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

Addenda Capital Inc. trimmed its position in shares of Canadian Natural Resources Limited (NYSE:CNQ) (TSE:CNQ) by 12.0% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,913,178 shares of the oil and gas producer’s stock after selling 261,897 shares during the period. Canadian Natural Resources makes up approximately 2.3% of Addenda Capital Inc.’s holdings, making the stock its 11th biggest holding. Addenda Capital Inc. owned approximately 0.09% of Canadian Natural Resources worth $64,761,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the company. St. Johns Investment Management Company LLC bought a new stake in Canadian Natural Resources during the third quarter worth approximately $32,000. Nisa Investment Advisors LLC increased its stake in Canadian Natural Resources by 100.0% during the third quarter. Nisa Investment Advisors LLC now owns 1,000 shares of the oil and gas producer’s stock worth $32,000 after acquiring an additional 500 shares during the last quarter. GoalVest Advisory LLC bought a new stake in Canadian Natural Resources during the fourth quarter worth approximately $32,000. Quarry LP bought a new stake in Canadian Natural Resources during the third quarter worth approximately $32,000. Finally, Geneos Wealth Management Inc. increased its stake in Canadian Natural Resources by 47.3% during the first quarter. Geneos Wealth Management Inc. now owns 1,644 shares of the oil and gas producer’s stock worth $51,000 after acquiring an additional 528 shares during the last quarter. 74.03% of the stock is owned by hedge funds and other institutional investors.

Canadian Natural Resources Trading Down 5.7%

CNQ opened at $46.36 on Thursday. The stock has a market cap of $96.72 billion, a price-to-earnings ratio of 12.56 and a beta of 0.53. The stock’s 50 day moving average price is $44.44 and its 200-day moving average price is $36.86. Canadian Natural Resources Limited has a one year low of $24.65 and a one year high of $51.34. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.63 and a current ratio of 0.95.

Canadian Natural Resources (NYSE:CNQ) (TSE:CNQ) last released its earnings results on Thursday, March 5th. The oil and gas producer reported $0.59 EPS for the quarter, beating analysts’ consensus estimates of $0.53 by $0.06. The firm had revenue of $6.89 billion for the quarter, compared to analysts’ expectations of $6.64 billion. Canadian Natural Resources had a return on equity of 17.84% and a net margin of 24.48%.During the same quarter in the prior year, the firm posted $0.93 earnings per share. On average, equities analysts forecast that Canadian Natural Resources Limited will post 2.45 EPS for the current year.

Canadian Natural Resources Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 7th. Stockholders of record on Friday, March 20th were paid a dividend of $0.625 per share. This is a positive change from Canadian Natural Resources’s previous quarterly dividend of $0.59. This represents a $2.50 dividend on an annualized basis and a dividend yield of 5.4%. The ex-dividend date of this dividend was Friday, March 20th. Canadian Natural Resources’s payout ratio is currently 49.59%.

Analysts Set New Price Targets

Several equities research analysts have weighed in on CNQ shares. Weiss Ratings raised Canadian Natural Resources from a “hold (c+)” rating to a “buy (b)” rating in a research note on Friday, March 27th. Raymond James Financial cut Canadian Natural Resources from a “moderate buy” rating to a “hold” rating in a research note on Monday, March 30th. Royal Bank Of Canada boosted their price objective on Canadian Natural Resources from $61.00 to $65.00 and gave the stock an “outperform” rating in a research note on Friday, March 6th. ATB Cormark Capital Markets cut Canadian Natural Resources from a “strong-buy” rating to a “moderate buy” rating in a research note on Thursday, March 5th. Finally, The Goldman Sachs Group boosted their price objective on Canadian Natural Resources from $37.00 to $49.00 and gave the stock a “buy” rating in a research note on Thursday, March 12th. Six research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $57.00.

Canadian Natural Resources 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.