Virginia Retirement Systems ET AL trimmed its position in Canadian Natural Resources (NYSE:CNQ) (TSE:CNQ) by 28.6% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 133,100 shares of the oil and gas producer’s stock after selling 53,248 shares during the period. Virginia Retirement Systems ET AL’s holdings in Canadian Natural Resources were worth $4,181,000 at the end of the most recent reporting period.
Other hedge funds have also recently modified their holdings of the company. Icon Wealth Partners LLC purchased a new stake in Canadian Natural Resources in the fourth quarter worth $127,000. Premia Global Advisors LLC purchased a new stake in shares of Canadian Natural Resources in the fourth quarter worth $145,000. Calton & Associates Inc. purchased a new stake in shares of Canadian Natural Resources in the fourth quarter worth $178,000. Eqis Capital Management Inc. purchased a new stake in shares of Canadian Natural Resources in the fourth quarter worth $205,000. Finally, Cubist Systematic Strategies LLC grew its stake in shares of Canadian Natural Resources by 1,129.0% in the third quarter. Cubist Systematic Strategies LLC now owns 6,145 shares of the oil and gas producer’s stock worth $206,000 after acquiring an additional 5,645 shares during the last quarter. 60.45% of the stock is currently owned by institutional investors.
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CNQ has been the topic of a number of recent research reports. Morgan Stanley cut their target price on Canadian Natural Resources from $58.00 to $55.00 and set an “overweight” rating on the stock in a research note on Monday, April 16th. Zacks Investment Research raised Canadian Natural Resources from a “hold” rating to a “strong-buy” rating and set a $36.00 target price on the stock in a research note on Tuesday, March 6th. UBS initiated coverage on Canadian Natural Resources in a research note on Wednesday, March 7th. They issued a “buy” rating on the stock. AltaCorp Capital reissued a “buy” rating and issued a $52.00 target price on shares of Canadian Natural Resources in a research note on Monday, January 15th. Finally, Wells Fargo cut Canadian Natural Resources from an “outperform” rating to a “market perform” rating in a research note on Tuesday, February 6th. One research analyst has rated the stock with a sell rating, four have given a hold rating and six have assigned a buy rating to the company’s stock. Canadian Natural Resources has an average rating of “Hold” and an average target price of $45.00.
Shares of NYSE:CNQ opened at $35.65 on Thursday. The stock has a market capitalization of $42.02 billion, a price-to-earnings ratio of 26.57, a PEG ratio of 3.09 and a beta of 1.32. The company has a current ratio of 1.01, a quick ratio of 0.64 and a debt-to-equity ratio of 0.67.
Canadian Natural Resources (NYSE:CNQ) (TSE:CNQ) last announced its quarterly earnings results on Thursday, May 3rd. The oil and gas producer reported $0.71 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.57 by $0.14. The firm had revenue of $4.54 billion for the quarter, compared to the consensus estimate of $4.16 billion. Canadian Natural Resources had a return on equity of 6.36% and a net margin of 14.43%. During the same period in the prior year, the company posted $0.25 earnings per share. analysts predict that Canadian Natural Resources will post 2.02 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Sunday, July 1st. Stockholders of record on Friday, June 15th will be issued a dividend of $0.2609 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.93%. The ex-dividend date is Thursday, June 14th. Canadian Natural Resources’s payout ratio is currently 125.30%.
Canadian Natural Resources declared that its Board of Directors has initiated a share repurchase plan on Wednesday, March 14th that allows the company to buyback 61,300,000 outstanding shares. This buyback authorization allows the oil and gas producer to purchase shares of its stock through open market purchases. Shares buyback plans are typically an indication that the company’s board of directors believes its stock is undervalued.
Canadian Natural Resources Company Profile
Canadian Natural Resources Limited explores for, develops, produces, and markets 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, and synthetic crude oil (SCO). Its midstream assets include two crude oil pipeline systems; and a 50% working interest in an 84-megawatt cogeneration plant at Primrose.
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