 15.21 and a beta of 0.69.

Canadian Natural Resources (NYSE:CNQ) (TSE:CNQ) last released its earnings results on Thursday, November 6th. The oil and gas producer reported $0.62 EPS for the quarter, topping analysts’ consensus estimates of $0.54 by $0.08. The business had revenue of $6.79 billion for the quarter, compared to the consensus estimate 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 firm earned $0.97 EPS. 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 business also recently disclosed a quarterly dividend, which was paid on Tuesday, January 6th. Stockholders of record on Friday, December 12th were paid a dividend of $0.5875 per share. The ex-dividend date of this dividend was Friday, December 12th. This represents a $2.35 annualized dividend and a dividend yield of 6.8%. This is a boost from Canadian Natural Resources’s previous quarterly dividend of $0.43. Canadian Natural Resources’s dividend payout ratio is 74.34%.

Analyst Ratings Changes

Several research firms have recently issued reports on CNQ. Royal Bank Of Canada reissued an “outperform” rating and issued a $62.00 price target on shares of Canadian Natural Resources in a research note on Wednesday, September 24th. Wells Fargo & Company upgraded shares of Canadian Natural Resources to a “hold” rating in a research report on Thursday, October 16th. Scotiabank restated an “outperform” rating on shares of Canadian Natural Resources in a research report on Thursday, October 9th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Canadian Natural Resources in a research note on Wednesday, October 8th. Finally, Evercore ISI cut Canadian Natural Resources from an “outperform” rating to an “in-line” rating in a report on Tuesday, January 6th. Five research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $48.50.

Canadian Natural Resources Company Profile

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.